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We all know you want to buy more but since you are a Northwest turkey Farmer they won't take your turkeys for shares LOL
You make this sound like it is hopeless but yet you are still here and apparently own stock. Give us a scenario where the company is successful and we all make a profit.
You are obviously looking to sell your shares as soon as you can profitably. What price are you looking for??
Great. Thanks
The 2nd well being postponed is not positive. If the well being drilled is successsful will you say like middy that it doesn't matter how successful the well is as it will take at least 4 wells to make this commercial.
What can the company do to get one positive comment out of you? I suspect nothing.
I am sure some (you know who) will make a big negative about this well being postponed.
From Nov 2015 shareholder update
2. Kenya Block 11A
a) The Tarach-1 well is expected to spud at the end of the first quarter of 2016. The prospect is defined by four 2D seismic lines out of the 2014 survey. The structural trap is a 3-way dip closure against a north-south normal fault plane at 1,426 mMD (-954m TVDSS) and covering a surface area of 12 sq.km. The vertical closure is calculated at 220 meters at the P10 closing contour.
b) The contracting parties, led by CEPSA (the operating partner), have awarded drilling service contracts following the requisite tenders, and logistics operations toward drilling have begun.
c) Contingent upon the results of the Tarach-1 well, a second exploratory well, Egole-1, may follow shortly after the completion of Tarach-1.
d) As drilling approaches, ERHC has experienced a surge in interest in farming into Kenya. ERHC is currently in discussions with several interested international E&P companies.
e) The mean estimate of oil prospective unrisked resources for the prospect is 66 million barrels. Mean unrisked prospective resources of all prospects and leads in Block 11A totals 662 million barrels.
f) ERHC holds a 35 percent interest in Block 11A.
CEPSA, ERHC COMMENCE DRILLING AT TARACH-1 PROSPECT IN KENYA’S BLOCK 11A
April 15, 2016 in Top News
The SMP drilling rig has spud at the wildcat Tarach-1 drilling prospect (situated in the central part of the Tarach basin) with the well expected to take 60 days to complete.
The drilling which started at 6pm on Thursday in the north western most block in Kenya targets to drill from a 20-inch surface casing through intermediate casings down to 2,442 meters and set a seven-inch liner down to total depth (TD) of 3,000 meters with the Tarach-1 prospect’s mean estimate of oil prospective unrisked resources is 66 million barrels.
The drilling comes in the back of a number of delays in arrival of equipment owned by Baker Hughes and Halliburton as OilNews Kenya has learnt due to complexities in receiving transfer of exemption documents as the apparatus had earlier been in use at Tullow’s Cheptuket well.
The equipment which were loaded towards the end of last week arrived at Tarach-1 on Sunday leaving room for just 4 days to set up for drilling.
As we had earlier reported by mid-February the drilling rig for the Tarach 1 well in Block 11A had being mobilized to the drill site with concreting work and installation of conductors having already been completed. Civil works toward the drilling of the well began in November 2015.
OilNews Kenya has further learnt from a source that the planned second exploratory well , the Egole-1 a four-way rollover closure onto a Northwest – Southeast trending fault plain with mean prospective resources of 101 million barrels of oil has been postponed indefinitely. Egole-1 had earlier been planned to follow shortly thereafter.
The full tensor gravity gradiometry (FTG) survey conducted earlier on the Block identified two separate basins, Anam and Tarach, which cover 1,600 square kilometers to the west of Block 11A and 2,500 square kilometers to east, respectively.
Earlier Bell Geospace had acquired over 12,000 square kilometers of FTG data in the Block, on behalf of the contracting parties, during the fourth quarter of 2013. The FTG results enabled the optimization of the 2D seismic program layout, designed to image the subsurface structural features within the two basins
ERHC is obligated, under existing agreements, to pay 25 percent of its proportionate share of the costs of well and is carried for the remaining 75 percent of its proportionate share.
To date the partners have spent over $30 million as part of their PSC requirements that require acquisition and interpretation of 1,000 square kilometers of gravity and magnetic data (FTG data acquired by January 2014 at an estimated total cost of $2,700,000) and acquisition and interpretation 1,000 kilometers of 2D seismic data (concluded by August 2014 at an estimated total cost of $28,300,000).
Under the Work Program Phase 3 (2 years – September 2016 to September 2018) the JV is expected to drill one well to a minimum depth of 3,000m.
CEPSA (operator) holds 65 percent interest while its JV partner ERHC holds the remaining 35 percent interest in Block 11A. The Government of Kenya has a 10% carried participating interest up to the declaration of commerciality and may thereafter acquire an additional 10% interest in the PSC in which case the total Government participation would rise to 20%.
Circle Oil (which acted as a finder for ERHC) is also entitled to receive a 5% payment on the value of the acquisition accruing to ERHC from the application. Circle has opted to receive this fee in the form of a carried 5% of ERHC’s total interest in Block 11A.
CEPSA, ERHC COMMENCE DRILLING AT TARACH-1 PROSPECT IN KENYA’S BLOCK 11A
April 15, 2016 in Top News
The SMP drilling rig has spud at the wildcat Tarach-1 drilling prospect (situated in the central part of the Tarach basin) with the well expected to take 60 days to complete.
The drilling which started at 6pm on Thursday in the north western most block in Kenya targets to drill from a 20-inch surface casing through intermediate casings down to 2,442 meters and set a seven-inch liner down to total depth (TD) of 3,000 meters with the Tarach-1 prospect’s mean estimate of oil prospective unrisked resources is 66 million barrels.
The drilling comes in the back of a number of delays in arrival of equipment owned by Baker Hughes and Halliburton as OilNews Kenya has learnt due to complexities in receiving transfer of exemption documents as the apparatus had earlier been in use at Tullow’s Cheptuket well.
The equipment which were loaded towards the end of last week arrived at Tarach-1 on Sunday leaving room for just 4 days to set up for drilling.
As we had earlier reported by mid-February the drilling rig for the Tarach 1 well in Block 11A had being mobilized to the drill site with concreting work and installation of conductors having already been completed. Civil works toward the drilling of the well began in November 2015.
OilNews Kenya has further learnt from a source that the planned second exploratory well , the Egole-1 a four-way rollover closure onto a Northwest – Southeast trending fault plain with mean prospective resources of 101 million barrels of oil has been postponed indefinitely. Egole-1 had earlier been planned to follow shortly thereafter.
The full tensor gravity gradiometry (FTG) survey conducted earlier on the Block identified two separate basins, Anam and Tarach, which cover 1,600 square kilometers to the west of Block 11A and 2,500 square kilometers to east, respectively.
Earlier Bell Geospace had acquired over 12,000 square kilometers of FTG data in the Block, on behalf of the contracting parties, during the fourth quarter of 2013. The FTG results enabled the optimization of the 2D seismic program layout, designed to image the subsurface structural features within the two basins
ERHC is obligated, under existing agreements, to pay 25 percent of its proportionate share of the costs of well and is carried for the remaining 75 percent of its proportionate share.
To date the partners have spent over $30 million as part of their PSC requirements that require acquisition and interpretation of 1,000 square kilometers of gravity and magnetic data (FTG data acquired by January 2014 at an estimated total cost of $2,700,000) and acquisition and interpretation 1,000 kilometers of 2D seismic data (concluded by August 2014 at an estimated total cost of $28,300,000).
Under the Work Program Phase 3 (2 years – September 2016 to September 2018) the JV is expected to drill one well to a minimum depth of 3,000m.
CEPSA (operator) holds 65 percent interest while its JV partner ERHC holds the remaining 35 percent interest in Block 11A. The Government of Kenya has a 10% carried participating interest up to the declaration of commerciality and may thereafter acquire an additional 10% interest in the PSC in which case the total Government participation would rise to 20%.
Circle Oil (which acted as a finder for ERHC) is also entitled to receive a 5% payment on the value of the acquisition accruing to ERHC from the application. Circle has opted to receive this fee in the form of a carried 5% of ERHC’s total interest in Block 11A.
They will always be my Dodgers. I grew up in Brooklyn
I want to make clear the last part of my earlier post was my opinion and did not come from Barry.
Maybe local politics (Approvals, licensing, etc). All Cespa responsibilty. I will update when I hear back from
I contacted Barry Morgan from Upstreamonline. Barry found out that the rig is in place but the well had not spudded yet. He is trying to find out why. Maybe local politics (Approvals, licensing, etc). All Cespa responsibilty. I will update when I hear back from Barry.
Even if you don't live in the U.S. You can open an ETrade account and buy all the ERHE you want.
I don't think Cespa would hold up drilling if they are ready to drill waiting for an ERHC payment. If as we were told the rig is in place and up I would think Cespa would be incurring some cost already. You are more familiar with the oil business than I am. When do you think Cespa starts being billed from the rig company?
You're knowledgeable in the oil business. How long do you think this well should take to drill?
We don't know that drilling hasn't already began. We know that ERHC hasn't told us (as usual). But we do know this (see below). If the rig will be available for another project mid May when would drilling have to start to meet that time frame?
According to Cepsa operation planning, the rig should be available mid-May as I mentioned previously.
Best Regards / Cordialement,
Daniel Herrera
SMP Sales Manager
Tel : +33 (0)5 59 02 49 99
Cell : +33 (0)6 79 26 15 37
e-mail : daniel.herrera@smp-drilling.com"
Can you reach out to your contact and see if drilling has begun in Kenya. Maybe just ask if the ring will still be available the first or second week of May. If he said yes that would pretty much indicate that drilling has already begun.
In most cases I have seen when a company reorganizes under chapter 11 the common stockholders are wiped out. Is this different?
PSUN - BK
April 07
Pacific Sunwear Enters Bankruptcy as Changing Tides Erode Sales
04/04/2016
I called ERHC. They called me back. Said the rig is up and in place but could not give me the exact spud date. Must be soon.
This is exactly what they said:
a) We continue to work relentlessly toward a spud date for the Tarach-1 well near the end of the first quarter of 2016.
I called ERHC. They called me back. Said the rig is up and in place but could not give me the exact spud date. Must be soon.
There is 862K on bid @ .045. If there are converters left I would think they will hit that bid. I don't think any long term holders will sell at that price.
Seek. I'd like to ask your opinion on another biotech stock. Can to PM me an email address so I can contact you.
You could call ERHC and talk to Sylvan. He is pretty good about returning calls if he is not available.
Maybe it will be aliens from outer space that get blamed next
You might be correct!!
http://www.texasufosightings.com/new-sightings/category/houston
Why would Cespa even drill this one well and spend $30M if they knew they would have to have 3 more successful wells @30M each to reach commercial oil.
I know I can't require immediate payment from my customers when I bill them. It usually takes me about 30 to 60 days to get paid once I send a bill if I am lucky. I think that is customary in business.
The complete cost of the well probably won't be known until the well is completed. Cespa could bill ERHC for their share maybe sometime in May/June. ERHC will probably have 30-60 days to pay. If well is successful should not be a problem to raise funds.
Can you explain what this means for ERHC
You don't have to sell positions to transfer between brokers.
TD is bad for penny stocks. Use ETrade.
Sorry for your loss. We will be praying for you and your family.
Praying for your mom.
You probably recommended NEiK to me based on #BMM. Do you trust #BMM and will you recommend his picks in the future?
AF -what's your take on this here. Average down?
Think of Willy Nelson. Owed IRS millions. They did not prevent him from making next album. Let him make it and took money owed from profits. Google "Willy Nelson IRS Tapes". Not exactly the same thing but shows IRS will deal.
I still think CEPSA will drill and figure out how later how to collect ERHC's share. IMO They can't afford not to drill after all they have invested.
What would CEPSA do? Just not drill after they have spent a lot of money preparing the site and acquiring a rig and have personnel on site. Seems like that would be like shooting themselves in the foot.
Can you please give us your gold plays. If you already did I may have missed the post.