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amj:
you are not spitting those sour grapes out far enough.Didn't need to be a formal material thing as IMO it was talked about and passed on for financial reasons.Ya we tried raising money before,do you think that raising 50 mil would be easy for ERHC?
I think if it were ..we would have it in our coffers.
all MO
magicatlast: while this is true,Eland is not an indigenous company either.They partnered with Starcrest which IS indigenous.
the question is why wasn't ERHC included as a minor partner?
Answer..IMO
They can't afford it as yet.Maybe we can farm in later(tongue in cheek).Our coffers are just sustaining our existance for the year and maybe another.(so far)
Merely a formality knowing ERHC can't afford it.
so my answer is YES they were offered IMO..lol
from #Q. FAQ.
Is ERHE presently negotiating for revenue producing properties and do you expect those negotiations to be completed in 2012?
Q. We have always been negotiating for revenue-producing properties. However, entry into such properties does not come cheap as a hefty premium will be paid for production. In 2012, our concentration is on securing more awards from government, which we then intend to monetize to an extent that might enable us the leverage to realistically bid for immediate revenue-producing properties
Q. Is it the company's plan to pay for annual operating expenses with the revenue from revenue producing properties once they are acquired?
As is the case with any oil and gas company, the idea is to have revenues from producing assets cover expenses. It is not likely to be a short-term solution, which is why our plan is to monetize a portion of our EEZ and Chad assets to raise funds
If ERHC was given the right of first refusal(we are all Sargent Shultzs here),then your whole point is moot. If ERHC could not afford a position in OML40 and passed on "it",(Ntephe spoke to the issue of not being able at this jucture to afford an almost producing property)..even with first right of refusal...then what?
Maybe the ERHC boys can put this in their FAQ.
All just opinion....but looking at it from the other side!
Baz
edit: from FAQ
Q. Is ERHE presently negotiating for revenue producing properties and do you expect those negotiations to be completed in 2012?
We have always been negotiating for revenue-producing properties. However, entry into such properties does not come cheap as a hefty premium will be paid for production. In 2012, our concentration is on securing more awards from government, which we then intend to monetize to an extent that might enable us the leverage to realistically bid for immediate revenue-producing properties
right with you on that front.... mz157
mromro
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Wednesday, May 16, 2012 12:55:36 PM
Re: amj23 post# 258253
Post # of 260242
Enitimi was suspended before TD. No flow test on Obo-2. The rig is back to Enitimi to complete drilling to TD.
Both wells are on block 1: Obo-2 1.5km NNE of Obo-1 and Enitimi 4.5 km ENE of Obo-1
this was reported in may....west polaris back to continue drilling Enitimi-1?....looks like it! (batch drilling)
Baz--thanks to--mromro
mromro
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Wednesday, May 16, 2012 5:56:23 AM
Re: 2IRAs post# 258227
Post # of 260241
Total drilling Enitimi 1, Block 1
On 20 March 2012, Total spudded Enitimi 1 deviated wildcat well in Block 1, deep waters of the south eastern Niger Delta Basin. The well is drilled with the ‘West Polaris’ D/S at a location 4.5km east northeast of Obo 1 in around 1,700m of water depth. Enitimi 1 reached a depth of 2,056m measured and was suspended. The rig moved then to spud the Obo 2 well in the same block, the two wells being drilled in batch. Once Obo 2 is finished, the rig will come back to complete operations on Enitimi.Total operates Block 1 with 45.9%, partners are Addax Petroleum JDZ 1 Ltd (40%), DEER (9.0%) and Sasol Exploration and Production Nigeria Ltd (5.1%).
maybe David Bovell?
reading the EEL release...the descision to leave Block2 was given at the end of march 2012(after the 2nd extention). OUR AGM was held on April 26th...and we are just hearing about this today VIA RUBY MARTIN or Kingpind!
Im waiting for official news before I go totally sour and puke!
LOL....this may not be funny
The studies confirmed that Bomu is a small gas discovery, which under current conditions is sub-commercial. While an adequate source of oil is believed to exist, the absence of faulting between the source and reservoir sands prevents the oil from migrating into the reservoirs. The studies also concluded that the best remaining prospect is more likely to contain gas than oil, in quantities not very much larger than those discovered in Bomu. This did not justify commitment to a second exploration well, as required for entry into Phase II of the PSC. The JDA granted a further one year extension to Phase 1 ending March 2012. In this period, no new information was acquired to change the evaluation.
With the exception of ERHC, all of the remaining participants, including Equator, have elected to exit the block. The drilling and evaluation costs relating to the well, amounting to US$9.4 million, were already impaired and now a similar amount of geophysical and administration costs are treated in the same way.
<a href='http://usas2.advfn.com/c.php?s=20&w=600&h=19&t=_blank' target='_blank'> <img src='http://usas2.advfn.com/i.php?s=20&w=600&h=19&t=_blank' width="600" alt="" height="19" border="0" /></a>
We haven't heard anything official regarding block2 from SNP/Addax,JDA,JMC,ERHC....so then what are we to believe...we need clarification and hopefully from Officials.LOL..in several years from now STP/JDZ might update their web site.
LOL..Try maybe the full bag of nickels doesn't amount to much more than the 1/2 bag!
just ask all of "US" bagholders(so far).
Lake Chad - Golf & Country Club
Im trying this ignore thing on you because,I know already most things you are saying,as I have heard them here from you for the last few months(being generous here).
good luck to you Midtier oil......only thing is I would request that other posters refrain from encouraging you to post on and on usually against management(in my mind the jury is still out on them).Im hoping this will make the Board easier to read.
Hope you understand Midtier...(and your moderator position has forced my action).
Midtier..this has also been painful for some.
http://www.energulf.com/news.html
April 9th 2008 drilling commences
Aug 6th 2008 news
The Republic of Namibia has classified the Kunene #1 as a “tight hole”, meaning no
information regarding the well may be released until such time as the Namibian
government determines to make the information public.
Namibia has not lifted this status yet.
P.S.--Sintezneftegaz (Russia) was the operator...Yikes!
Are you using the "Krombacher mechanics"? This post is either intentionaly funny or unintentionaly funny.......not meaning any criticism even if you are serious!
thanks TOB one way or the other I liked that post.
Cheers
Baz--all of this might be wrong
TOB
about that private message,unfortunately I can't post back privately.
One word for you sir!
DID!!!
Cheers
Krom..GOG oil fields by US companies
chevron(agbami)
exxon (erha)
Marathon (near Bioko Island)
to name a few
http://www.consultancyafrica.com/index.php?option=com_content&view=article&id=284&Itemiwww.d=19
www.deepwater.com
most GOG activity is Asian/European
Baz
looks like the 2012 rent in houston was negotiated down to 51 grand a year as compared with over 100 grand for the last few years and years to follow.Why are we getting (such a break!) this significant reduction for.Why is this year so special.(business is business and all)?
yes but Im not sure you answered my question to you.
Can you tell me/ us why that hasn't already happened? There is more scrutiny on us now then at other suitable times.
investigations were still not mute..imo.
Starcrest's creation was seemingly "on the spot" and the "slipping in" of Addax was possibly too shady for a company under the veil of investigations.The Birth of Starcrest was a safer "All IN" bet that would have been Questioned /or possibly denied had it been with ERHC(Just a reasonable guess from those events).
LOL Krom
The poll vote was for or against the BOD...not...the Great and or Special BOD.
askewed expectations?
for the price point adequate to good from this side of the pond,but ,I would up the classification IMO,if I was playing in and filming "undercover shareholder"!
I thought you were female!
imo..agree Bomu-1
LOL.....oh if we all were see-ers!
Pete I think you are right about that I was just doing the calcs.on the % thingy.
cheers
If 25% is right then it's 25% of the block,(which would be broken down to %'s of ownership in each block).....IMO
BT
lol...thanks been so long I forgot!
ibeready
do you think that chevron shared their info with SNP/Addax for the drilling campaign for blocks 2,3,and 4?
I got mine yesterday,eh? The letter with it stated that I have not voted my shares yet and the forms were sent some time ago.I must have missed that envelope eh?
Baz--Winnipeg, Canada ....lol
ya, nothing like supporting a $.093 company.I didn't want it to go lower than .081...got some @.09 and painted the .093..wouldn't let me have .081 even though I tried..lol
I was a buyer...dont ask me why!
STP and ERHC are taking care of that matter without arbitration..LOL... IMO.. guess progress is being made in STP's mind as we were removed..hmmm..IT ALL MAKES SENSE NOW!!..LOL(confused laughter)
homeport
that link ...hit JDZ on left and shows block 5 and 6 without ERHC's name where the 2 - 15% slots are.
just noticed..I guess in their minds we don't belong there.
Baz
RubyMartin
here is the link
http://finance.groups.yahoo.com/group/TheERHCVIPs/message/437
Chevrons 60 days included a redrill after high pressure problems.
I guess that should be factored in,but, it's possible with minor to no problems that a 35-45 day drill could happen.End of may is still possible...but if as usual we won't hear till beginning of summer.(or later)
now thats a stretch!
Tryoty
I have other experiences with a Russian oil and gas company that drilled off the coast of Namibia and totally botched it up and delayed action till they were removed after 5 years. IMO..If its not Roseneft or Gazprom comming to the GOG we will also be in trouble.This Other Hole was "Tight Holed" from the beginning with still no drilling reports made public.I guess more interested companies(for the GOG) is far better than no interest.I think the Russians will be just as secretive as SNP.I guess the "fast tracking" has/had a land slide to hault It's momentum.
Middy-- whats your view on "the Russians are comming" scenario?
IMO SNP would rather see good results than bad ( in all their projects).