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Tamtam
If ToTal France couldn't make the JDZ find commercial , IMO , then I hardly think that another deep sea player would take on the JDZ. ToTal is close to being the benchmark for difficult drilling in the JDZ area. Tullow isn't interested in offshore so much now as they have much easier fruit to pick onshore Africa. IMO maybe when all else is found or used up then maybe SOMEONE " might " pick up interest in the JDZ.
The small players won't be able to afford to drill offshore with all the risks attached. IMO it's best to forget about the JDZ as it is weak in OIL as was reported by Chevron and ToTal.
*Krom , ToTal had no problem saying that Block 1 wasn't commercial so SNP should have been able to report the same. Lets face it the JDZ is for now Moribund and possibly in the future too. Our attention should be focused Onshore.
Lets concentrate on where there is oil to pull up and not old and should be forgotten territory.(the JDZ)
GLTUA
Baz
Nigeria-São Tomé e Príncipe
Addax Petroleum, which became 100%-owned by China's state-owned Sinopec in October, was drilling its second well last month in Block 4 of the two countries' joint development zone (JDZ). The Malanza-1X well follows Kina-1X, spudded in August, on which there has been no statement. The firm has Transocean's Deepwater Pathfinder drillship.
Addax Petroleum has acquired US Anadarko's 51% interest in Block 3 of the JDZ and has taken over as operator. The firm completed the first well in the block, Lemba-1X, in early November, also without statement – but a 10% partner, ERHC, indicated that it was disappointing
Read more: http://www.petroleum-economist.com/Article/2731352/Africa.html#ixzz2Upi4eV7b
Operations in JDZ Block 3
The operator, Addax Petroleum, began drilling the Lemba-1 well in October 2009 and completed drilling in November 2009. The well was drilled to a total depth of 3,758 meters. Prior to drilling, the exploration team targeted eight individual sands and two were found to contain biogenic methane gas. Analysis of drilling data is ongoing. The NSAI report estimated ERHC's unrisked prospective resources in JDZ Block 3 totaled 27.3 million barrels of oil and 32.9 billion cubic feet of natural gas (P50). The NSAI report estimated ERHC risked prospective resources in JDZ Block 3 totaled 8.7 million barrels of oil and 10.5 billion cubic feet of natural gas (P50).
they were beaten out of block 4 by Addax and then settled for block 3.
they sold out to Addax before drilling
majicathome
thank you
that was very interesting and food for thought.
armin
where would they be drilling this year? ERHC says they are looking at drilling maybe late 2014-2015.
http://erhc.com/files/133/
page 14
hello Claude
your buddy is at it again!
OT: readings on a slow Sunday morning
Billionaire Returns To The Iraqi Oil Game With New IPO
05/18/2013
5/17/2013 @ 3:32PM |2,327 views
Billionaire Returns To The Iraqi Oil Game With New IPO
Swiss billionaire Jean-Claude Gandur poses next to 'Sarah,' a painting by Jean Fautrier, one of his collection of masterpieces on display in late 2011 at the Fabre museum, Montpellier. (Image credit: AFP/Getty Images via @daylife)
After five years, Jean Claude Gandur is back in the game. The Swiss billionaire made the bulk of his $2.1 billion fortune (as of Forbes’ last count) selling publicly traded Addax Petroleum to Sinopec in 2008 for $7.2 billion. And this week he finally returned to the public markets, bringing in $250 million through the initial public offering of 17% of the company’s shares on the Toronto Stock Exchange. Debuting at C$15, shares in OXC currently trade at $14.50.
Like Addax was before it, Oryx is named after a noble African relative of the antelope with grand horns. Like Addax, Oryx will be focused on exploring for oil in west Africa and Iraqi Kurdistan. And little has changed from the Addax days as it concerns Gandur’s legendary gift of forging political and business connections in complicated parts of the world. The son of a Swiss pediatrician, Gandur, 64, grew up in Alexandria, Egypt, became and oil trader in the 1970s and by the 1990s had made such keeconnections in west Africa that he had been dubbed Commander of the National Order in Benin, has a diplomatic passport from Senegal, and for a decade was honorary consul in Geneva for Republic of Congo. He still is deeply invested in Africa, operating a fuel distribution network under the Oryx brand (but unaffiliated with the newly public company) as well as Addax Bioenergy, a biofuels operation in Sierra Leone.
(For more on Gandur’s history check out this profile I wrote back in 2007.)
But whether Gandur can orchestrate a repeat of Addax’s great success is yet to be seen. When Addax was sold to Sinopec it was generating roughly $300 million a year in net income on sales of 140,000 barrels of oil per day. Oryx, on the other hand, has no revenues at all. Yet Gandur is so confident about its opportunities that he has, through his majority controlled holding company AOG, injected $700 million into Oryx to acquire prospects and start drilling wells. No oil and gas is flowing yet, but if all goes well in Iraq, Oryx states in its prospectus that it could be handling as much as 300,000 bpd of oil within five years.
The key asset behind Oryx now is the Demir Dagh field in the Hawler block of the Kurdish region of Iraq. A discovery well was initially drilled there back in 1960, then another in 1990. Oryx last year invested roughly $50 million to drill its first hole in Demir Dagh. As a result they figure the field contains about 500 million barrels in several geologic intervals. According to an analyst by Tudor, Pickering & Holt, the Demir Dagh field might be so big that it connects to another field to the west called Banan. Oryx expects to learn more when it drills Banan this year. (See and excellent map of all the Kurdish oil and gas concessions here.) In an optimistic scenario laid out in the Oryx prospectus, Demir Dagh has the potential to give up 215,000 bpd of oil by 2017, with the entire Hawler block (65% Oryx interest) producing more than 300,000 bpd by 2018.
This is obviously big time oil. In its prospectus, Oryx figures that developing Demir Dagh will cost around $1.1 billion, including some $200 million for an 80-mile pipeline and $200 million for processing. The average well there will cost $11.5 million, with operating expenses of about $11 a barrel and transportation costs of $10 per bbl for trucking and $5 a barrel for pipeline later.
In the middle of the Hawler concession lies Erbil, the Kurdish capital. Hawler is surrounded by concessions operated by the likes of ExxonMobil, Afren, DNO and Chevron CVX +0.54% Hess HES +0.82%, Hunt Oil and Marathon Oil MRO +2.84% are nearby. Political risk remains high here, with Baghdad still arguing with the Kurdish Regional Government over the legality of its many deals. Pipeline capacity is insufficient, and when oil is exported the companies often have a hard time getting paid.
Growing pains are to be expected. But the truth is that the Kurds have figured out a model that works. Oil giants like Exxon and Statoil have turned their backs on money-losing deals with Baghdad to rehab megafields in the south because the service contracts didn’t allow them to book reserves, or pay enough to be worth the trouble. In contrast, the production sharing contracts offered by the Kurds do allow the booking of reserves and no cap on profit potential.
It’s in Oryx’s favor that Gandur has a very good relationship with the Kurdish authorities. In 2005 he became one of the earliest western investors to take a chance on the Kurdish oilpatch, partnering with Turkish oil company Genel to develop the supergiant Taq Taq field. Since those early years the Kurdish economy has blossomed, with construction booming all over the region as billions of dollars flow in to fund drilling activities.
It was emblematic of the regional government’s trust in Gandur that a couple years ago they asked Gandur to do them a favor. Norbest, an affiliate of Alpha Access Renova, which is controlled by Russian oligarchs Victor Vekselberg, Mikhail Fridman and Leonard Blavatnik, had acquired stakes in the Hawler and Sindi Amedi blocks in 2007. The oligarchs had initially expected to develop those assets through Russian oil giant TNK-BP, in which they held a 50% stake (recently sold to Rosneft). But BP had objected to the company venturing out of Russia and onto turf that BP thought should be its own. So the oligarchs had to back off their Iraq plans. This meant the blocks were just sitting there, not getting drilled or developed. Gandur, through AOG, is thought to have paid in the neighborhood of $200 million to take Norbest out of its Kurdish prospects.
Swiss billionaire Jean-Claude Gandur poses on ...
(Image credit: AFP/Getty Images via @daylife)
This was, in effect, the cornerstone transaction that has led to the new Oryx Petroleum.
Hawler alone is enough of a world-class asset to keep a small company like Oryx busy. But in Iraq the company also hopes to explore outside of the Kurdish region, in an area called Wasit, southeast of Baghdad and right next to the border with Iran. It’s prospectus states that after seismic testing this year it hopes to drill an initial well in Wasit in 2014. The keen observers at Iraq Oil Report doubt that Oryx has much chance of prevailing in Wasit. Oryx admits in its prospectus that unlike the Kurdish region, Wasit is not “semi-autonomous” and does not have a successful history of awarding oil contracts — so the concession is more likely to be challenged by Baghdad. Oryx’s partner in the Wasit prospects is KPA Western Desert Energy, which appears to be a subsidiary of an investment company called Kepis & Pobe, which counts among its directors former execs of Canadian oil company Suncor as well as retired U.S. Army General Wesley Clark. KPA’s Iraq connection appears to be Amira Industries, operated by Lawrence and Arman Kayablian. Amira, on its website, says it is an industrial conglomerate founded in Iraq in the 1960s with a history of manufacturing heating and air conditioning units. Despite the odds, perhaps these guys are well enough connected to make the Wasit plan work.
Oryx has also indicated that it intends to drill at least three wells in west Africa this year, mostly in Congo-Brazzaville.
So what’s Oryx worth? At C$14.50 a share across 98.5 million shares outstanding, its implied market cap is $1.4 billion. Back out the roughly $250 million in cash left from Gandur’s capital injection plus the $250 million in IPO cash, and the market figures Oryx’s assets are worth about $900 million on a standalone basis. Gandur, through AOG, controls 77% of the company. He directly owns roughly 75% of AOG.
Gandur needn’t be in a hurry. With that $500 million in cash, Oryx has enough to drill wells for a couple years and to fund infrastructure developments. If all goes well it can sell more stock or take on debt to continue funding. But the payoff for investors and for Gandur, however, will be in selling part or all of the company to one of the other deep-pocketed players in northern Iraq. With Exxon, Chevron, Total and others all in the neighborhood, there will be no shortage of potential buyers watching to see what Gandur and his crew can build.
Follow me on Twitter @chrishelman
http://www.forbes.com/sites/christopherhelman/2013/05/17/billionaire-returns-to-the-iraqi-oil-game-with-new-ipo/?ss=wall-street
Comments
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OT:.......your buddy is at it again.
if anyone is interested in what Jean Claude Gandur is up to with his Oryx company have a read.(on a slow Sunday morning)
sorry I see it below now....computer glitch?
to moderators ..could you explain why my post to Kingpindg was removed ...it was just an information post regarding the "E" for ERHC. Sorry it was copied and pasted and had a few other companies listed to show the whole page.
manuel06 Wednesday, May 15, 2013 9:59:15 AM
Re: kingpindg post# 273962 Post # of 273967
Updated Date Old Symbol New Symbol Name Comment
13:09 5/16/2013 ERHE ERHEE ERHC Energy Inc. Common Stock Delinquent **
Incomplete filing
thanks kingpindg
--------------------------------------------------------------------------------
All Security Symbols appended with an "E" will be ineligible for quotation and subject to removal from the OTCBB in 30 calendar days (60 days if denoted with a plus sign "+") if FINRA does not receive information indicating that the company is current in its public reporting obligations pursuant to Rule 6530.
** indicates NSCC Eligible Security (National Securities Clearing Corporation)
Questions concerning OTCBB changes should be directed to: FINRA Market Operations at (866)-776-0800.
"©2007 FINRA All rights reserved. | Legal Notices and Privacy Policy
************
SEC Approves Amended NASD OTCBB Eligibility Rule 6530
Please Route To: Head Traders; Technical Contacts; Compliance Officers
What you need to know:
On November 16, 2005, the Securities and Exchange Commission (SEC) approved the proposed rule change to NASD Rule 6530, also known as the Eligibility Rule.
Under the rule change, OTC Bulletin Board (OTCBB) issuers that are cited for filing delinquency three times in a 24-month period and those removed for failure to file two times in a 24-month period will be ineligible for quotation by an NASD member.
The new rule will apply to filings for reporting periods ending on and after October 1, 2005.
Updated Date Old Symbol New Symbol Name Comment
13:09 5/15/2013 ANDNE ANDN Andain, Inc Common Stock **
13:09 5/15/2013 TEEEE TEEE GolfRounds.com, Inc. Common Stock **
13:09 5/16/2013 ERHE ERHEE ERHC Energy Inc. Common Stock Delinquent **
13:09 5/16/2013 PGOL PGOLE Patriot Gold Corporation Common Stock Incomplete Filing **
13:09 5/16/2013 TTNP TTNPE Titan Pharmaceuticals, Inc. Common Stock ($.001 Par Value) Delinquent **
thanks kingpindg
--------------------------------------------------------------------------------
All Security Symbols appended with an "E" will be ineligible for quotation and subject to removal from the OTCBB in 30 calendar days (60 days if denoted with a plus sign "+") if FINRA does not receive information indicating that the company is current in its public reporting obligations pursuant to Rule 6530.
** indicates NSCC Eligible Security (National Securities Clearing Corporation)
Questions concerning OTCBB changes should be directed to: FINRA Market Operations at (866)-776-0800.
"©2007 FINRA All rights reserved. | Legal Notices and Privacy Policy
************
SEC Approves Amended NASD OTCBB Eligibility Rule 6530
Please Route To: Head Traders; Technical Contacts; Compliance Officers
What you need to know:
On November 16, 2005, the Securities and Exchange Commission (SEC) approved the proposed rule change to NASD Rule 6530, also known as the Eligibility Rule.
Under the rule change, OTC Bulletin Board (OTCBB) issuers that are cited for filing delinquency three times in a 24-month period and those removed for failure to file two times in a 24-month period will be ineligible for quotation by an NASD member.
The new rule will apply to filings for reporting periods ending on and after October 1, 2005.
midtieroil
I think Erhc has learned just how complicated offshore deepwater exploration is, as they have diversified their future exploration towards onshore exploration where there has been drilling activity already with some previous success. Time lines for onshore exploration are usually much quicker. they also learned so far, to be in control of there assets.
Time will tell just how good ERHC is as a learner from past events.
Vizsla...the Rodman Renshaw aquiaintance and issuance of more shares @ $.22
what Canadian issue?
I have had no problem buying.
Winnipeg, Manitoba, Canada.
what Canadian issue?
I have had no problem buying.
Winnipeg, Manitoba, Canada.
information regarding for filing a form 4
http://www.sec.gov/about/forms/form4data.pdf
here is the link from my previous post.
http://www.sec.gov/Archives/edgar/data/799235/000114420406003270/v034185.txt
seems SEO is required to report even if it is late.
Sept.2005
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Exchange Act requires the Company's directors and executive
officers, and persons who own beneficially more than ten percent (10%) of the
common stock, to file reports of ownership and changes of ownership with the
Securities and Exchange Commission. Copies of all filed reports are required to
be furnished to us. Based solely on the reports received and the representations
of the reporting person, the Company believes that these persons have complied
with all applicable filing requirements during the fiscal year ended September
30, 2005, except for a late Form 3 filing by Mr. Uzoigwe, a late Form 4 and/or
Form 5 for Sir Emeka Offer and Chrome Energy LLC, and a late Form 4 for Mr. Ali
Memon reporting the grant of options. Each late Form 3, Form 4 and/or Form 5 has
been or will be subsequently filed
If you are stuck here like everyone else, and your advice to us is to sell and move on, then why are you still here giving that advice?
wake up you've had a wet dream!...not an oily one.
the commission cost was more than the shares were worth.
Bowleven has some info on Block 11B with some comparative seismics to Tullow's Ngamia & Kangani seismics.
http://www.bowleven.com/uploads/Interim%20Results%20March%202013%20Presentation%20FINAL.pdf
pages 33 & 34
I buy the stock when I have money in the bank so I don't worry about forced liquidation. I settle before settlement date. I'm sure that if I didn't settle by the date I would be contacted and given a choice to either pay up or face liquidation....I have been contacted before, with errors regarding trading and I don't think liquidation would be automatic.
LOL..... I am not a masochist (although that could be argued, as I own this stock..lol..)...I would not sell for a guaranteed loss after such a short time, would you?
I can put in an order for stock without the money being in my account so long as my assets or equities in that account can cover the trade.
I will have to make sure I have said monies in my account for settlement date...I am with RBC Canada
Troy
It would be like those musical cards but when you open this one it would sound like a big Fart......LOL
MY available rights showed in a separate line in my account from 2/28/13. Only a few days ago they were converted to my main list of stocks I own and added to my total ERHC shares.
RBC...Canada shares in my account today.
dest
did you make a faux pas ...tip your hat with the shorted out remark...lol
north of the border still haven't seen shares appear in my account.I'm with you on news soon about the offering.
good luck
http://globenewswire.com/news-release/2012/10/02/494485/10006941/en/The-Chrome-Group-Announces-Support-for-ERHC-Energy-Inc-s-Intensified-Fundraising-for-Oil-and-Gas-Exploration.html
http://www.nigeriaoilandgasintelligence.com/2012/10/09/erhc-energy-intensifies-fundraising-efforts-for-africa-programme/
kingpindg...to be fair Offor is in favor of Chrome Oil giving ERHC's management financial flexibility and facilitating this as well.
In the statement, Chrome Group chairman, Sir Emeka Offor said: “Chrome Oil Services Ltd. and Chrome Energy LLC are in favor of giving ERHC’s management and board the financial flexibility needed to realize the value of the Company’s highly prospective assets.”
And....facilitating
"Chrome Oil Services Ltd. and Chrome Energy LLC are in favor of giving ERHC's management and board the financial flexibility needed to realize the value of the Company's highly prospective assets," said Sir Emeka Offor, chairman of The Chrome Group. "ERHC has done a commendable job of diversifying its portfolio of assets and we at Chrome believe that shareholder value, which is our overriding concern, can be derived from facilitating the Company's exploration programs and ambitious growth plans."
seems like more than just an oh yeah we agree with having the rights offering.
but I do Understand your position
Baz
Also no activity in my Canadian account with RBC.......probably early next week
clipitty clop crop drop and thop
Again noted. We can only judge on what we perceive, or see. There are many other factors we aren't privy too and of course have associated costs.
I hope we prevail as I am also way under water here. This has taken so much longer than I expected and I blame myself for not either trading when it was lucrative, or cashing in when I was in the black.
Hard lessons for me but I have learned.
I still see a way out of my red account and would like to give ERHC a chance to succeed for me as well as you and all shareholders.
I have lowered my expectations from Panacea to profiting on this issue.
I truly wish all of us success here.
Baz
Noted and I agree,but,sorely it was not taken to a vote and we had no part in the decision to remove Brandhuber.I think that the openness post "B" has improved somewhat,but,the position we are in as a minnow in an ocean of sharks,does require some strategic secrecy as witnessed by ERHC's (possible) predicament they got themselves in regarding their openness in their plans with Exile.This is only my opinion on that scenario.ERHC needs to be coy in it's actions as seen with the hiring of Thuo and the result of obtaining Block 11A Kenya.There is a fine line on the openness debate with both sides having relevant points of view.
Brandhuber's strengths were never on the exploration
,geophysical,or physical infrastructure side.He was a manager with Financial and bargaining(questionable so it seems) strengths. He wanted to take ERHC in a direction(not entirely known to shareholders) that didn't align with the majority shareholder by percentage, as well as the BOD, and the African content that was,and still is a strongly built into the operation model for achieving the goals on the African continent. Most Oil companies have local content managers who understand the terrain they work within.
Baz
Strass I wish us all luck here.
OT: J.C.Gandur to activate IPO again.
Oil veteran Gandur plans Canada IPO for Oryx Petroleum
www.reuters.com/article/2013/03/28/oryx-ipo-idUSL5N0CK4DC20130328
•Files preliminary prospectus for Canada IPO
•Oryx has assets in Kurdistan, west Africa
•AOG chairman Gandur said hopes for "second Addax"
GENEVA, March 28 (Reuters) - Addax & Oryx Group (AOG), chaired by billionaire Jean Claude Gandur, plans to list its oil exploration subsidiary Oryx Petroleum in Canada, the firm said on its website.
Oil industry veteran Gandur was catapulted onto the Forbes rich list in 2009 when he sold Addax Petroleum to Sinopec three years after its IPO.
"AOG's upstream division, Oryx Petroleum, has filed a preliminary prospectus with the securities authorities in Canada, as the first step in the process of preparing for an initial public offering on the Toronto Stock exchange," the company said on its website on March 15.
It did not give further details of the IPO timing.
Like Addax, Oryx has a focus on the Middle East and West Africa, with interests in the Kurdish and Wasit regions of Iraq, Nigeria, Republic of Congo and the offshore AGC block between Senegal and Guinea Bissau.
"When we sold in 2009 we had long chats with the board about what to do," AOG's chairman billionaire Jean Claude Gandur told Reuters in an interview last month, before the decision to list Oryx Petroleum.
"I said I would like to give a last chance to rebuild a second Addax Petroleum - I love upstream, I have a lot of knowledge and I know a lot of actors in the sector and I would like to rebuild a new Addax Petroleum and that's the one we call Oryx Petroleum today."
The latest IPO figures suggest that Oryx might have picked a good moment to tap the market.
This year's stock market rebound and easing concerns about the world economy mean that more companies are lining up to list, with U.S. IPO volumes up 65 percent so far this quarter.
But Oryx has yet to earn a dollar of revenues or find its first barrel of oil. Gandur is preparing a Toronto initial public offering, underwritten by RBC Dominion Securities, Barclays Capital and Merrill Lynch, to fund exploration until mid-2014.
Addax was also floated in Toronto, in early 2006, and was taken over by the Chinese state-controlled oil giant in late 2009 for an enterprise value of about C$10 billion ($9.84 billion).
Addax and Oryx Group Ltd, majority-owned by a trust created by Gandur and named after two breeds of African antelope, has so far invested about $700 million in Oryx Petroleum.
But Oryx had only about $308 million in cash in January, according to a preliminary prospectus for the IPO, while it plans to spend $325 million on exploration in 2013 alone.
The firm bought control of the Hawler field in Kurdistan in 2012 from AAR Advisory Services, the group of Russian billionaires who sold half of TNK-BP to Rosneft for $28 billion last December.
The field had a shareholder loan from AAR valued at $377.9 million at Aug 9, 2011, but Oryx Petroleum will come to the market with no debt, according to the preliminary prospectus.
AOG also has investments ranging from energy to real estate, as well as a downstream oil business, Oryx Energies, which Gandur has said will invest $400 million over the next four to five years in Africa.
LOL... covert operation.....sidetrack for oil
http://www.4-traders.com/CHINA-PETROLEUM-CHEMICA-6497363/news/Sinopec-To-Buy-US$3-Billion-Worth-of-Oil-Gas-Assets-Via-Joint-Venture-With-Parent-16568427/
Under Mr. Fu's leadership, Cnooc developed the greatest international reach of China's top three state-owned oil firms, acquiring oil and gas assets from North America to Nigeria to Iraq. He left Cnooc for Sinopec in 2011
manuel06 Friday, March 22, 2013 4:41:32 PM
Re: None Post # of 271610
http://erhc.com/news/erhc-energy-inc-closes-rights-offering-thanks-shareholders/
As described in the Prospectus Supplement filed with the SEC on December 27, 2012 relating to the rights offering, the subscription agent, Corporate Stock Transfer, will now reconcile accounts.
2nd paragraph ...this was unquestionably easy to find..except for the lazy or the disingenuous.
Once all accounts have been reconciled, those who exercised subscription rights and those who exercised over-subscription privileges will receive the appropriate number of newly issued shares of ERHC Energy common stock. The reconciliation period is expected to take at least several days
http://erhc.com/news/erhc-energy-inc-closes-rights-offering-thanks-shareholders/
2nd paragraph ...this was unquestionably easy to find..except for the lazy or the disingenuous.
Once all accounts have been reconciled, those who exercised subscription rights and those who exercised over-subscription privileges will receive the appropriate number of newly issued shares of ERHC Energy common stock. The reconciliation period is expected to take at least several days
tryoty
also exploration begins from the planning stage and I think that must be credited to the company.In other words their exploration has been set in gear albeit intangible to us here.