invisible
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TOB
what I cant get my head around is how a company with 1+yrs money left(as far as we have been told)can brazenly go to other countries(so far just African) to bid for acreage to widen their portfolio....AND win it!.Now dont get me wrong, that I might think this is a good thing,because i'm confused why and how this action can be justified financialy.They haven't stopped shopping about in Kenya,Tanzania and where ever they can somehow concoct these deals(out of thin air/thin monies?).If there isn't something going on behind the scenes that can give sanctioning to all this action then we are dealing with the biggest "fools" ever.
Some how my gut tells me there is much more to this story in a successful manner.
I have been here 11 yrs and I am not going to pump with this post.
I just cant put ERHC's actions down as FOOLS...as they are in the know and we aren't. Now couple this with all the positive news comming from Sao Tome ,admittedly some negative,The GOG's hydrocarbons will be lifted in part in the JDZ other than Block 1.I would not even hazzard a guess as to when.(hope its in my lifetime..lol).
This is difficult Geology to extract from but it has been done just N/NE of the JDZ (Akpo Engina etc.). The JDZ is way under explored for it's size and oil has been proven in block 1.
Baz
lol...we shall see....glad it was not just me!
Deivel Deevil!!
arnim...I was just kidding you as the post I refered to was written without your usual broken english....to which I do enjoy interpeting for the meaning.
Ho^t fer Dormer!!
P.S. my grammar is atrocious..lol
pete
thx.....this was the first day of my posting history that I reached my 15 post limit.When there is so much *negaitivism being spewed,I thought that some possitive rebuttles might help out...LOL
cheers
*A habitual attitude of skepticism or resistance to the suggestions, orders, or instructions of others
arnim
you lost your accent here...lol
cheers
TOB
ya, I ran out of posts to respond.
drill hole should have read tapered to aprox 7".I was just trying to make a point..and yes you concured for the most part.imo the JDZ will need copious amounts of horizontal drilling to unlock any Hydrocarbons.I still believe those drilled structures are hiding the prize...i suspect they didnt drill: 1) along the layers horizontally. 2)deep enough for pre salt through those same structures.
Baz----opinions are often wrong !
okay then what are the controling elements they are analyzing for 2 yrs....Mid 1 hole punched in unconsolidated sands wont necessarily find Liquid OIL.We agree that their drilling models were incorrect(they dont have a clue it seems) ..but I wont take 1 hole to catagorize what is in an entire block or an entire structure and neither should you.I think ToTal will understand this info much more clearly!
P.S. Im out of posts for the day...even Biogenic gas caps?(contains trace oil)?
we (most of us) are waiting for that!
good posting Arnim-v-b
nice to hear positive slants..
Hopefully the drilling results from Block 1 will transfer to positives for block 2 etc.
Baz
LOL....doing my best Krom impersonation...
Meh!!!! Whatever!...LOL
Tryoty-RE Krom
OT- LOL.....I go to bed early since im up with the dog at 5 am...I wont have to hear all that during the night. Sorry for that if you are a night owl...lolol
Krom
no need to private me this...Its all wrong and should be up for all to see your folly.
cheers
Krom between Troty and I you have been proven wrong on this...time to man up and drop it PLEASE!
Krom...your post was based on ERHC's rights ..your time frames are incorrect
I tried to tell you that SNP or any other company had nothing to do with our rights and then you private me with more of the same....Rights were in pre 2001 when was Feltang?..or SNP?
..."in your heart of hearts, do you really truly believe that ERHC got its rights "fair and square" "above board" and "legally?"
"There's so much we don't know. We don't know exactly about Feltang or this deal or that deal. We don't know the *exact* reason that the FBI investigated, although we guess that it had something to do with Jefferson"
OT....Shavach
I have been in V.ENG for several years and the Russians through Sinteneftagaz have put this project on ice till last years Nambian Ruling to Toss them out .
I believe in the Pre salt geology being similar from South America to Africa.
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=ENG&t=LIST&m=30651712&l=0&pd=2&r=0
it nullifies your whole post anyways WHATEVER!!!
you dismiss my post with whatever, and the best you could come up with was that?..LOL..still doesnt correlate as SNP was aprox 5 yrs later
Krom our rights have absolutely nothing to do with SNP or any other company...they were granted for the work we did pre 2001, for helping deliniate the JDZ and for helping work out the terms between Sao Tome and Nigeria.
"We kind of think that EHRC deserves its rights and free carries in the JDZ...and we think this because ERHC brought SNP to the table when no one else thought much of the JDZ...and so it has "earned" it rights"
midtier
Addax has very little experience in deep water drilling.Most of their acreages are shallow water or onshore.They are also confused(Jeff Shrull who headed this operation left or was turfed for bungling this major project).
Midtier ..if the drilling was done incorrectly ,they may only have found trace hydrocarbon indicators,which I believe are the controling elements they are most likely analyzing and trying to track down.Seems in this Geology they need other drilling techniques,besides drilling straight down to what they believe is Total well depth.They seemed to have found Microbialites which is of Biogenic origin(Biogenic gas held tight in the formation).In this case a verticle 3' diameter hole drilled to the Total depth they chose hasn't unlocked anything other than biogenic Gas..and IMO some trace hydrocarbon indicators. SNP is confused and needs help with this sub seabed terrain.
good post seek
the 5 wells drilled by SNP imo were mostly verticle and on time and budget...lol...I guess ToTal's time per well and their horizontal approach over areage in tight layers would possibly have taken more time to drill 5 wells.ToTal is equiped to handle changes in trajectory and can adjust their drilling models based on what they bring back as far as drilling info per well to start and then the correlation to other wells.IMO there is no comparison from SNP to ToTal on a technical basis (especially for deep water exploration).
Hence in this acreage..IMO...SNP's trials over 5 wells was probably a tad feable compared to how ToTal would have approached this task.
Herein lies the "Only Biogenic Gas" was found...LOL.
In a nutshell..IMO...possibly the 5 wells drilled could be useless to ToTal,as the info was out of sink to the Geology and how Hydrocarbons are stored within.So,SNP/ERHC may have reported what they found...but they almost drilled blind.IMO this is laughableas to the "real value that lurks below!
Baz
trace hydrocarbon indicators....I think that is the terminology...should have written long hand...sorry pete.
stocks2rise
I think that there were THI's in those wells and that was the controling element(s) thay they were trying to analyze. Since this is similar Geology to Akpo,they realized they were way out of their league in this acreage.SNP knowing that ToTal has the technology and nearby infrastructure to lift hydrocarbons for their homeland, they quite possibly influenced ToTal(to join the JDZ) with $$$$$ for the project in Block 1 etc. Block 1 and 2 are closest to AKPO and both have oil according to Chevron and SNP respectively. ERHC has 22% of block 2, so with possitive results from block 1, block 2 would probably be in the next drilling plan.
Im still here till total gives up on the JDZ,to which im betting they don't.
cheers
godsonic was split % wise with Addax and Erhc according to the %'s held in the pertaining block.....maybe that happens with other blocks and their relinquished %'s.( possibly goes back to the operating consortium).
not sure if this was special circumcstances...as it went to arbitration as I recall.
your welcome
I know you would of rather liked something funny but, our predicament here is a wee bit dry !!! lassie.
# 5) the permeability
Permeability in fluid mechanics and the earth sciences (commonly symbolized as ?, or k) is a measure of the ability of a porous material (often, a rock or unconsolidated material) to allow fluids to pass through it.
Krom
no matter how you bake this cake, and how many ingredients go in,and whatever the baking procedure you take.....
ERHC's management since inception has been telling anyone listening that they are a risky investment, albeit with huge upside..especially from this SP. Risk till reward!
LOL..
good 1 Doc.
Also the .75 has to be maintained or higher for 1 month straight,for the grants to be vested....so it's not just reaching .75 with no oil as was posed.
Troty..nobody knows! all hypothetical here... Chevron 's portion of sig bonus was aprox 62.7 mil..exxon was aprox 49.2 mil. Exxon sold for aprox 76 mil or 50% premium before their costs....imo they probably broke even(40% of all costs ...drilling 60 days @ 1 mil per day covering all costs)=aprox 24 mil.
49.2 mil (bought at)......76 mil (sold at)= 26.8 mil aprox +2.% and they kept a 2% royalty(whatever that amounts to).
Block2...sig bonus aprox. 71 mil
SNP(bought at) 43% @ aprox 30.5 mil..sell @ 45.5 mil (50% premium)before costs... aprox. 33 days drilling @ aprox... 1.3 mil covering all costs(inflation of supplies)from figures based on 2008 drilling..= aprox 42.9 mil. to break even...
what would you do if you were SNP and after spending 300 mil on the jdz....take aprox 45 mil for block 2 or even 60 mil for block 2?
IMO they will wait for ToTals results and I believe this will be sanctioned by JDZ JMC,as the "bank roll" is not that easy to find elsewhere.SNP..IMO.. will be committed to the JDZ till it deemed a bust through ToTals eyes and drills.
Just a friday aft.amusement all hypothetical and probably wrong with numbers...but...My point remains.
Baz--Im staying put like SNP till ToTals results are in!
Tryoty
how much could we get for BLOCK 2 (being downplayed) till out of our hands?
Block 2 has our largest %, like 22%.If our "PULL"(lol..if we have any left),can get ToTal to start playing ball with us, IMO it would be more benificial to our SP and a revenue stream down the road, to hold onto block 2(if we intend to be more than just an oil trust fund)...
If ToTal signals a GO for Block 1 after testing,SNP will stay .Block 2 was a good lead as well as I remember.SNP will wait on ToTals drill as they weren't qualified and neither was addax (apparently)for Deep water exploration.IMO....Chevron didnt need the troubles of infrastructure for the gain they would get from block 1.Maybe Exxon bailed as this project was too small and spread out for them to get involved in. IMO..ToTal is the white knight ..IF..the JDZ is commercial.
I guess you proved that up..lol
thanks
It is/was good to spread the risk...but there are limits..lol
we don't know much about the 2nd largest oil company in the world.
http://www.ecasb.com/newsdetail-387-en.html
this is a different link to show the tentacles of NOIC Iran
National Iranian Oil Company
From Wikipedia, the free encyclopedia
National Iranian Oil Company
???? ???? ??? ?????
Type
State-owned
Industry
Petroleum industry
Founded
1948
Headquarters
Tehran, Iran
Area served
Worldwide
Key people
Rostam Ghasemi
(Minister of Petroleum)
Ahmad Ghalehbani
(Managing Director)
Abdol-Mohammad Delparish
(COO)
Mahmoud Nikousokhan
(CFO)
Products
Oil
Gas
Petrochemicals
Revenue
US$ 85 billion (2010)[1]
Total assets
US$ 200 billion (2010)[1]
Employees
41,000 (2011)
Website
'en.nioc.ir'
Iranian oil and gas fields, infrastructure
Iran oil production, domestic consumption and exports
The National Iranian Oil Company (Persian: ???? ??? ??? ?????, Sherkat Melli Naft'e Iran), a government-owned corporation under the direction of the Ministry of Petroleum of Iran, is an oil and natural gas producer and distributor headquartered in Tehran. It was established in 1948.[2] NIOC ranks as the world's second largest oil company, after Saudi Arabia's state-owned Aramco
Ya, I always did have great timing ! but,decor..nyeh..not so much.Troy I found you asking if we sent this or that to DK amusing.I haven't heard much from him that made much sense.I guess(imo) that when you know nothing and are the IR liason that by the time it gets back to us the story has changed several times.He is forever backstepping and or covering his or other company people (example):David Bovell crapola with the video and "Nothing this side of $10. " statement we ALL heard ALL who were listening!
So I listen
Troy
I hate to admit my computer ungeekness but I just, Just, found the new post button top centre and I have been making *this* mistake now for some 10 years or so..lol
oooops
maybe** it wasn't a mistake like you first surmized!
Krom|:
this is not pretend...
proven by Cobalt's drilling(Kwanza basin)
expand the small box in the larger 1
Baz
I own ENG(Namibia) too...boy do I pick winners...lol
this is all forward looking (im betting on)
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=ENG&t=LIST&m=30651712&l=0&pd=2&r=0
WTAO
IMO...ERHC was hoping and waiting for the PSC to fail on block 5 with the Iranians (with ICOC to be chucked out)...with this signing of PSC, the end game didn't work out in our favor.
Having said that, Block 5 has little 3d on it and we don;t have the cash for Sig.Bonus so maybe a double blessing in diguise.
We don't need more attention fron SEC etc.(DOJ),AGAIN , on our case with dealings with IRAN.
LOL...Ya I'm not getting * this *
OH Ponzi,did you here this?
Are you looking for recruits?
sorry Pete...lol....had to say it
cheers Baz
P.S. there is always Kenya or Tanzania for future empty updates...LOL
OT:could you explain how I can be remotely intersting?
Most around me would argue that(especially wifey)...LOL