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but they averaged 30 days per well(deepwater)...can't see abundant drilling problems keeping this campaign on time and on budget.I agree with the possibility of deeper oil though.something is contradictive about all the oil, gas,and associated developmental projects that Travada wants to get fired up,and the "only Bio Gas " mantra.
Waiting for some kind of confirmation either way from the Operator OR JDA..........waiting!
seek
the targeted Engina field, Agbada sands /reservoir is 3000m and in water depths from 1500m to 1750m."If" drilling depths dont include water depths then Engina was drilled to TD including water..of 4500 to 4750 meters.
http://www.offshore-technology.com/projects/egina-field/
JDZ..from ERHC's website
block 2 3580m... (possibly 1200m less)
block 3 3758m... (possibly 1000m less)
block 4 Kina 3750m... (possibly 1000m less)
malanza 4196m... (possibly 300m/500m less)
oki-E 3873m... (possibly 1000m less)
http://erhc.com/jdz/
this is all hinging on how drilling depths are reported.
try this.. has possibilities...probably better pictures somewhere.
http://www.pgs.com/Geophysical-services/Technical_Library/Acquisition/West_African_Prospectivity
Doctor J
We shall see the true nature of all this "only Bio gas" omen, when(IMO) ToTal develops south of Engina as this stand alone project has more room till capacity.
Very technical engineering required in the area..IMO...SNP/Addax were very confused.This story is barely unfolding(sadly for us longs..but not outs!).
http://www.pgs.com/Geophysical-services/Technical_Library/Acquisition/West_African_Prospectivity
didnt see any JDZ mentioned .
edit: page 5 middle very faint in brackets (JDZ)....lol...very amazing...lol
translation please...lol..anyone?
OH ya Krom laid this egg...when will he hatch it?
I see what you are saying..on the other hand...
with such little volume most days..the 4 votes could short the price down knowing that there is 70% sentiment that might be encouraged to sell and assist said shorts.(not that I believe this to be the case..just a possibility is all).minimal irony..lol
thanks and good luck to you as well.
as is obvious ..I have minimal trading experience..LOL
yes for a trader it is important...like the polls you put forth...nice to know how the board sentiment is affecting or wearing the longs down..just another tool like TA only different.
good trading to you.
yes possibly
lol..sorry for the sarcastic investor sentiment.It limits my pessimism if I can laugh at our "silent" state of affairs.
cheers
Krom we(shareholders) are gnats in all of this and our concerns are the farthest away from any indigenous african billionaire.
ERHC was essentially set up for the Nigerian politico to prosper from "IF" there is commercial oil.(throw in a couple of STPers possibly too).They can wait....the "HOUSE" has many games in it's parlor.
All my opinion
credit sucks..lol
Unless there is a deal aready in place contingent on goals being met and the deal may be consumated after proven oil.
We don't know,but ERHC is acting like they have financial backing,and Offor and other indigenous billionaires(chiefs) don't lose in their playground.I think history proves that out in Africa.
lol...unless anything can be proven against them!
it was just a Meh...but was added to...lol
Meh...lol...krom needed time for this post(meh bought me time..lol)
as long as SNP is in the mix there would be no bidding war(if SNP was infact a suitor).Chevron couldn't compete without Govt.intervention a few years back for Unicol.SNP has quite the war chest which shuts the door on bidding against them.
cheers
LOL....just put him in the mix please...LOL
Ya I think he could come up with the spare cash....since this is africa,you could probably at least double the reported amount.Look in the freezer!!
Baz--- I'm right ....IMO...LOL
Krom
http://www.myondostate.com/myondostate/newssend.php?id=988
News & reports | ::more news::
Adenuga is African's richest man, worth $17 billion - Financial Experts
, PM News, . Date & Time Filed on MyOndoState.Com: 2011-03-12 00:37:30
Financial experts in Nigeria have disagreed with recent Forbes' List of World richest individuals.
The list had placed Aliko Dangote, the cement magnate at number one position as African richest individual with a total net worth of $13 billion. Reacting, financial experts that know the details of the total holdings of Mike Adenuga put his real worth at about $17 billion, being $4 billion richer than Aliko Dangote.
Breakdown of Mike Adenuga financial worth
Conoil Producing without factoring downstream worth over $10 billion
Globacom Holding worth $2 billion
Globacom West African operation worth over $5 billion
Total Adenuga's business worth $17 billion
The report by PM news is reproduced below
Forbes Magazine's world's richest list that estimates Globacom Chairman, Mike Adenuga's networth at $2billion has been described as a gross under-estimation, financial experts close to Adenuga?s business empire have revealed.
?Conoil Producing alone, operator of six oil blocks and holder of 25 per cent stake in Joint Development Zone Block 4, with proven reserves of more than one billion barrels of crude and 7 trillion cubic feet of gas, is worth more than $2 billion?, said the financial expert in an interview with P.M. News this morning.
He indeed estimated that Conoil Producing, without factoring in Conoil, the downstream firm involved in the retail sale of refined petroleum products, is worth more than $10 billion.
It appears that Forbes evaluated Adenuga?s wealth on his Globacom holdings alone, as the reports dwelled mostly on the network?s subscription, the company?s $1 billion investment in fiber optics, Glo-1, to link Africa with the rest of the world and Globacom?s operations in West African nations such as Ghana, Cote D?Ivoire, Benin, Togo, Senegal and Gambia.
?Whatever criteria they use are faulty?, said the expert. ?Globacom West African operation is worth more than $5 billion, when the huge investments in Ghana, Togo and Benin are put in the picture?.
P.M News also learnt that Adenuga has huge investments in real estate in Nigeria and Europe. Three years ago, his interests were estimated at about $3 billion. And of course, he owns majority shares in Equitorial Trust Bank.
On Wednesday, Forbes magazine released its list of the world?s richest.
The magazine listed 1210 individuals across the globe, with Aliko Dangote, listed as Nigeria?s and Africa?s richest man with networth of $13.8 billion.
According to Forbes, the combined wealth of these 1,210 individuals is $4.5 trillion (?2.78 trillion) ? which is slightly more than the UK?s total debt which stands at ?2.34 trillion.
Since Forbes listed Dangote in 2008, there has always been controversy among Nigerians on whether the magazine?s goggles is not afflicted with some sight disorders, as most Nigerians wondered why Adenuga?s name was left out.
The controversy is even now going to deepen, on who is richer between Aliko and Adenuga, the magazine having now recognized Adenuga?s deep pockets, after several years of omission.
According to reports, in the past year Aliko Dangote?s fortune surged 557% to $13.8 billion, up from $2.1 billion, after he consolidated all his public and private cement holdings throughout Africa into the continent?s largest cement manufacturer and took it public on the Nigerian stock exchange in October. Dangote Cement now has a market value in excess of $13 billion, and accounts for a quarter of the Nigeria Stock Exchange?s total market capitalization. Dangote also has interests in flour, pasta and sugar manufacturing.
According to Forbes, Dangote is richer than longtime white South African billionaires Nicky Oppenheimer of Debeers and Johann Rupert of luxury goods group Richemont, which owns Cartier, Dunhill and other premium brands. He is also richer than Chelsea Football Club owner, Roman Abramovich.
But the jury may not have a word yet on the richest African, between Aliko and Adenuga.
By PM News
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don dada – lagos April 09, 2011 - 13:02
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so suddenly d forbes jokers hv finally elevated Mike Adenuga to their own version of billionnairedom even if at d bottom of d ladder! We are not deceived-shame on them ! for d records , d Guru has been a billionnaire for over a decade ever since he dared to strike oil with con -oil -producing and bcoming d first indigenious oil sheikh- a field hitherto dominated by multinational oil coys. currently Con oil -producing has over 3billion barrel of crude oil reserve in its kitty perhaps more crude than Ghana has u ncovered thus far . . . If Femi Otedola ,who was still in financial diappers when d Guru was already a dollar multibillionaire, could be construed a billionaire by Forbes solely on d strenght of his AP shares, d equivalent of Adenugas Conoil down-stream; one of his minor companies accounting for less than 10% of his total wealth, then u can begin to imagine d true magnitude of his wealth ! Note that d Guru has at least on one occassion defeated Dangcte in financial combat, publicly.At d twilight of OBJs regime in 2007, a certain very juicy oil block with huge reserve potentials was specially packaged for Dangote to facilitate his grand entrance into that sector but they did not reckon with d Guru - he simply outbidded them !huffing, panting n outraged d government simply ignored this unexpected result.It took d courts to right this looming wickedness. . . Again, Dangote having secured a 3G telecoms licence using Alheri telecoms, he could not muster or risk d kind of stupid money required to jumpstart its implimentation.Ultimately, Alheri telecoms sold out to etisalat- what a cheap escape . . . D assertion that Dangote is richer than Adenuga must surely rank amongst d seven wonders of d financial world ! evidently in d contemprary world d most lucrative niches are oil & gas, banking & finance, real estate, telecomms and Ict; any wonder that d worlds richest man & d runner-up are mainly into telecomms and Ict.Adenuga is dominant in all of this business genries with Globacom, though a late comer storming to d second position with over 25million subscribers.D Guru owns d biggest privately owed bank in d country[Equatorial Trust], Adenuga remains d pioneer & largest indigeneous oil company owner[Con oil producing], owns the largest private oil marketing company[conoil], and has a most impressive real estate portfolio locally n globally. Now juxterposition this with Dangotes holdings whose dominance is only felt in d cement industry. . . he is also into sugar & pasta with failed forays into oil & telecomms[Alheri telecomms]; so how in the World . . !
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LOL...if we all sold @.68(ala baddog if I recall),and then bought back @ .32 to .087,then we would have many more times the shares that we would be dissatisfied with re: share price appreciation.
sneak
does this have anything to do with your knitting?
dont want to start any rumours here..just finding things is all.
Oando is involved.
Swiss Oil Billionaire Sells African Assets To Finance Iraq Adventure
Swiss Oil Billionaire Sells African Assets To Finance Iraq Adventure
Forbes - [2/22/2012]
Billionaire Jean Claude Gandur is reportedly close to finalizing a deal to sell the African oil trading and distribution assets of his Addax & Oryx Group to private equity firm Emerging Capital Partners.
Gandur has a long history in Africa, and over two decades AOG has built up a network of oil storage terminals and fuel distribution services that stretch across 21 countries including Nigeria and Tanzania. Emerging Capital Partners, a Washington, D.C.-based group with more than $1 billion invested in Africa, reportedly beat out a shortlist of big oil traders including Vitol and Trafigura. Emerging Capital Partners is also an investor in Nigerian oil company Oando. The A&O assets are said to be worth between $250 million and $500
million.http://www.iraqdirectory.com/DisplayNews.aspx?id=18494
Krom
the poll results hopefully were opinions NOT based on market response but, rather what the individual thinks...pessimism or not.
LOL..with ERHE it is hard to tell if they are "actually doing another"!
Lots of chinwag and shy on the followthrough.
I guess this makes them appear active and moving...trouble is ,it's like trying to follow a grain of sand in a dessert sandstorm
cheers
I know this is an opinion(I hope)....but too many assumptions with holes in them.We don't know,but, 100 million could balloon to 150 million per hole with associated problems.It's just too hard to "GUESS".Each Deepwater to ultra deep water well is distinct onto itself contingent on distinct problems that might occur. IMO--its fun to throw numbers around but impossible to be right.(with laymans experience).
cheers
ya another delay! delay in making any announcement for a few months....or....until someone here finds an inference from some rag paper...maybe.
tryoty
No ..but I left it open for explaination..
thanks?
cheers
LOL...could you give me the numbers for the next european Lottery power ball,I should take your advice...LOL
Arnim v-b...just kidding here...but you must see my point.
We make a bet on very little info!
and too many scenarios to conjure up.
cheers
P.S. seems we here on this board have always been in the position that you are in...HOPING!!! for the best and hearing b*** ***t!
from everywhere including the company's own IR department ..IMO
not in the oil and gas industry
too many sharks out there.look what happened to equator (EEL)..they looked weak ,were weak and suffered the consequences.
never good to be looked at as weak and disadvantaged.
Kurdistan ..(LFD) longford energy was weakened over time and then bought out by Genel for break even if lucky.
I don't believe it's OK to look weak especially while negotiating....which is what we mostly hear...LOL
Obo 1 was reprted later that it was a redrill as well....they hit huge pressure and backed off and redrilled for safety of the operations. more info from AOG from back then....
I cant verify this although it was reported in AOG articlehttp://investorshub.advfn.com/boards/read_msg.aspx?message_id=52556515
emdyal
30 days is relatively fast for a well going 1500-2000m in tough terrain to TD. I guess(it could) if you go vertical all the way and hit only BIO gas with relatively few pressure and heat issues it's would speak to the approach taken.IMO they didnt drill the well properly for the Geology that they encountered, even if, they "knew"(heck we all probably knew from their proud web site) AKPO's techniques..there wasn't enough engineering experience behind the operators in this (for them) unchartered territory. MO, get in meet the PSC terms and hope for the best according to their flawed models.If WE can get pertinent AKPO info as per engineering etc. why couldn't they understand that to unlock the HCs in these unconsolidated sandstone turbidites(as was AKPO),horizontal drilling is necessary.Why do we laypeople know this,and they didn't.MO they knew they were way over their heads here and took their chances to save acreage...yes, they ended up with extra time and drilled an option well..still confused on this....maybe they thought that if they poked enough holes vertically (and found only BIO gas),that maybe by chance they would find more?..hmm
Even though I speak about the wrong strategy and inexperienced operators in deep offshore,I still wrangle with what we are being told.I believe there were Hydrocarbon Indicators found and there was no adjusting in approach taken by operators.
These thoughts are just that.
I still believe there is value in the JDZ past Block 1 but time is our(grizzled longs) worst enemy it "seems".
Baz
here is an interesting article about the Nigerian connections and some history as well.
http://allafrica.com/stories/201203050135.html
1 billion?..maybe
Why would exxon or chevron not want that prospective find
thanks farrel...maybe both companies didnt want the risk for each of their 200 million prospective find.
This only works "IF" there remains other major company(ies)with large pockets and, who think they want this risky environment(as even our company has stated the risk).ToTal financially cannot take on the JDZ(If they do) without financial partner(s) paying BIG money .So far If just Bio-Gas is all there is across the JDZ, it would have to be commercial in value to proceed.All we know(as reported) is that Block 1 has promise(not certainty, as 2 Major companies have walked away) of commercial oil and gas,the rest,(as reported)
well,NOT!!!
So its just not as cut and dry as you surmise ..this is my opinion.
Baz
I agree with you on opinions....
hope the posse is lenient.
outwatching
cheers
You will get used to being the white swan in a swamp of crocs...lol
most here have hardened skin over the years and ..the pom pom routine is to be questioned and quashed at this particular time.
maybe after some okay to good news, the crocs wont be so violent in nature.
excuse us if we are ornery...but good news(officially) has been hard to either come by,or, to cypher on our own.
cheers
Krom
the above was wrong
ToTal owns 45.9% of block 1 JDZ...(from Chevron)
SNP/Addax aquired aprox 40% of block 1 JDZ..(from Exxon)
CnooC is not in the JDZ
Is this really you Krom?
cheers
I believe many longs have averages much higher then .22 and even up to .43 or higher.Yes there are many other better investments out there...but with too much money tied into ERHC with too high an average,this is the reason the longs are holding still. ....@ .50 we may have a different discussion.Many here have no capital to look elsewhere,and so, your point is more valid for a" mid-short"..like yourself, just recently(compared to the holding longs) getting into this trade.
You must look deeper an farther back in time for reasons the longs are holding...IMO many hold for breakeven and will exit at "THEIR" exit calls.Your calls are yours..we all haven't bought our lots at.10 or .22 as most wished they had!!!! Without capital, TA is only a 1 way exit plan at best!!(for those longs you opine about)...All ..MO..
Cheers TOB
"I expect the majority here believe this is possible, if not likely. Otherwise why would they hold their money in ERHE shares? There are thousands of other securities to invest in. The historical price action also proves this is possible, based upon no proven oil"
possibly yes, possibly no.
possibly it was from all the questions sent in at the last webconference meeting, or maybe not.
Southernman
thanks... The Technical Director, ERHC Energy, Mr. Adebanji Babarindes...is this guy new?
edit thanks kingpindg
although it does make you wonder just what "face" they are putting on when they are chatting themselves up indigenously with politicos of stature.
TOB
Is this momenntum try for the next day?...hardly works for end of same day paint,as it seems to dry overnight,then shrink the next day..lol.
Umbra-----I don't have private response privileges.
I think for shareholders it makes sense(in this case with all the secrecy)to know where the monies are *comming* from as well as where they are *going*(to whom or what entity).I hope we soon get to know who our backers(or SEO's backers) are...not counting SEO as that might be a given concidering his networking prowess in the region.
cheers
true lovemelongtime
but I didnt want to reference that as I don't think it was proven or announced proven. Oil and Gas in expected quantities was the catch phrase I believe!
cheers