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Yeah great. Closes at 2.70
Thanks CJ
Can you please give us your top 5 pot stocks to own going into the election?
Only one month to Thanksgiving.
TNXP .65. Undervalued bio. 1.21 a share in cash. No debt
Are you still holding PME ALN and KBSF
Thanks
I would like your speculation on what is going on behind the scenes
MNGA-I am afraid that like GEVO MNGA will have an offering if stock starts to run. What's your opinion?
Are you adding to your 40,000 shares of NEIK?
If you believe the market will have a significant correction what do you think the best way to play that is.
1. Puts SPY
2, Vix or VXX calls
3. TVIX
4 UVXY or other EFT
You might want to look at ONTX. $2 in cash. No debt. 6.5M float. At 52wk low. 52W high $18
OPK $9.03. Are you buying more?
TARACH-1 WELL IN KENYA’S BLOCK 11A COST CEPSA, ERHC OVER $25M
Oilnewskenya
August 24, 2016 in Top News
The Tarach-1 well which commenced drilling on April 14th 2016 in Block 11A could have cost the two joint venture partners Compania Espanola de Petroleos (CEPSA) operator* and ERHC over $25 million going by exploration and drilling expenses filed by ERHC to the United States Securities And Exchange Commission.
ERHC which completed a farm-out to CEPSA in February 2014 says capitalized drilling costs in Block 11A hit $2.27 million while exploration expenses during the three months to June were up to $2.275 million.
Going by the farm-out agreement the carry obligation was not to exceed twenty million five hundred thousand United States Dollars (US$20,500,000) after which the farmor would be responsible for 45% of any further exploration costs.
Going by the exploration costs this would mean that this amount would have been exhausted if the well cost more than $18 million. Calculating by the $2.27 million that ERHC paid in drilling costs this would mean that the expenses exceeded the carry by about $5 million driving the total costs to over $25 million.
Whereas the results of the well are yet to be announced a source told OilNews Kenya in June that the results were ‘disappointing’ meaning that CEPSA (farmee) could opt out with the agreement having focused on the Spanish explorer’s continued participation where ‘significant hydrocarbons’ were encountered.
“Provided that the Farmee decides at its own discretion, following its analysis and evaluation of the Exploratory Well or the 3D Acquisition, that sufficient hydrocarbons exist to justify:
(a) the declaration of a commercial project pursuant to the Contract; and
(b) the drilling of an appraisal well (the “Appraisal Well”),
The Farmee shall pay one hundred percent (100%) of the costs, expenses, expenditure and liabilities incurred by the Parties for such Appraisal Well,” reads part of the agreement.
This could throw ERHC back to the market to the market to initiate another farm-out efforts that have ongoing in partnership with Deloitte as advisor.
TARACH-1 WELL IN KENYA’S BLOCK 11A COST CEPSA, ERHC OVER $25M
Oilnewskenya
August 24, 2016 in Top News
The Tarach-1 well which commenced drilling on April 14th 2016 in Block 11A could have cost the two joint venture partners Compania Espanola de Petroleos (CEPSA) operator* and ERHC over $25 million going by exploration and drilling expenses filed by ERHC to the United States Securities And Exchange Commission.
ERHC which completed a farm-out to CEPSA in February 2014 says capitalized drilling costs in Block 11A hit $2.27 million while exploration expenses during the three months to June were up to $2.275 million.
Going by the farm-out agreement the carry obligation was not to exceed twenty million five hundred thousand United States Dollars (US$20,500,000) after which the farmor would be responsible for 45% of any further exploration costs.
Going by the exploration costs this would mean that this amount would have been exhausted if the well cost more than $18 million. Calculating by the $2.27 million that ERHC paid in drilling costs this would mean that the expenses exceeded the carry by about $5 million driving the total costs to over $25 million.
Whereas the results of the well are yet to be announced a source told OilNews Kenya in June that the results were ‘disappointing’ meaning that CEPSA (farmee) could opt out with the agreement having focused on the Spanish explorer’s continued participation where ‘significant hydrocarbons’ were encountered.
“Provided that the Farmee decides at its own discretion, following its analysis and evaluation of the Exploratory Well or the 3D Acquisition, that sufficient hydrocarbons exist to justify:
(a) the declaration of a commercial project pursuant to the Contract; and
(b) the drilling of an appraisal well (the “Appraisal Well”),
The Farmee shall pay one hundred percent (100%) of the costs, expenses, expenditure and liabilities incurred by the Parties for such Appraisal Well,” reads part of the agreement.
This could throw ERHC back to the market to the market to initiate another farm-out efforts that have ongoing in partnership with Deloitte as advisor.
TARACH-1 WELL IN KENYA’S BLOCK 11A COST CEPSA, ERHC OVER $25M
Oilnewskenya
August 24, 2016 in Top News
The Tarach-1 well which commenced drilling on April 14th 2016 in Block 11A could have cost the two joint venture partners Compania Espanola de Petroleos (CEPSA) operator* and ERHC over $25 million going by exploration and drilling expenses filed by ERHC to the United States Securities And Exchange Commission.
ERHC which completed a farm-out to CEPSA in February 2014 says capitalized drilling costs in Block 11A hit $2.27 million while exploration expenses during the three months to June were up to $2.275 million.
Going by the farm-out agreement the carry obligation was not to exceed twenty million five hundred thousand United States Dollars (US$20,500,000) after which the farmor would be responsible for 45% of any further exploration costs.
Going by the exploration costs this would mean that this amount would have been exhausted if the well cost more than $18 million. Calculating by the $2.27 million that ERHC paid in drilling costs this would mean that the expenses exceeded the carry by about $5 million driving the total costs to over $25 million.
Whereas the results of the well are yet to be announced a source told OilNews Kenya in June that the results were ‘disappointing’ meaning that CEPSA (farmee) could opt out with the agreement having focused on the Spanish explorer’s continued participation where ‘significant hydrocarbons’ were encountered.
“Provided that the Farmee decides at its own discretion, following its analysis and evaluation of the Exploratory Well or the 3D Acquisition, that sufficient hydrocarbons exist to justify:
(a) the declaration of a commercial project pursuant to the Contract; and
(b) the drilling of an appraisal well (the “Appraisal Well”),
The Farmee shall pay one hundred percent (100%) of the costs, expenses, expenditure and liabilities incurred by the Parties for such Appraisal Well,” reads part of the agreement.
This could throw ERHC back to the market to the market to initiate another farm-out efforts that have ongoing in partnership with Deloitte as advisor.
Barry Morgan seems to know someone in the Ministry. Maybe I can find out something towards the end of September.
You tell when you buy. Please tell us when to take profits and sell. Did you sell NAK?
Can you please explain the odd/even rule?
Thanks. I'll check it out
Can you please tell us one stock that you like?
When do they have to commit to phase 3?
The problem is that like the JDZ if they don't hit oil on the first well they give up and don't want to spend any more money. How many exploratory wells do you think they drilled in Texas? Do you think every well hit oil?
Can we post our opinions of his and PN on linkdn?
What's your opinion on BAA news today?
ERHC mentioned in this article
NEW U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) RULES TO IMPROVE TRANSPARENCY, ACCOUNTABILITY – KCSPOG
July 18, 2016 in Top News
The Kenya Civil Society Platform on Oil and Gas (KCSPOG) has welcomed the adoption of the new rules for resource extraction companies by the U.S. Securities and Exchange Commission (SEC) saying they shall in turn improve transparency and accountability of the Government of Kenya to its citizens.
The new rules, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, require oil, mining and gas companies to disclose payments made to the government for the commercial development of oil, natural gas or minerals.
The payments to government that must be disclosed include taxes, royalties, fees (including licence fees), production entitlements, bonuses, dividends, payments for infrastructure improvements and, if required by law or contract, community and social responsibility payments.
The companies are also required to file annual reports with the commission under the Securities Exchange Act. These new rules are intended to promote greater transparency about payments related to resource extraction.
The Kenya Civil Society Platform on Oil and Gas has long called for the disclosure of not only contracts but also payments made by companies to the government calling the development a significant step towards curbing corruption in both the extractives industry and the government.
According to The Kenya Civil Society Platform on Oil and Gas these increased levels of transparency allow for a number of things:
Reduced information asymmetry as information regarding payments is made accessible to the public, both companies and the government are discouraged from malfeasance;
It will be a crucial tool towards deterrence of tax avoidance.
The raising of questions by civil society and citizens as to how the revenues being received by government are being utilised on both the national and county level (sub national);
The ability to raise questions also works to improve governance as officials are held responsible for the management of the monies received putting the national and county governments under increased scrutiny
Reduce the vulnerability of the extractive sector to tax evasion strategies.
The new SEC rules coincide with passing of the Access to Information Bill in Kenya by the Senate that allow information held by a public entity or private body provided “expeditiously at a reasonable cost”.
“Increased disclosure in the oil and gas sector will help increase accountability by allowing Residents of oil producing areas to raise questions about how oil revenues are being used to contribute to the socio-economic development of their country especially in relation to the negative impacts associated with the extraction of oil on their environment and community,” KCSPOG says in a statement.
These new rules shall cover companies operating in Kenya including Anadarko operating offshore, CAMAC (now Erin energy) in Block L1B, L27 and L28 and ERHC operating in Block 11 A in Turkana.
KCSPOG adds it remains committed in mobilising and engaging civil society and citizens in ensuring the oil revenues are accounted for and contribute to the ongoing poverty reduction efforts and the sustainable development of the country.
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TAGS: 11A Access To Information Bill Accountability Anadarko Block L1B CAMAC ERHC Erin Energy KCSPOG Kenya Civil Society Platform On Oil And Gas L27 L28 Oil Revenue SEC Transparency Turkana U.S. Securities And Exchange Commission PREVIOUS POST MORENDAT CENTRE OF EXCELLENCE TO PROVIDE OIL & GAS COURSES TO MEET REGION’S SKILLS SHORTAGE
TOP NEWS
July 18, 2016
Do you know when the R/S will take place?
July 8, 2016 in Top News
Tullow Oil has said it will be raising $300 million of Convertible Bonds due 2021 to diversify the company’s sources of funding and the proceeds will be used for general corporate purposes and to fund capital investment in the Group’s assets in West and East Africa.
According to Tullow Oil Chief Financial Officer Ian Springett the bond has strengthened the exploration company liquidity position and will diversify its sources of capital.
“We are very pleased with the result of this bond offer which reflects the confidence that the market has shown in the Group’s business and financing strategy. The high level of demand has enabled us to strengthen our liquidity position and diversify our sources of capital,” said Ian.
The monies are likely to be used to fund ongoing projects such as the early oil pilot scheme EOPS project and appraisal activities in Kenya, entry into the development phase in Uganda with the pipeline already funded by Total
At the Jubilee project in Ghana the company and its partners will be converting the FPSO to a permanently spread moored facility, with offtake through a new deepwater offloading buoy, as the preferred long-term solution.
Can someone please ban Hedgebunny. Ruining the board.
Why do you think BAA and MGH haven't moveed along with the other gold stocks. Also what is your opinion on TGD.
If you read the posts following mine from posters knowledgable in the oil industry you would know that there are reasons other than a dry hole that a well might by pugged.
Good info guys. Thanks
I heard back from Barry Morgan. He checked with the Ministry. Below is his comment:
‘Plugged’ is all the ministry will say
Think of the JDZ
Called ERHC today. Asked woman who answered phone if I could talk to someone who could answer questions. She said she could. Asked when we would be getting an update on the status of the well in Kenya. I told her I called 3 weeks ago and was told they were preparing a shareholder update. I also told her that Dan Keeney said they would update us when drilling completed.
She said that they would update after the data from the well was analyzed. We all know how long that could take. I left my number and asked to have Sylvan call me back. So far no call back.
Are you still recommending this stock (NEIK) to Orion's?
Actually Dan said to me on June 08.
What I've been told is that just because it shows "available" doesn't mean it is not in service currently. Rig operators show it as available so they can get it reserved with as little downtime as possible. As has always been the case, when drilling is complete, ERHC will disclose it.
Sincerely,
Daniel Keeney, APR
DPK Public Relations
DK said they would update when drilling completed. Surely drilling completed by now. Can you ask Dan. He seems to respond to you.
Have not yet heard from Barry Morgan but did receive this from oilnewskenya
Hi,
Last time we inquired plugging and demobilization was going on. We are
also awaiting their official announcement.
Editor
On 2016-06-22
> Are you able to give any further update on the Tarach-1 well in Kenya.
> Neither ERHC or Cespa have commented on your article last week stating
But what happens if they announce news that the article was inaccurate and the well is successful?
Nothing yet. I'll email him again.