invisible
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I agree
no I have not.
I dont see why ?..I put it here for our interest in geology of presalt. I hope he knows how to read or research such matters of concern.tuning in Dan is not high up on my social agenda..I couldnt care what he says....but true DD of all sorts is what I would share here or expect to find/talk about.
Cheers Troy
I enjoy reading your posts especialy this last years worth...LOL
I came on this from another B/B...shows the mirror of South America and West Africa...geology .
Gives future for EEZ ..IMO
Baz
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=ENG&t=LIST&m=30651712&l=0&pd=2&r=0
click on little box in large one.
agreed Pete
SNP in fact has been doing that with Total in many projects world wide.The french and chinese have a special relationship.China wants to learn from ToTals engineering and France doesn,t criticize China and abstains from her issues at the UN (ergo China has deep pockets fot these projects)...LOL
Take it away UMBRA!!
remember it is CNOOC in Akpo with ToTal
sounds like Block 5 PSC signing is next week in lieu of Block 3 and 4 meetings.It wasn't quite clear which week they were talking about....but...I think they mean this year!!..lol
Reverse split, once successful? maybe only millions needed.....LOL
Hey many here would love to hear millions in reserves.
good luck
Baz
how about what was the name of controling element(in the Biogenic System) they were looking for and being studied for 2 yrs?
I'm not saying that it's as important as funding,but, i'm sure most shareholders would like to know.
all caviars are not all equal...LOL
Im still waiting here!
not going away till I get info from the March extention deadline...LOL
its getting about time....his game board unfortunately looks nothing like mine.Ill take the shareholders table scraps compared to his Ice wine and Caviar.
...OT..is that # from Nigerian royalty or the elite...me thinks they last alot longer unless an illness gets them.Im betting Offor lives better all around then most middle class Americans.
dont forget Chome..Starcrest....that huge work Barge SEO bought !
Cheers
IMO(from memory)last we heard officially...was that blocks 5 and 6 were both still in arbitration. I agree that since the awarded operators could not meet the technical specs. to operate in deep water, they backed out as per STPs nudging(not sure if Sig.bonuses were infact payed for these blocks as well) and this triggered the chaos with STP as they wanted to put Blocks 5 and 6 up for rebid.
thanks farrel90
Baz
seek
yes the discussion is interesting.You have 4 huge "IFS" (Matzo Balls) you put out there.This in part might explain our lingering share price.
Keep digging for info but be careful on your weaving.
Good luck
Baz
BMU
IMO..not sure if this is correct as ERHC was not in a joint operatorship roll as they were in the early days of JDZ.ERHC was Joint/OP with Noble,Pioneer and or Devon before they walked and hence the rights fell back on ERHC.In blocks 5 and 6 ERHC is just a minority interest with no Joint /Op.I think ERHC has no clout here as evidenced by the JMC trying to oust us on their fantacy scenario.IMHO if we were Joint/Op we would have been thrown out already with no recourse as per ERHC's inactivity since 2004 bid round
Just my thoughts on this matter.
Others who won equity include Devon/ERHC, 20 %; DNO/EER, 10 %; Equinox, 10 % and Ophir/Broadlink, 4 %. ICC/OEOC Consortium is the lead operator for Block 5 with a signature bonus of $ 37 mm. Its equity is 75 %. ERHC has equity of 15 % while Sahara has 10 %.
For Block 06, the lead operator is Filtzim-Huzod Oil & Gas with equity of 85 %. ERHC has equity of 15 % in the block.
Of the successful bidders, Devon/Pioneer/ERHC, Devon/ERHCand Noble/ERHC won the bids as operators including their existing rights. ENHC won their equity for Blocks 5 & 6 plus their existing rights.
The first process of acreage allocation in the JDZ began on August 23, 2003. That opened the 2003 JDZ Licensing Round for 9 blocks (Blocks 1 to 9). The first oil block with surface area of 704 sq km was awarded to Chevron as the operator with 51 % interest, ExxonMobil and Dangote Equity Energy Resources (DEER) with participating interests of 40 % and 9 %, respectively.
Source: Thisday
http://www.gasandoil.com/news/africa/feb36f1f9230e2c25ad96fc1b9541f96
its not material as it is not an official event YET!!!
Baz
#9...what block 6 are they "ASSUMING"(2012) about..JDZ or EEZ?
Sources: São Tomé and Príncipe authorities; and IMF staff estimates and projections.
1. Central bank (BCSTP) mid-point rate.
2. Includes HIPC and MDRI debt relief.
3. Excludes oil related revenues, grants, interest earned, scheduled interest payments, and foreign-financed capital outlay.
4. In percent of exports of goods and nonfactor services. Includes HIPC and MDRI debt relief.
5. Gross reserves exclude the National Oil Account and commercial banks' foreign currency deposits at the BCSTP in order to meet the reserve requirement for their foreign currency deposits or as application deposits for new licensing.
6. For 2008, includes the proceeds from the privatization of the government's share in the fuel distribution company (ENCO) of $32 million. Of this, $10 million were used to pay back some of ENCO's debt to Sonangol, $0.96 million were used to audit the transaction and $21.4 million were put in the central bank to boost reserves.
7. For 2009, includes new allocation of 6.5 million SDR.
8. Imports of goods and nonfactor services excluding imports of investment goods and technical assistance.
9. For 2012, based on the assumption that dispute will be settled to allow disbursement of bonuses for Block 6.
I'm not sure petemantx(sorry cant private) but they both have been sanctioned to bring back energy,metals,lumber etc. possibly they are given enough rope to hang themselves as seen with NEP china national oil co.where execs. get the boot if not jail time or worse.
It was CNOOC not sure how this affects anything.
Edit: what AMJ said
proximity wise, they are looking very stategic for easy access to the islands.Would be nice if there are hydrocarbons in our blocks.
I agree with most of your post except the 1st sentence. An outsider or one getting familiar with ERHC would not concider this issue a good risk at this point. ERHC will not be drilling any wells for God knows when!, and judging by the info there is available even from ERHC, chances of non commercial "look" greater than the converse.Volumes are low and from a trading aspect(IMO, which is not one of a trader),there is little to gain here for the risk of loss.There needs to be more than 5,000. to 10000. dollars traded per day here for anyone to look this way.
JMO- longs are averaging down as I, and many have and are.(if you still believe).
I believe the story is far from over....but time lines might preclude me from enjoying any rewards down the road.
LOL...rated!!
yes you dont get it ...its not worth the risk on this issue....and dont anualize the rate as you are indicating that this is a trade.
IMHO most Traders are looking for more volitility and a stock that has no current possibility of going to near Zero.
Astute traders wouldnt go near this issue(unless you were sticking to this issue over the years and prey upon board sentiment,which IMO is what happens here with existing Shareholders and not astute traders).
would you risk 100000.dollars for a 1000.or 2000. dollar profit
while each penny lost is 1000.down?
There are much better places to put 100000.dollar
IMHO....most of the volumes are from Already shareholders who believe and or want to average down after tax loss season.
Addax had 120,000 bbl/day with upside.
40+ million a year to start is a good deal for China as witnessed.(possible pay back within 20 yrs..IMO)
This is all before the JDZ,as far as production goes.
Nigeria and Kurdistan (Northern Iraq) deliver the bulk of production #'s only to get better(IMO) along both those fronts.
10:40 here central Canada and Royal Bank shows no trades.....gonna need some volume for blast off..
GLTUA
CNOOC is with ToTal in Akpo.(China no less)
Baz
interesting read.
O.T. North Dakota Surpasses OPEC Member Ecuador in Oil Production
January 12, 2012,
Jan. 10 (Bloomberg) -- North Dakota oil production surged 42 percent to 510,000 barrels a day in November, exceeding the output of OPEC member Ecuador, as energy explorers accelerated drilling in the Bakken Shale formation.
The state’s daily crude output topped a half-million barrels for the first time during the month, North Dakota’s Oil and Gas Division said today in a statement. North Dakota’s 6,300 wells produced enough oil to displace imports from foreign suppliers such as Iraq or Colombia, Lynn Helms, division director, said in the release.
Oil producers including EOG Resources Inc. and Continental Resources Inc. have spurred a five-fold increase in North Dakota’s oil output by using intensive drilling practices to tap the Bakken, a geologic formation that stretches from southern Alberta to the northern U.S. Great Plains. It’s estimated to hold as much as 4.3 billion barrels of tecnically recoverable oil in North Dakota and Montana, according to a 2008 report by the U.S. Geological Survey.
“This is big news for the state and the country,” Helms said. “Oil production in the state has increased anywhere from 8,000 to 40,000 barrels a day every month since June.”
Production will continue to increase as drillers hone their techniques, Andrew Steinhubl, co-leader of consulting firm Bain & Co.’s North American oil and gas practice, said in a Jan. 6 interview from Houston.
Rising Crude Production
In the Bakken formation alone, crude production rose 56 percent in November to 443,425 barrels a day from a year earlier, state figures showed. Bakken oil accounted for 87 percent of the state’s total November output.
Continental, the Enid, Oklahoma-based oil company controlled by billionaire Harold Hamm, is the largest leaseholder in the Bakken shale region, with 901,000 acres, based on third-quarter 2011 data compiled by Bloomberg Industries. Hess Corp. of New York and Denver-based Whiting Petroleum Corp. are second and third with 900,000 acres and 680,000 acres, respectively.
Bakken crude is a low-sulfur variety preferred by refiners not equipped to handle heavier, more corrosive types of oil. Bakken crude rose 1.5 percent to $97.97 a barrel today at the Clearbrook, Minnesota, hub, according to data compiled by Bloomberg. The price has increased 15 percent in the past year.
Ecuador, with 500,000 barrels of daily output in November, was the smallest member of the Organization of Petroleum Exporting Countries, according to data from the International Energy Agency in Paris.
--Editors: Jasmina Kelemen, Tina Davis
I can agree with this.I have been here for going on 11 yrs and I am frustrated as MY timelines were not met 2 years ago,but,I stay as like you I believe there are hydrocarbons under our blocks and not "just Bio BS".I believe SNP is not capable of running and operating this program.China,as you know(heard you say it on this BB),is Technically challenged in the JDZ environment.IMO they are confused as "THEIR" assessments didnt match results.ALSO-IMO-If ToTal gets involved with SNP/Addax to explore the JDZ(HUGE IF),then ToTal(IMO) will not be confused by results while and after drilling.They will know what to do to adjust if need be.
I guess thats why I am still here!
I believe that our blocks hold Hydrocarbons.
And you are privy to all their terms and agreements too?...
SNP/Addax control the info flow,and they still have aprox 1 yr left to keep stategical info or otherwise close to their vest.Bio gas across all blocks was reported with no oil or water shows.Since it wasn't commercial the aggregate was holding sparse amounts not Copious amounts.That was the results.
Accept that ERHC was allowed to expose this and move on.....and on....and on...and on........
SNP has 5 yrs from the time of drilling before they are in conflict with their JDZ agreement.Maybe the JMC and presidents of STP and Nigeria can put pressure on SNP/Addax,but the last time we heard of political pressure Bio gas was released(LOL).SNP have a few yrs left to keep their Phase 1 final results quiet.IMO if SNP isn't releasing this final info then either they aren't finished or there is nothing more to tell.SNP/Addax is the authorized operator,and,they control the info flow.
Midtier
I have to laugh at this post!!!DK has said that they have released all that they could under their terms with SNP(come in Julius)
and you know why...lol
you have posted much wiser posts than this.
emdyal
your NSAI #'s are for 10 prospects and my post is just for blocks 2,3,4....ooops
Baz
2009 – Great Expectations-----2 years later
...estimates have gone down after drilling
http:// erhc.com/history/
In 2009, the independent engineering firm, Netherland, Sewell & Associates, Inc. (NSAI) released a Resources Assessment for ERHC that examined unrisked and risked prospective resources for JDZ Blocks 2, 3 and 4. The NSAI report estimated ERHC's unrisked prospective resources in those JDZ Blocks totaled more than 336 million barrels of oil and 372 billion cubic feet of natural gas (P50). The NSAI report estimated ERHC risked prospective resources in JDZ Blocks 2, 3 and 4 totaled 135.5 million barrels of oil and 144 billion cubic feet of natural gas (P50).
seems they are only drilling sub sea 6500'(2000 meters)so heading for another drill in Usan?
It should be about working at the rates they pay!(or positioning)
Nick whacha think?
Usan. Total’s Usan discovery well in 2002, located 60 miles off the coast of Nigeria, was drilled to 8,940 ft in waters exceeding 2,400 ft in depth. Up to 2005, Total drilled eight appraisal wells to confirm the extension of the oil field to both the east and the west. Production is scheduled to begin in the first quarter of 2012. The Usan FPSO arrived in Nigeria in August and is undergoing customs clearance. The vessel is 320 m long, 61 m wide, and 150 m high, including the flare, with processing capacity of 180,000 bopd and 2 million bbl of storage.
http://www.offshore-technology.com/projects/usan/
If none exist as per commercial quantities then all is moot.
We Know!!
even without the Chile& beans...lol
Happy new year to all
its all about Hydrocarbons no matter what anyone opines.
Briefcase closed.