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If this is true then why do they need another year for further studies? I smell a rat. Chinese are trying to shake the bush and get all the little players out. If the block is that bad why do they not want to give it up and move on to some of the other marginal fields that are supposedly available all over the gulf area per PN? The JDA needs to have their own people look at the result and either declare the block a bust or tell Sinopec to give it up. I bet if the JDA tells them no extension they will then go ahead and move to phase II. Time to call their bluff. Enough with the Chinese water boarding!
Has anyone asked DK why the 69 million shares that FAB had is no longer showing on the 10Q? Since the holder of the shares are still a major shareholder aren't they subject to the rules of selling when they own over 5%? Even if the shares were traded wouldn't that still be a material event?
Just the fact that Sinopec does not want the results released would stop the AIM listing as it includes the NSAI report which would release what was found. Until Sinopec agrees to releasing the info nothing can happen with this company. They cannot buy another company because the bank would not know what the company's net worth would be. ETC ETC ETC. I can only speculate that they want to squash any hope from their partner companies so they can buy them out cheap. The only way to stop them is if the JDA puts a stop to their stonewalling and makes them put up or get out. Period. At this point I would prefer them to get out and let Total take over. At least we would not be in the black hole anymore.
since gas is not taxed like oil then a good bet is the Chinese are trying to hoodwink the Nigerians with "only Biogenic Gas was found". Nigerians aren't buying it apparently.
Gas saturation of formation waters (and consequent formation of a migrating free gas phase) can only occur at shallow depths (<4000-6500 ft.). At deeper depths, the increased solubility of gas in formation water prevents the formation of a free gas phase that can migrate and accumulate as a biogenic gas accumulation [/b]
We must have very special Biogenic Gas that cannot be found anywhere else in the world! Usually Biogenic gas is worthless but not ours! They have been analyzing it for a year and a half and still cannot decide how to proceed. Maybe a giant meteor hit there a long time ago and made it produce our special Biogenic gas. Especially since Biogenic gas is supposed to only be found in shallow areas. Not ours. It is 13,000 feet down. That must have been a big meteor!
The way I see it is the Chinese have unlimited audacity and will use every conceivable trick to try to gain an advantage of some sort in the negotiations thinking they are dealing with dumb Nigerian thieves. The JDA,however, have the one thing that trumps audacity and that is wherewithal to yank the carpet out from under the pompous Chinese and give the blocks to Total whom they know will develop the field. The Chinese do not want to accept the fact they do not have the upper hand and are unwilling to give up the blocks. Thus the ever present standoff. The only thing remaining is for the JDA to grow a pair of steel stones and tell the Chinese to go p*ss up a rope or sign the damn Phase II agreement! Pronto!
I just want to know why PN is not on the Board of Directors for Eland and Starcrest?
If it looks like a fish, swims like a fish, and smells like a fish then something fishy must be going on!
looks like we have another paid basher on board! Just check his posting history. Enough said.
If PN saw this he would immediately dispatch DK to STP to put a stop to its release! Can't have any double super secret information get out to ERHE shareholders unless it is strained thru PN's shorts first!
Umbra, a man's eyes are a portal to his soul. His words delivers his souls message. Listen to the words and see the true character of the man.
S2R
I thought the same thing. Krom, step down off that cliff and throw away the bottle of 1 year old Scotch! until we hear confirmation of another 1 year extension lets not start a stampede!
since dan talks to you maybe you should ask him if the one year extension is true that sidwinder said is being talked about on the eel board. That is a major piece of information!
are you saying snp is applying for another year extension?
My guess is that the two years to drill is the hangup. Remember it takes 9 months from the time they order the drilling supplies to the time they receive them. Now they have to find a rig that is available before they can order the equipment. With the rig market like it is they may be having trouble finding a rig that can do the depth. The longer it takes the shorter that 2 year mark becomes. I would bet the extension they got was not from sloppy results. I bet it was the lack of available rigs that has caused them to try to delay the two year period until the JDA forces their hand. It was Addax and two of the best drilling rigs that did the drilling for the five wells. I highly doubt they did a sloppy job as you suggest. My bet is they did find oil and gas and just do not want to release the information yet (thus the cone of silence). Can't figure why they don't though. Must be some big double super secret project they are working on and they don't want any competitors knowing. Pretty stupid if you ask me. just look at the neighbor hood. The whole gulf is ringed with oil producing properties. To think our blocks will only produce Biogenic Gas that is supposedly found in shallow depths is beyond rediculous.
maybe it has something to do with that PID or whatever it is that Nigeria is trying to screw its oil producers on.
They used the time to further break down the sub-atomic structure of the Biogenic Gas that was found to see if there is any Snipes in the mixture! I heard those pesky little Snipes are a bugger to hunt down. If found they need to report to Oily asap as he is still out searching for them!
maybe Beaks can get it for us! LOL
Everyone thinks ERHE has to give up rights in order for Total to get in the other blocks. Not true. What about the other partners we have? The other small players that Total could buy out their interests. Or buy part of SNP's interest. Or all the block partners could give up a small percent in order to become a consortium member with Total. Many scenarios could work. Nigerian time still at work here. Feels like the Twilight Zone.
There is such a thing as book smart and being smart! I know people that graduated in Accounting Magna Cum Laude and couldn't balance their own checkbook!
I don't see offor's name on there anywhere.
so Eland owned by Offor suposedly is partnered with Starcrest which we know is owned by Offor who also is majority owner of ERHE. I call BS on Barry Morgan.
great to hear from you again Rapp. Don't be a stranger! LOL
news update on ERHE website
http://erhc.com/harts/
sorry nothing new.
what is the date of the article? Where did you find it? Interesting that they are negotiating on three different properties without telling us.
you are either naive or very stubborn. Facts are facts. The drilling is decided by the operator and the JDA. Period. Peter had nothing to do with it. If another CEO was on board it would not have mattered. The operator was going according to their plan and ability to secure a drill ship within the time frame of the PSC. You are choosing to ignore that fact. All the other facts are also not disputable. They are not conjecture. They are indisputable facts. Everyone here painfully knows them by heart. We are here for the oil. Period. I will be here until there is no hope left that we will ever see oil from this stock (no matter who the CEO is that is running the company when it happens). The operator decides what to disclose and when. Even the JDA cannot do anything about it.
Lets keep the facts straight. Peter did nothing on the Phase I drilling. That was the operator. Peter also did nothing to protect the companies rights other than hiring Strand Hanson and Akin Gump as law firms at a very considerable cost to the company (even though he is a lawyer himself). On his watch we have also had to go to arbitration to try to keep blocks 5&6 due to his screw ups regarding the partnerships with the block operators (the arbitration is still ongoing by the way). He has also outright lied telling us they were looking to grow the company and have done nothing of the sort for the last four years. He also said we would have news of the drilling in a few short weeks two years ago in December! Nothing yet. On his watch he also managed to place money in a high risk venture and lost $5 million dollars. He has managed in four years to draw down a $49 million bank account to $17 Million! We still do not know what he is spending the money on. Last but not least he has been trying since January of last year to get on the London AIM Listing and can not even do that (despite numerous examples given on this board of questionable companies doing it in just a few months time). Those are facts that anyone can look up. Just admit you are wrong and move on.
Then there's that little pesky thing call "statute of limitations". I believe that has already come and gone so it is a dead issue.
looks like the dog is hunting and zeroing in on its prey! Finally some good news! Now we need the sp to start climbing back up!
Jules, you said "he believes in those assets" meaning Les Blair. How can Biogenic Gas be an asset? According to DK they only found Biogenic Gas. Is this proof of DK lying thru omission?
DeGen, you say "Also, some say its not right to kick a (ba) DOG, but I say if its a BAD DOG maybe a very, very mild (gentle) kick is appropriate. More like using your foot to keep a dog away (off of you) when the dog is unnecessarily bothering you. Go away BAD DOG!
I say if a Bad Dog is humping your leg or hiking his leg on your leg you don't just stand there and let him take advantage of you. Kick away! LOL
We think it was just a figment of Peter's imagination! Or it fell into the ERHE black hole? Peter's aim at the AIM was so far off it missed the target? Oily is Peter? This is just a bad dream and we will all wake up screaming? Offor can't get into London anymore so they had to cancel the AIM listing? Your guess is as good as ours.
AC, could you forward STL's article to LP to see if he still stands by the information it contains concerning the oil and gas amounts?
Reply back to them and tell them you are an NBA Hall of Fame member and would be willing to send them an autographed item of their choice! That will get them going.
I do not trade this stock. I never have. I watch what is going on and see the conversations taking place here. You and your gang are obvious.
You probably said the same thing when Akpo was first drilled. It did not look promising and the operator bailed. Total picked it up and now it is a world class field and only a short boat ride away from the JDZ. Did you ever stop to think the information you was given was a smoke screen? Can you explain why it is taking a year and a half to analyze Biogenic Gas to determine if it is feasible to go commercial? DK just recently stated they did drill in some caps and some off structure. That is an admission they did not drill the sweet spot to determine if there is oil. Prazares did say the expected amount of oil and gas was found in the drilling's. Sinopec stated on their website block 2 was a commercial find. ERHC Energy even admitted they wanted to proceed along with Sinopec to phase II but they did not want to release the drill results yet. Why would that be? Can you explain why they would want to proceed to phase II if all they found was Biogenic Gas? Why did they drill a third hole in block 4 when they did not have to? I think you are part of a group hired to discredit this company and the JDZ in order to keep the price down. Why else would you be here? If you have no interest in the company then why even bother to come here and post? Isn't it amazing when the sp drops to .14 and then goes back up to .24 it is strangled again to keep it from going up? Your buddies have also arrived right on que to help you try to drive it back down so you can try to get more shares to flip. Your group is so transparent it is ridiculous.
I don't have private messaging so can you email me at pearces4@verizon.net?
Thanks,
Mike
You can tell it to me at pearces4@verizon.net
Mike
Thats right. It is like taking the prettiest girl in the world to a dance and then turning the lights out so nobody can see she is with you!