Umbra: Thanks your PM, I don't have a PM account, obviously I had not seen earlier debate. I have appreciated your humor and wisdom.

Watching the West African and Nigerian oillfield business scene here and elsewhere it is easy to see how the colonials talked about WAWA (West Africa Wins Again). However I often wonder if it really was a polite way of saying Wankers, Wankers!

Thanks Homeport, understand, had not realized it was discussed already, have not kept up with this board too much of late.

I have appreciated your contributions over the years.

Has SNP quietly bailed on 2, 3 and 4 or does Upstream have it confused? Not clear to me:

Issue of 18 May 12 on bottom right of page 22 says:

EHRC seeks JDZ partners
HOUSTON-based ERHC Energy is again looking for suitors to partner on deep-water blocks in the Joint Development Zone managed between Nigeria and Sao Tome & Principe following expiry of the first exploration phase of JDZ blocks 2, 3 and 4 where it enjoys primary title.

ERHC chief executive Peter Ntephe this week told share­
holders that the company in­tended to remain an active stakeholder in all three licences, regardless of extensions or third-party commitments to further exploration or even a complete change of operator­ship.

Talks on new production sharing contracts were pro­ceeding well, Ntephe said. ERHC has a 22% stake in JDZ Block 2, 10% in Block 3, 19.5% in Block 4, 15.0% in blocks 5 and 6 and 20% in block 9.

ERHC also has a 100% working interest in blocks 4 to 11in
Sao Tome's Exclusive Economic Zone and has made "significant progress on most of the key terms" in negotiations for PSCs which should be concluded soon.

On the morning of ERHC's ASM, Cobalt Intl (CIE) held their ASM: a 45 minute meeting in a modest conference room in their building. Really strong directors and officers all in the business, all straight and to the point. A REAL E&P.

CIE is one of six African E&Ps I have invested in while owning ERHE stock for the last 6 years. ERHE is at 1/4 of what I paid and all the others made me good money.

If one has a career in the industry, it becomes instinctive to recognize which crowd knows what they are doing and where they are going and which crowd is all BS. I listened through the ERHE Amateur Hour (and a half) in their big hotel conference room. Compared to CIE, night and day.

Midtieroil is on the right track, IMHO, can well understand his great frustration.

This ERHE one trick pony has a shot of recovering via the JDZ but when, who knows. The experience with Akpo is the only reason I am still here. The rest is realistically way off in the future.

I rarely post here any more but felt another side to the board reporting on the ASM was in order to give balance to the prevailing winds from dreamland.

Then there's the story after that 1750-1810 era of how the English colonists of Nigeria introduced the therapy to Nigeria where it became addictive to locals and expatriatse alike, far beyond the normal use.

It was one of the early examples of sales promotion: tobacco from the colonies in America exported to England and then promoted for medical effects in Nigeria.

Which explains how in modern times the world has so many Nigerian promoters, all known for blowing smoke.

And now you know the rest of the story.

Take it easy on the poor soul, he may work for the federal government - don't fuss at him for a little detail confusing millions and billions.

Or he may be a lawyer and cannot count beyond both hands not realize a billion is a thousand times a million.

Or he might be a Nigerian . . .

Cobalt Intl (NYSE: CIE) has an excellent 2010 annual report and 10K that fully explains the terms used in deepwater exploration and shows how a serious deepwater exploration company (GoM and Angola) conducts itself and manages its business. Worth a read.

Seeing that probably will increas the frustration with the ERHE amateurs but at least may be useful to show how real exploration professionals conduct their business.

Whether making the comparison with CIE, or with other serious exploration players, it is easy to see how ERHE management drives IHUB posters nuts when their perspective is a history in the oil business, LOL

It goes deeper than that. Two experienced oil company E&P guys (Americans) that I know well looked at the CEO slot in 2006 and neither would work for SEO without a humongous financial package to take that risk. Neither was too complimentary in what they said about Sir.

This company needs to be Totalled.

Doubleaa: I trust you and your travel partner are both wearing your creek boys "Goodluck" hats.

On behalf of all of us here I hope too that you can find time to stop by Sir Emeka's compound to:-
(1) convey the regard that the IHUB crowd has on his henchmens' management of his and our investment,
and
(2) confirm that the AIM listing is indeed going ahead and will have the ticker symbol WNKR

Ticker Symbol for AIM?

Lighten up people, Christmas is near, this Board can get so weighed down with gloom, time now for some levity. What should be ticker symbol be for the AIM listing? Your thoughts?

Your creative juices are required for the children in need at 5444 Westheimer in this holiday season.

To start the process here are my two suggestions:

(1) Recognizing the AIM exchange is in UK and the need for a ticker symbol to show operational prowess, how about:
WNKR

(2) Then in recognition of the US registered office and the emphasis in frequently attending conferences and making clear informative press releases, for the AIM ticker symbol can we try:
STFU

All the talents on this board are well able to do better. What's in your mind?

Balance: You have done the board a truly great service today in providing that meter, much in need here.

Can you find a bigger one for the shareholders meeting?

It's the sort of thing essential to keep proceedings "fair and balanced" as the saying goes. Just imagine, 10 ft square, hanging above the podium at the Renaissance Hotel on the 27th.

Would need to ask amj23 to check the calibration and adjust remotely, then when it hits the stops at the right, a recorded loud roar from an African elephant.

Naw, it's all just a dream, dammit.

Red: Anyone that has been there will immediately recognize that princeslew3 knows what he is talking about.

Your post thus gives insight into your thinking and knowledge of the business.

I listened to their CEO at an LNG conference in Houston on 26Feb10, Arrow has their act together, seems well managed.

Something of a contrast to ERHE, LOL!!!

It's in Angola

And your play on words is totally punishing, LOL

Topshelf: If you continue on from the bottom of page 3 you were reading in OTC paper 18816, page 4 under FLOW ASSURANCE describes how they design around and operate to makes sure the flow lines never do get frozen up, and how the calculations were corroborated against prototype tests.

In my mind Total is very well on top of it and by the time another Akpo gets done in JDZ, the industry will have had several years of real life experience to make doubly sure the revenues keep flowing.

The usual thing is for all the flow assurance gurus in the world to have been studying Akpo, Dalia, Usan, Pazflor and all the rest of them in the region so it is all very well figure out and documented in more OTC and SPE papers.

Remember the old saw about "It's not flow assruance, it's cash assurance!".

If one or more of the ERHC blocks turns out to be an Akpo then IMHO we don't have much chance of the investment being delayed.

Badog: I read what you said: "Most Reporters know the difference between the two...believe me...they do!", and I was agreeing, they are generally intelligent people and the ones that have been at it for a number fo years in the oil business - which I know - are good.

They are not all idiots as Midtieroil claims. That kind of black and white statement is indeed idiotic!!!

Is common sense allowed on this board?

If one views that video on Akpo that ERHCLongtimer posted in 203590 and then reads the technical paper (OTC 18816) that oilhound posted in 203552, it becomes clear how another Akpo is very doable, particularly as their FID was 2006 and a JDZ FID would be maybe 2011.

Remember too that we are in 2010 versus 2006 for the Akpo decision making, and our industry does progress!

Good to see posters bringing that kind of substance to everyone’s attention.

And there is other experience in Nigeria and Angola to draw on for another Akpo, e.g. Egina, Pazflor etc. etc. etc.

So it would be very misleading to say: (1) it is all difficult and complex, and (2) not understood by reporters whose business is to track such things. The petroleum industry does have some excellent minds working in it, well able to advance, manage and overcome challenges.

In fact we have developments in similarly deep US GoM waters that are way more challenging than the JDZ.

Many possibilities. Chevron and Total both have huge acreages in Nigeria, and Angola, some in Congo and one possibility sometimes used is to simply swap positions to enhance value in their respective properties.

Total, Anadarko, Chevron and ExxonMobil:

Serious operating oil companies like Anadarko, Chevron and ExxonMobil develop portfolios with hierarchies of prospects and choose to go after the most promising. Anadarko as much as said so in one of their PRs several months ago when they did not mention the JDZ, and subsequent results in Sierre Leone, Ghana and GoM showed what they had in mind. Chevron has a pretty good portfolio these days, understandable that they are not too enthused over Block 1.

These portfolios get debated and debated, looking at the P10s, P90s and everything to arrive at the most tempting NP10- probability curve. Not a simple black and white simple thing as some posters might believe.

The other factors on their departure would be more difficult to winkle out of them - their expectation of a number of smaller gassy reservoirs in the JDZ, plus indigenous local partners that can be a hassle - not factors that help bring the prospects to the top of the heap.

In my view it is not at all surprising that APC and XOM left and CVX may do so.

Today's Total rumors are very encouraging as they do have plenty of analogues for similar spread out subsea developments in Nigeria and Angola. It is state of the art but not really pushing the envelope these days.

CVX does not necessarily have to take the Total deal, one choice could be to wait a bit and see what develops in the JDZ, if someone else unitizes it or CVX gets asked to come in and do it.

No, example of how assumptions get translated into fact on message boards!

Canceled the Aban Abraham commitment, spudded with Sedco 702 when it left JDZ, completed program in early January, knew what they had, tight holed while partner details tidied up, now released PR. That is the way one normally gets this done despite problems, making the SNP/ERHE games and the Ntephe BS look very strange!!!

Lucius (Anadarko), Tiber (BP), Davy Jones (McMoran) here in GoM in contrast were far more difficult wells to drill, much deeper (abt 28,000-35,000 ft. RKB), results immediately available via partners and opertesteor identified here.

The whole point of the survey this week on management was to get a reading on this board's view. Or so I thought.

Do you have any ideas on improving that to get something of a weighed assessment on management effectiveness relative to others, that may be realistic, versus a superficial (possibly self serving) popularity poll?

I have no time for diverting attention to your comparison of ERHE and Obama and twisting what I said.

Krombacher: If we are trying ERHC management for dereliction of duty and gross incompetence, then some measure of a jury of their peers would be in order, i.e. how do your study results compute when taking:-
(1) Only posters that have deepwater and West Africa operating oil company experience;
OR
(2) Only posters that have worked in the petroleum industry in a non oil company service company environment or have been around the oil industry for many (15+) years?
(3) Only posters that invest in the industry but have no direct exposure to the oil industry?

I would think the weight attributed to (1) would be high, less for (2) and small for (3). In fact the "jury of peers" doctrine means using only (1).

Obviously midtieroil irritates you and many others and so somehow that coloring of the situation has to be dealt with. I do not know the answer but maybe with your analytical talents you can figure out an adjustment to your averages.

Finally I know at least one poster in (1) and one in (2) that used what you call "outlier" ratings and yet have sound balanced judgment (IMHO) and should not be eliminated.

So it seems to me the logic and analyses of this study need refinement to be fair and balanced and mean anything at all.

Some things are instinctively obvious to some.

Fishdog: Do you have any specifics on the very high pressures encountered in Block 4 that can cause engineering feasibility issues? I notice how you have commented on this more than once.

This is seriously unusual in formations in this part of the world and difficult to understand how it could result in engineering problems that would slow down development in a substantive way.

Any chance this is a third hand report that may have got misunderstood?

Krom: I noticed a more relaxed and calmer tone to postings from your source today and so wonder if you will share with the board your technique with that feather that has had such a remarkable effect.

Spp119: Sonangol with all its non operating interests with IOCs does have plenty of deepwater expertise, they even have a big office here in Houston. Many many oil cos. have deepwater experience and Indian oil cos. are not in front of the IOCs and large independents.

Your post is therefore misleading, showing a lack of knowledge of worldwide players.

We don't know, it's open season still in STP, IMHO.

On the other hand if you know something specific, and are not saying, time to blurt it out and avoid the cuteness.

Spp119: Sounds like you do understand the Nigerian mentality (LOL).

The Godfather could make a fortune at it, big chief doing something for his tribes. Needs to be quite separate, on AIM or somewhere else if public, quite a speculation for us non Nigerians.

A quite different business model from the JDZ asset play that is ERHE adn reaching maturity and ready for harvesting.

In many instances the signature bonues are set low or none at all so that the country can obtain better and earlier work commitments, to achieve their desired accelerated petroleum development schedule.

For example (say) negotiate for two wells to be drilled in the first three years of the PSC.

STP could learn from Ghana.

Emptynester1: Great thinking. That really sounds plausible, when you think of his mentality, Nigeria and all that is going on. Offor winds up better off than ever, then can sell out and get rid of all the shareholder aggravations and US public company BS. Shareholders are paid off and go away.

Makes as much or more sense than all the convoluted dot connections.

And US shareholders in the patch don't deal with these squirrels any more.

I like it.

It would turn into a real mess if he were to keep it going with his crock of management.

Rapp: Don't say I said things I did not say: "Then you are saying that ERHC was a Shell company and did not start as an Enviromental And rehabilitation company" ERHE has never been a part of Shell, and most know it was Enviromental and Rehabilitation Company in a previous life.

Maybe your words and fables got confused late at night. Anyway am happy to leave you in your anonymity, no interest in your Rapp sheet.

Rapp: Before investing in ERHE I had met with these that had the original visions and put it all together.

That was why I questioned your reaction to amj23 as being uninformed.

Some of us here have done our homework.

Rapp: It is obvious to me that amj23 understands the reality and the history of ERHC very well.

Can you enlighten the board what you feel the real story should be?

Terrific post, wonderful insight!

Sinopec acting as the grown man in the commercial smiles and draws the small box within which she has to ride her bicycle.

And acting like a naive little girl, ERHE accepted it is bound by these ridiculous restrictions.

Like the conclusion of the commercial, adults don't do business that way.

Agree Sneak, way too much of the 3 B's today.

More and more people are choking on the 3 B's: videos, PRs and FAQs.

Yes, they need to have a drink, many.

LOL

Red: Are you going to reveal to the board the source of your koolaid?

It must be really good stuff, made with mind altering ingredients (perhaps illegal), maybe with special ju-ju potions from from darkest Africa, imported in the underwear of secret couriers?

A rapidly growing number of us on this board will very seriously need your special koolaid before the "crock of "management"" succeeds in driving us all to drink.

LOL

Happy New Year

AMJ23: You are exactly right - there are these here who have often been there in operating oil company deepwater exploration and field development planning, and easily see through the "crock of "management"" of Peter N at ERHE.

AMJ23: It would be enlightening to many to see just how widespread your assembly of data on exploration result PRs really is, and would guess if is far far wider than the few examples I cited yesterday.

Amazing how this outfit still does not have a board of five or seven directors with serious oil industry E&P people. Instead we have management via Offor's "lackeys and running dogs" (how do you like that old Chinese communist expression, LOL?)

Julius Erving caught on with his comments on "provisional results". They have had a pretty good idea for some time.

Midtier wonders about management's intelligence. But they are intelligent individuals. One cannot expect too much in the managemente of a penny stock holding company like this. But one can expect a modicum of competence and credibility, sort of like their peers.

I think reading this board that many are facing the dilemma of holding this stock with good assets and upside but being stuck with lousy management. All IMHO.......

Circumstances certainly are in place for a buy out of these assets and their development under skilled management.

HAPPY NEW YEAR YOU ALL

"normal way of working in the oil business".

Peter Ntephe would do well to read what has been going on in that other new oil province around the coast - deepwate Ghana - in the steady stream of well result announcement from Kosmos and Tullow as they finish each well.

Ghana has about as much urgency as STP has to get the word around they are going to be oil rich and that is the place to be to find and produce more.

Sierre Leone is roughly similar and wait for Cote d'Ivoire....

Also compare: (1) recent well announcements made by APC, DVN, other public true oil companies, and (2) their need (and lack thereof) to qualify prior comments with FAQs.

"normal way of working in the oil business".

IMO it's all a crock of "management", LOL. Other normal oilfield expressions come to mind.

Vineseeker: Elendureports.com - who are they?

Anything you can relate on their background and credibility? I could not find anything on Offor et al - where do I look?

TIA

Any one notice how PN sidestepped the question near the end of the CC about FCPA exposure, regarding the effect of 35 new lawyers being hired by the DOJ under Obama administration direction, all assigned to West Africa business?

The current adminstration likes the petroleum industry even less than the previous administration.

PN's point about not hearing anything more on FCPA since the last shareholder meeting is a positive signal - hope it is indeed a "moribund" issue as PN said.

Nevertheless would be interested to hear Akin Gump's take on these 35 more legal hounds being turned loose by Washington. This is the kind of aggravation we can do without and ERHE needs to stay squeaky clean.

Dan, you reading this?

Oil Cowboy: Please go back and research the effect of the Kaskida discovery in GoM ultra deepwater in 2006. The operator (BP) never said what was there (and still has not done so despite the appraisal well finished last month). Nevertheless analysts rattled on in 2006 about billions of barrels being found and stocks of deepwater explorers in the area (APC, DVN, CVX) popped.

AMJ has a point, they could have disclosed something indicative.