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Condor
Do you think Ntephe should have not spent any money to defend itself against the DOJ...and ABC gang etc. I guess he could have gotten rid of every one on the DOD and also any consultants or employees or engineers. He also could have stopped attending any conferences(where it seemed he was able to acquire Kenya and Chad). There would be no diversification to land based prospects without spending some cash there. It took 6 years of defense. You talk like it was just everyday business that decreased the 50 million from the JDZ. It is hard to oppose your reasoning ,when you don't alter your thinking about what it took to acquire land based properties and prior to defend itself against the DOJ etc.
from the ERHC web site
Ntephe spoke.2012
."Next week will mark the sixth anniversary of the worst day of this Company’s history when the first of those subpoenas was issued. It is hard to fathom the damage that was caused and the enormous cost that was incurred. It is true that the investigations apparently became moribund some time ago but I couldn’t be happier now that we have tangible written confirmation of closure. We expect that some of the challenges of selling the ERHC proposition to the larger investment community might now be significantly lessened without the cloud of suspicion raised by the subpoenas".
Responding to post 300849
sorry Manti...responding to midtier.
Midtier, IMO, it is firstly the oil glut that had/has ripped through the majority of oil companies. Sure you might find a few examples that were not hurt like most, as well as the Large Oil companies who can weather the storm and bounce back more easily. Next of course combine that with toxic financing and a management that didn't seem educated enough in that department to understand what the ramifications were/are to the SP and Shareholders who are now extremely angry at them for THAT. Both scenarios are valid and the combination has left many smaller companies struggling to survive. We can only hope that ERHC can last till toxic financing runs out and maybe the price of oil returns to levels that will heal.
that being said I too have averaged down in hope to succeed more quickly when/if there is a turn around. Selling for pennies is not a good financial decision for me. As we all know we are gambling with the OTC/PINKS and so I remain a gambler not a constant complainer...even though there is justification for that sentiment, but, not 24/7 as you can see what good that has done.
cheers...and new material would be much appreciated.
TIA
Baz
IMO,since diversifying with Kenya, Chad and still holding Sao Tome EEZ, ERHC's exposure to Nigeria is very small if not moribund with the JDZ with Sao tome. Nigeria has not been the focus of ERHC for quite some time. As long as SEO (the philanthropist) keeps his high profile towards a betterment for East Africa, his name and deeds will not be ignored by his other East African neighbors.
IMO your post/negative spin seems way out in left field!
what could the TAIPF well have told us? they aren't close in Geology or locality. They are in different Basins. If they don't know by now exploration is a big risk/big reward venture then they most likely wouldn't have acquired a basket of exploration acreage. Taipan's well was dry....what does that tell you about ERHC's acreage?
with 2 wives!....some how I doubt it.
good luck
Ya Middy
we spent most of our money on hand dealing with the ABC investigations including homeland securities etc. We also after the JDZ Fiasco(which wasn't even remotely ERHC's fault that no commercial oil was found. then there are saleries to be paid since then,as well as Stanford mess we were in...and Also we were scurrying to stay alive by attaining more prospective properties to stay alive and in the game.I guess we just could have closed up shop after most of our money was gone....but We landed Kenya and Chad and are working on a MOUU for the EEZ Sao Tome Principe(of course you know all this ,and still ask where has all the money gone).Seems you are having a mental lapse when you keep asking where the money has gone....sheesh man.....you need new material!
https://books.google.ca/books?id=BHpNBAAAQBAJ&pg=PA204&lpg=PA204&dq=Environmental+Remediation+holding+Company+was+started&source=bl&ots=C_pzmlM944&sig=ejmePLNEGcBnUn0i9pgoMN7_t7g&hl=en&sa=X&ei=58HwVMyXKcWlgwTarYSIAQ&ved=0CEMQ6AEwBw#v=onepage&q=Environmental%20Remediation%20holding%20Company%20was%20started&f=false
it was "ERHC" when it was Environmental Remediation Holding Company 1997.
Now it is "ERHC Energy" ERHE.
not sure what you mean... could you please provide a link to where you are reading this?
sounds like old news.
check the date on the Google link.
is there no date on where you got that info?
ERHC was a late filer several years ago.....but I can't find it for present day.
It's hard to keep those numbers up...but ...never less that was the case back then....I agree their COS for virgin exploration should settle back to the median numbers.
Good point about Cespa and Swala's Block.
as are you married to ERHC.You were supposed to go away but it's S0 nice to have you back. Most of us want a divorce soon if possible on favorable terms, but I am not willing to get back pennies on my dollars so I will wait.I have bought more to tripple my original holding as I am hoping to at least break even here....but time will tell .
I got the point very well....that chart specifies if there were appraisal wells drilled as well.
maybe reread the charts.
I agree the COS of a well in virgin basins was aprox.25%
but with Tullow and their models, might have achieved better.
midtier oil
take 2/3 of tower's total commitments to taipan for a starting point
Baz
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 9, 2014) - Taipan Resources Inc. ("Taipan") (TSX VENTURE:TPN), through its wholly owned Kenya-based subsidiary Lion Petroleum Corp., has signed a binding farm-out agreement with Tower Resources (Kenya) Limited, a subsidiary of AIM-listed Tower Resources plc (LN:TRP) ("Tower"), whereby Tower will acquire a 15-per-cent participating interest in Block 2B onshore Kenya. Taipan will retain a 30-per-cent operated interest in Block 2B.
The principal terms of the farm-out agreement are as follows:
Tower will pay to Taipan US$4.5-million in cash at completion;
Tower will issue to Taipan 9-million shares in Tower Resources Plc in two tranches (the "Farm-In-Shares), 50% at completion and 50% three months following completion;
Tower will make a US$1.0-million payment to Taipan conditional upon the spud of a second well in Block 2B;
Completion is conditional solely on approval from Premier Oil Investments Limited;
Tower will, on and from the effective date of transfer, pay its participating interest share of costs incurred in conducting joint operations as per the provision of the joint operating agreement, the initial phase of which, are estimated to cost gross US$29.5 million;
Tower will provide guarantees for its share of the minimum work and expenditure obligations required under the PSC for Block 2B;
http://www.africaoilcorp.com/i/pdf/AOI-well-summary.pdf
seems these 17 wells drilled were indeed exploration wells.....you can count for yourelf.
JE
business is not all hugs and kisses,and IMO Offor's feelings and desires are not even a thought if indeed "THEY"(Farm in company) are buying!
Is it possible that a Farm in Company to Block 11A is buying ERHC on the open market now as the price is depressed considerably. If an announcement of a future farm in will raise the SP so the farm in Company can parlay their farm in costs at a break even or profit after ERHC SP rises and they sell off for a wash for the farm in costs?
there is a possibility that this is NOT even close to being even remotely close to reality. But the former writer would not consider this as possible IMO. Maybe being a Nigerian, and the serious problems within the country,PN writes a few inspiring articles to Nigerians, hardly even a talking point.
Trying to weave these scenarios so they line up? Back to the loom with you.
Cheers Baz
"And if that's not enough, if ,indeed all of this is remotely close to the reality, the fact that PN is being involved in other extra-curricular activites, rather than giving 100% to the interests of the company , in these hours, day, and months of dire need, is completely inappropriate."
Too easy to make assumptions AND character drive-by hits.
We do need information,but the time indicates not now.
since we are reviewing ERHC's area and surrounding areas.
here is a nice look at where the S/Sudan muglad basin extends into block 11A....thanks to Bowleven's FTG and Seismics. I think this is our first real view of our block.
http://bowleven.com/operations/kenya-block-11b
correction Muglad basin
here is a nice look at where the S/Sudan muglug basin extends into block 11A....thanks to Bowleven's FTG and Seismics.
http://bowleven.com/operations/kenya-block-11b
I would like to be here when management pushes the promotion to $.75 a share(as they will have earned it) and holds for 1 month. This would be a nice time to sell half take profits and decide what to do later....hope this occurs before drilling, eliminating some post drilling risk.
Manuel
Could you address this point of view when we are nearer to this 1 possibility of many comes about? It is good to hear the negative side but you are sounding a tad Midtieresque . Lets see when the next round of convertible notes appear (there may be a better way with Deloitte on the scene). Seems most people with skin in the game don't want to discourage any new investors from buying by harping on the negatives constantly. That is very visible on this BB.
Merry Christmas or what ever other holiday you celebrate.
No math, just that ERHC is not a capable operator YET!
Just so we don't crash off the track with unbridled optimism and take the highest numbers when it comes to ERHC's share of future reserves is all.
I have tripled my share count and I have had to suppress and temper my optimism as well.
cheers man
Realistically ERHC might get ..IMO..25%-35% of any reserves if they remain with their Chadian Block (after farmout).
LOL......keep it up....you know how it helps your share price!
If they had the cash to do that YES!
But sorrowfully they don't....and you really don't want them doing the convertibles to buy back the stock when that money is designated for the bulk of it,to work programs advancing the assets to
maturity or a JV partner.They are taking a whollup on the convertibles to survive and get a JV for Chad.
Baz
I agree add those on except for paycheck to SEO...I can't remember that one. So we know and agree where that 46 million went ,,,,so what was the point then ?
"This is no different than the $50 million farm in from the JDZ. They spend, and spend, and spend. And shed responsibility for over spending, when the piggy bank is limited."
Effective?
IF that is possible to do and to keep advancing the Chad block in such a way that a JV will likely result, then sure go ahead. Their finances are in a terrible situation, but, I am strengthened by the resiliency of the company as well as it's African connections.
There were expenses in running the company......DOJ ongoing investigation till conclusion must have been a substantial drawdown on finances. Stanford 5 mill sting was in retrospect a bad move. The investment in Exile went south but still has a tad of value.The search for valued prospective properties was not cheap but our company saw its future to be onland and so added Blocks of acreage in Chad and Kenya. ERHC had a few world court appearances over JDZ blocks 5&6. So that 46 Million that they negotiated was not going to last them till now. People can debate both sides and be satisfied with their positions.
Cheers
weren't we all...geesh!!
Condor: Thanks for all your questions to the board here.As I have told you before WE don't have any of the answers,as we are not privy to that info before it gets released.
After you get your well deserved answers back from the company, could you please post their return correspondence. Hope that will stop all your board clutter as you surely must know that WE don't have the answers.
Cheers
Condor
For the sake of argument let's say you/we are right to be concerned about the company finances...we get it....
Most here are very underwater and they/we have decided to trust the company because as you well know, finances have always been an issue with ERHC.
Let me say congratulations to ERHC management for having to deal with the JDZ disappointment and with little to no finances, managed to gain prospective blocks in at least 2 other countries. ERHC is still alive with little finances but still seems to advance their programs towards maturity.In Kenya they have an operator aboard and are advancing towards drilling.Chad is advancing to entice an operator,and the Sao Tome EEZ is still way out there and requires an operator.
The confident as well as the ledge hangers here are both wanting ERHC to succeed.There are some here that seem to want ERHC to fail.
I am a ledge hanger who is confident in management and the future.
Baz
Condor1
So you are asking this board rather than the ERHC energy company?
You want guesses? What do you want from this board considering ERHC?
I would suggest nobody here knows for fact the answers to those questions.
Not that these questions aren't valid,it's just that you must know surely you won't find your answers for fact here,Unless it comes in an official release from ERHC.
happy questioning!
Baz
devils advocate:
To be fair Taipan has 2 blocks with some difference in basins,like ERHC has in Chad (2 basins).If 2B isn't a winner then Block 1 with Afren might be...so there is another go at it,unlike ERHC in Kenya. There is no question that ERHC has more diversification,but Taipan is nicely prospective in B2 and B1,IMO better than ERHC. Taipan got into Kenya through Lion Petroleum, and got to pick their Block much earlier than ERHC. I don't want to argue about which company is better to be invested in ...as I am in both...They are both a risk I am willing to take.
Cheers
sounded to me like it might be the Sao Tome EEZ....they didnt mention JDZ or Nigeria.
This was/is a sound personal approach by way of your thoughts. I think that at todays price and the assets in hand,that,if there are any lookers here that are deciding to invest in a low SP that has potential for appreciation,the risks are quite low for a chance at success.
I would also think we are looking at several upon several fortnights. Now for us longs here who had not averaged down for their reasons, it is much harder to wait for a break even point(sorry to hear about your loss).
I agree there are other interesting companies working in Kenya, some in better position than others,but they are also worth taking a risk on as well. With surrounding discoveries the others gain bouyancy.
midtieroil
Thanks for being the number 1 speaker about the negatives you see with ERHC. At least your posts are easily read and have a pulse beat on " the what should have beens" with management and consultants along the way.
What do you see as the most prudent way forward for ERHC.
Thanks
ONCE AGAIN!!!!
ERHC is not the operator in Kenya.
We have gone through this in the JDZ...where they weren't operator,and Same old Nicknames same old complaints.
It wasn't fruitful then to complain on this board, as it isn't now.
Cheers