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"A few weeks, a year. What is the difference" according to PN when we were going to get the drilling results 2 years ago. I do not believe a word he says. He talks lawyer speak which means listen to what I have to say but don't believe every thing I say. Then he gives you that big Cheshire Cat grin while fleecing our pockets!
I sure hope that is true so we can get Total to replace them. Then we could get this dance started.
anybody heard from the Total shareholders meeting?
Your rose colored glasses can only see the shares voted. It is grossly unfair to all share holders to hold a vote on total shares held instead of 1 vote per share holder no matter how many shares you own. They do not want the average share holder to have a say. Offer and the Bank have all the say so no matter how everyone else votes he will still get his way. It is skewed that way on purpose. I am amazed you can't see that! No wander those that did not vote chose to do so because they know it is a waste of time. If they had a vote per share holder then I think the outcome would be far different.
Better yet why not just have 1 vote per shareholder instead of amount of shares the share holder has? That way we could get a real feeling about how the share holders feel. A majority share holder will not totally skew the results that way.
That was probably David Bovel!
looking at your earlier post it sure makes you wonder how we can find only Biogenic Gas (that is usually found in shallow depths with low temperature) when we drilled in ultra deep water that is known for high temps and pressure. All the shallower fields to the north east and west have thermogenic gas and oil but our deeper properties only contain Biogenic Gas? Someone is definitely trying to blow gas up our wazoo!
I think it is 25% of each companies percentage. Just going off fading memories. LOL
Total has probably caught the SNP virus and is rendered unable to talk!
Here's another thought for you. How much money do you think they will spend a year when they get down to only say $1 mil in cash? I know what you are thinking. They will cut way back then. Why not do that now? Is this proof they are trying to bleed all they can out of this cash cow before she goes dry?
wasn't there seismics done on the EEZ? How else would they have chosen the blocks? What are the lines then across the blocks that usually indicate seismics?
looks like it is all about voting for the directors. No new business mentioned.
I've got to admit I am with Krom and AMJ on their stance with this stock. The management crew has failed miserably on the goals they set themselves. We all know them: AIM, block 5, fire-hose connected to the bank account, communicating how they are going to pay for Chad, what the heck is going on with IMO, do we or do we not have a partner for EEZ, on an on etc. Anyone want to start a lottery as to when the company will run out of money? What are the plans for when they run out of money? Who will be willing to want to partner with us when all they have to do is wait for the company to go bankrupt and then pick up the pieces cheap? Is the board a bunch of blood sucking leaches here to ride this pig into the dirt and then hop off the carcass? I wish someone that is going to the SH will take a list of failures with them and present them at the meeting and ask for an explanation as to how they feel they deserve being voted to stay on the board. My bet is PN will show his shining teeth again and brag about has ERHE has progressed considerably blah blah blah. They have not brought 1 single thing to enhance shareholder value. Period. Don't say that Chad will save us. We don't have the money to bring that to fruition unless they have a silent partner they do not want to tell us about. JDZ is a total failure in that we have a partner that can't decide if they want to keep the blocks and are waiting to see if Total will buy them out or bail them out in some way so they do not lose face. We keep adding consultants etc but where is the money coming from and for what purpose. We cannot control our drilling partner and we cannot drill ourselves so what are they accomplishing? What in the world are they spending all that money on quarterly? Who's brilliant idea was the shelf? Why are they still looking for more properties that aren't already producing? "Why?" seems to be the mantra of this company. It is never ending as there are no definitive answers. Disgusting to say the least.
"IMO ERHE is deeply undervalued." Sounds like a blind man wearing rose colored glasses. I too wore rose colored glasses at one time. They have darkened considerably over the years and all the disappointments. Still wearing the glasses though because without hope we have lost.
Dallas is not a fun place to be right now! Tornado's everywhere! We are safe so far but one hit a few miles south of where my wife lives. Got to go sirens going off again!
my bad. sorry
Why would STP want to use them when they give out misleading information IE the 14 Billion barrels in the JDZ that turns out is only Biogas!
you mean the showmethemoneygeria provence that is in bribeme state run by illpickyourpocketwhileshakingyourhand?
IE: Fox in the hen house disguised as a rooster?
Isn't that amazing that we are a stone's throw away and all we got was elephant farts! Same thing at Akpo. I guess the oil stopped at those fields ;(
That's what I was thinking also. I can't imagine Nigeria investing $100 million let alone $100 billion as the greed level is just too high. I bet the Swiss Banks and Cayman Banks salivate when they hear stuff like that!
And if a frog had wings it wouldn't bump it's hinney every time it hopped! Those blocks were the most analyzed blocks seismic wise before they ever drilled and there should be no excuse for 5 dusters. I keep thinking back about their original statements saying they were not necessarily looking for oil on the first wells as they were trying to get an understanding of the geology of the region. They also had a 5th optional well that they decided to go ahead and drill after hitting 4 dusters which really doesn't make sense. There is so much smoke and mirrors going on that even a politician would be proud of them! I plan to stay until the smoke clears and we find out boom or bust. Remember if you follow the elephant skat trail you will eventually find the elephant herd! Just watch out for the lions, tigers, hyenas, and snakes along the path!
They could buy on the open market right now for half the strike price so why would they wait until it hits .75 before they can buy it at .20? If they think it will go up to .75 then why don't they buy now and get the 800% bagger? I think it is another ploy to make us think something good is coming soon.
You guys did not seem to get the reason for the stock option. I asked him about it in the CC and he said that was the only way they could attract a higher level of Board members because they do not currently have any income etc. Don't know why they need more board members since the ones they have can't seem to get this shriveled up and petrified carrot of a stock going. They seem to be looking thru binoculars with rose colored glass on the future of this stock while they bleed the company to death with their extravagant expenditures (which has brought them absolutely nothing that brings income to the company).
Krom, the kicker is that Schrull said they traced the sands in 2,3,4 all the way back to OBO1 which does contain at least 150ft of net pay. Now how can obo have oil and we have BG which should be the opposite way around as our blocks are deeper? Can't get rid of that skunk smell that wafes about when PN speaks.
I came away from the cc a little confused. PN sounded real positive and was very good at answering questions more fully but he still left me wondering:
Why would SNP want to continue on to Phase II but without disclosing what they found 1 year ago and now there is a possibility they may leave the zone? If they only found Biogenic Gas then why would SNP want to continue into Phase II and not disclose they only found Biogenic Gas? What did they tell the JDA in order to get the additional 1 year extension which ends this March 14th? Surely they told the JDA they only found BG as we have been led to believe. Did the JDA tell them to keep analyzing until they come up with some other kind of hydrocarbon? Or did they tell them they have to divulge their real findings instead of the BS they are trying to feed us?
What Major would want to partner with us knowing we only have a little over a year left of money in ANY of our properties? Why not just wait us out and pick up the properties themselves?
Why are they trying to attract a higher level of BOD by doing the stock option tango? Why do we need any more BOD's? What high level BOD type person would want to join a company that is fast running out of money and has commitments in Chad coming up in the next year and we have buttkus for income?
Did anyone notice when PN was replying to me at the end and he mentioned that we did not get on the AIM due to a couple of discrepancies they found or something to that affect?
with our luck the presalt elephant herd stops 1 foot short of our blocks! Just like we have oil all around us in the JDZ and all we can find is Biogenic Gas!
CC is still going. They are much more open to answering questions
MMMMMMMMMMMMMMMMMMMMMMMM get the picture!
yep that about sums it up!
A rusty scabbard is a fearful thing for sure! LOL. I am with you on the questions situation.
ah Succubus you are back!
you're up early this morning kingpindg! Awful early to be doing DD on this stock! LOL Hard to stay away though. I keep hoping some day I will check in and find we have great news that will propel us upward.
They could have hit Biogenic Gas in the upper sands and oil/thermogenic gas in the lower sands but still announce Biogenic Gas and not be lying. That is the kicker. It is what we are not being told that has everyone still hanging on. We are not stupid (well generally that is) LOL.
As we inch ever closer to the March 14th deadline of the infamous double extension it makes me wonder if Total is deliberately holding off on drilling Block 1 in order to put the squeeze on SNP for a chance at more acreage in the JDZ. Maybe the JDA will finally find their stones and make SNP declare or leave. Two years is more than enough to analyze Biogenic Gas or any other hydrocarbon they may or may not have found. Now that Total has entered the picture the JDA must realize they do not need SNP to develop the blocks. They needed a Major in the zone after Chevron bailed and they hung their hat on SNP. But SNP does not have the experience to develop the big field. Since they are no longer needed I do not see a further extension falling their way. I think SNP will go ahead and declare Phase II and announce their analysis has found there to be commercial hydrocarbons in the zone pending further drilling to verify their findings. They will not want to lose out to Total. They will stretch this thing out as long as possible. The two years they have used up is probably trying to decide which 25% to give up when they go to phase II. Then they have 2 years to drill one well on each block. That will allow them to see what Total comes up with and then decide if they want to continue.
At least your glass is half full. Think of those that have empty glasses or no glass at all!
A BIG AMEN brother!
Just like a giant cloud. A lot of fluff and no substance.
Oily's last post was on 4/26/2011 on any board. Makes you wonder