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hi Art
maybe yes maybe no:any rate...IMHO we are not Nigeria's poster child for oil.I think we are a Highly Politically backed American/nigerian oil co. with heavy investors with clout covertly I might add, wanting to get very rich ,as their influence has been noted with every attemp by others to discredit ERHE...support from higher places keeps our rights upheld and as with the AG's report, tossed out as only power can achieve.
Baz
P.S. in my post I put its my opinion not fact....hope the same is for yours. Good luck to you Art....we are in this together.....so lets discuss OUR OPINIONS!
Am I oversensitive?...lol
hi red
sorry for late response
Yes I do think that Erhe is the sponsor for the Capital territorry as there are vast territories in Nigeria with many govts. many diff. tribes,and many states.I dont believe Erhe was chosen to lead sponsor for all territories and states.EO might not be welcome in some states due to religion and tribal politics.Who are we(Erhe) to be all encompassing and represent all Nigeria as lead sponsor.From what we have read in many articles SEO is infact hated by many and deemed corrupt ,and, discredited in his business dealings.He has been chastised by his own country in some states...as he has had to defend himself in court for this and that(too many instances to remember exact details),but, from memory and readings since 2001 he has been unpopular depending where he does his business.Im sure you have read such as well over the years.IMHO because he has BIG backers mainly from Abuja politico I raise these points of contention.
All in the spirit of dialogue...still long here
Baz
try:
maybe all the savy we credit to SEO is really based much higher in the Nigerian oil departments.Maybe its them that are really calling all the shots; as in Dakuro, Cheuweke, Lukman,why even Jeter,covertly Obasanjo,Y'ar Uda,......Sly said it best...."it's a family affair!!!!!".Network supreme..just think we are how many degrees of separation?
Baz
IMO..this is not just a 1 man show,lots of leverage has been behind us from the getgo(2001).
pete
you beat me to the punch ......same thought here.
baz
Wall et all:
Im not sure but the wording might suggest that ERHE is the lead sponsor for the Federal capital of Abuja,(which is a coup in itself,and the PULL we have via SEO=bodes well HARBINGER?),but not the Lead sponsor for the Whole conference.Google FCT Abuja and see if I might be on the right track.This would make a big difference as to what we are speculating on here.I know just being there is a great photo opp.and more,but,being a small fish in a huge pond ,I dont think we are the Leading sponsor for this whole event.
JMHO
Baz
UAN:
Centurion Energy was taken out (buy out)by Dana Gas...google works well...enter Centurion Energy ..the info is common knowledge.
If you are going to try to press peoples info, do a little DD yourself first...you might be surprised what is out there with a click of a mouse......transaction happened last year.
Baz
hi Juli
since I dont have too much new DD ..I'll refresh some past stuff.
Cnooc payed 2.3 bil for just 45% of akpo field not the whole oml:130.
Hope my memmory is correct...LOL.
good luck folks
Baz
hi NY
excuse me for my memory is getting old and tired.
I think it was Anadarko and Exxon teaming up..that brought out the AG report,as those 2 parties tried extensively to get Block4 back and had meetings to no avail with high rankers in respective govs.I think It was taken to Dakuro(sp?)etc. who rejected their complaints and would not recind the awards.Anadarko was pissed off at losing out to Noble/Devon/ERHC...as their fast track bid was accepted.(whats funny in that is the two words FAST TRACK. anyways...JMO from memmories(me and Barbara Streisand).
good luck to us all
still waiting on my 7th year in this game of FAST TRACK.
P.S. NWTF you were right as far as the oil patch and pace goes.
Baz
ot:...from "ERHE"....but on thread
ya might be time to git crackin in her own back yard...heavy duty like...so as not to be AS needy.keepin the costs down too.I know there is development going on but the less reliance the better.
baz
helo all
why I have invested here don't ask...just did..thought the product had a market I guess.
Raven good luck in your wait..hope our time is nigh.
My door is barred by Katey...wouldnt mind a bevy of felines barring my door with us behind it.All and all...I just hope to break even here as I cannot add to my meger position yet.
Long here only 1 year and hopefully not counting another year.
Positive thinking and turning off the computer might help..lol.
good luck to all of us
bazilfawlty
reading the page think it states rig available mid 2007 with min 90 days max 6 months to Kosmos .....brings us to q1 2008
unless im reading wrong.
Baz
hey Mug
with that logic it wont be long till addax is taken out?130,000b/d......and counting.I think when that happens(time frame??????)ERHC will be absorbed as well..maybe EEl as well.
Baz
ERHE:
oh you must remember this
a kiss is just a kiss
a sigh is just a sigh
the funda"MENTAL" rules apply
AS TIME GOES BY!!!!!!
Posted by:oilphant post#108659
In reply to: None Date:9/26/2007 6:22:13 PM
Post #of 109284
BB: #2 but not by CVX. I hear 5 stars.
....BAZ....LOLOLOLOL
hi Art etal:
just looked at the presentation of JDZ and seems to me OPL294 is quite removed from JDZ so for efficiencies it would make little sense to drill opl294 first.If IMHO they are going to maximize exploration to fast track production to offset costs,with a central production facility and tie backs to multiple wells, then OPL294 will be one of the last wells drilled..BWTFDIK...LOL
Baz
Kobi this is true...but when Schrull said company maker...he was talking as a chevron employee(I Think)..not addax or erhe.
regards
baz
p.s. or was it "the biggest thing we have ever seen" as reported on TV then quickly hushed!
who knows...vagely remember now company maker Jeff Schrull..his comments were about block 4 ....need more coffee.Im confusing myself....LOL
It is MHO that Sinopec was likely responsible for aqquiring the Aban A for them and their PARTNERS (Addax/ERHE) in 2 blocks.With all the Lobbying by US OIL to possibly hurt ERHE in its blocks and Addax in the OPL291....chances are that Addax will get closer to Sinopec for security then US companies, that have shown hostilities to what "THEY"(US) consider foreighners.I truly believe Addax has shown that they are loking after THEIR own interests and will operate in that manner.Addax will pony up its share of costs for block 1 and Gleefuly be THE COMPANY in the JDZ as they continue to amaze and grow strong.
disclaimer:for the right price who knows what can be bought!!!
Baz
hi neighbor ...Manitoba here.
good luck to all our ERHC Energy family.
Baz
MN I agree
Tryoty..I guess I am tainted as I should be .
You being a relatively new shareholder come from a different view point.
Together we shareholders are mostly hoping for the same thing.
I tend to look from a more cautious side then you....its all semi understandable...LOL
Crossing what ever digits I can...lol
Baz
P.S. I guess I still havent ruled out being bought out before my time....as I have experienced before.
We the small shareholders are just a nuisance to the big devouring entities.It's only possibilities that still get the guard hairs up.
nice to have civil discussion....thanks
tryoty etal:ERHE:could we please knock off the over exuberance.....we really dont know what will happen in our future.I still have my fingers crossed that we come out of all the BIG OIL Lobbying against us, on the winning end.Untill we actually drill, and, are still an entity, then my fellow shareholder will it be safe to Assume "WE ARE GOLDEN". Just a reality check...still too much unknown at this point.Not bashing here as I have been in since 2001.
good luck to us all...and hopefully a happy meeting of shareholders in the future.....AMEN!!!!
Baz
Side
hope you aint talking "DOG" years..lol
soon is relative with this stock.....at least we have an idea when drilling MIGHT start!!
Go ERHC ENERGY
I'm in Addax as well(rollin,rollin,rollin)
Baz
OT: Addax keeps on rolling
good morning all
Our partner just knows how to deliver the goods .....bodes well for ERHC Energy
Baz
Addax Petroleum increases Gabon production to over 30,000 barrels per day one year after acquisition
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
STATES, AUSTRALIA OR JAPAN/
Addax Petroleum total production exceeds 140,000 barrels per day for
first time
CALGARY, Sept. 13 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX/LSE:AXC) is pleased to announce that one year after
the acquisition of the operations of Pan Ocean Energy Corporation Limited
("Pan Ocean"), it has increased production more than three-fold to in excess
of 30,000 barrels per day. In addition to this strong production growth, the
Corporation announced in January 2007 a 45 per cent increase in its gross
working interest proved plus probable reserves as at December 31, 2006. This
substantial growth has been achieved primarily by increasing organisational
capabilities, operating an intensive drilling campaign and constructing
related production and export facilities.
Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "We are extremely pleased with the results of our first
year of operations in Gabon during which we have significantly increased
production, booked a large increase in reserves and have become an integral
operator in the country. We were confident that our additional investment and
results based approach would facilitate this growth and are pleased to
demonstrate our achievements to shareholders. Our property portfolio in Gabon
has been a large contributor to achieving daily production in excess of
140,000 barrels per day, continues to be a good complement to our operations
in Nigeria and has become a vital component of Addax Petroleum's future."
Background
Addax Petroleum completed the acquisition of the exploration and
production assets of Pan Ocean in September 2006. The assets acquired consist
primarily of the operated, onshore Maghena, Panthere NZE and Remboue license
areas containing the producing Tsiengui, Obangue and Remboue oil fields and
the Autour oil discovery. The assets acquired also included the non-operated
onshore Awoun license area containing the Koula oil field development and the
Damier oil discovery, and the non-operated offshore Etame Marin license area
which contains the Etame, South Tchibala/Avouma and the Ebouri oil fields.
During the first year of ownership Addax Petroleum has, on its operated
onshore properties, focussed primarily on the production and reserves
development in addition to preparing for future exploration and, on both the
non-operated onshore and offshore properties, has been proactive with its
partners to encourage increased development and exploration activity.
Accordingly, through activity and investment since acquisition, Addax
Petroleum has grown significantly its business in Gabon in terms of
production, reserves, exploration potential and organisational capability.
Production and Development
Since the acquisition of Pan Ocean in early September, 2006, gross oil
production from Addax Petroleum's Gabon assets, tabulated below, has grown
steadily from an average of 9.2 Mbbl/d to 26.5 Mbbl/d. Presently, oil
production is approximately 30 Mbbl/d barrels per day. Much of the production
increase has occurred in the past month as the Corporation has overcome and
corrected a number of minor operational issues onshore which had otherwise
constrained production.
<<
Mbbl/d 2006 2007
---- ----
Sept Q4 Q1 Q2 Jul Aug
-------------------------------------------------------------------------
Onshore, operated 3.8 7.3 12.0 12.5 12.4 20.1
Offshore, non-operated 5.4 5.1 6.3 6.4 6.4 6.4
-------------------------------------------------------------------------
Total Gabon 9.2 12.4 18.3 18.9 18.8 26.5
-------------------------------------------------------------------------
-------------------------------------------------------------------------
>>
Year-over-year production increases have been driven by a high level of
development activity on the main Addax Petroleum operated onshore producing
Tsiengui and Obangue fields including bringing 14 new wells on production,
adding a second dedicated drilling rig, expansion of related production and
export facilities including the commissioning of a new 30-kilometre, 10-inch
export pipeline. The development of the Tsiengui and Obangue fields will
continue into 2008. There is also increased development activity on the
Corporation's non-operated properties, where the development has commenced for
the onshore Koula field in Awoun and the offshore Ebouri field in Etame Marin.
As Addax Petroleum expects to continue growing production from onshore Gabon
beyond its current export capacity, the Corporation has commenced the
extension of its export system, including a new 38-kilometre, 12-inch pipeline
which will allow for further increases in production by availing of spare
capacity through the Shell operated Rabi station. The Corporation expects the
expanded export system to be commissioned in the second half of 2008.
Addax Petroleum expects its Gabon production to average approximately
30 Mbbl/d for the remainder of 2007, subject to sufficient pipeline capacity
from another operator, and in combination with the Corporation's Nigeria
operations, overall production is expected to average in excess of 140 Mbbl/d
for the remainder of 2007. Addax Petroleum surpassed the 140 Mbbl/d production
level for the first time in the Corporation's history in early September 2007.
In Gabon, and as previously announced by Addax Petroleum on January 18,
2007, Addax Petroleum's gross working interest proved plus probable reserves
were estimated by the Corporation's independent reservoir engineers,
Netherland, Sewell and Associates, to be 98.2 MMbbl as at December 31, 2006.
This represented an increase of 45 per cent over the reported gross working
interest proved plus probable reserves of 67.5 MMbbl as at December 31, 2005
as estimated by the previous operator's independent reserve engineers.
Exploration and Appraisal
Whereas production development and growth has been the primary focus in
this first year, the Corporation has been active to progress the exploration
potential of its Gabon licenses, particularly onshore. The Corporation has
commenced a 164 km(2), 3D seismic acquisition campaign on the onshore Maghena
and Awoun license areas and on the Panthere NZE license area, drilled a
successful appraisal well at the Autour field and plans to appraise further in
2008. The Corporation's onshore operated exploration position was further
increased through the acquisition, subject to government consent, of a 50 per
cent interest in the Epaemeno license area, immediately north of the
Corporation's Maghena and Awoun license areas.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and
production company with a strategic focus on West Africa and the Middle East.
Addax Petroleum is one of the largest independent oil producers in West Africa
and has increased its crude oil production from an average of 8,800 bbl/d for
1998 to an average of approximately 123,000 bbl/d for the second quarter of
2007. Further information about Addax Petroleum is available at
www.addaxpetroleum.com or at www.sedar.com.
Legal Notice - Forward-Looking Statements
Certain statements in this press release constitute forward-looking
statements under applicable securities legislation. Such statements are
generally identifiable by the terminology used, such as "anticipate',
"believe', "intend", "expect", "plan", "estimate", "budget', "outlook',
"may", "could", "should", "would" or other similar wording. Forward-looking
information includes, but is not limited to, reference to business strategy
and goals, future capital and other expenditures, reserves and resources
estimates, drilling plans, construction and repair activities, the submission
of development plans, seismic activity, production levels and the sources of
growth thereof, project development schedules and results, results of
exploration activities and dates by which certain areas may be developed or
may come on-stream, royalties payable, financing and capital activities,
contingent liabilities, and environmental matters. By its very nature, such
forward-looking information requires Addax Petroleum to make assumptions that
may not materialize or that may not be accurate. This forward-looking
information is subject to known and unknown risks and uncertainties and other
factors, which may cause actual results, levels of activity and achievements
to differ materially from those expressed or implied by such information. Such
factors include, but are not limited to: imprecision of reserves and resources
estimates, ultimate recovery of reserves, prices of oil and natural gas,
general economic, market and business conditions; industry capacity;
competitive action by other companies; fluctuations in oil prices; refining
and marketing margins; the ability to produce and transport crude oil and
natural gas to markets; the effects of weather and climate conditions; the
results of exploration and development drilling and related activities;
fluctuation in interest rates and foreign currency exchange rates; the ability
of suppliers to meet commitments; actions by governmental authorities,
including increases in taxes; decisions or approvals of administrative
tribunals; changes in environmental and other regulations; risks attendant
with oil and gas operations, both domestic and international; international
political events; expected rates of return; and other factors, many of which
are beyond the control of Addax Petroleum. More specifically, production may
be affected by such factors as exploration success, start-up timing and
success, facility reliability, reservoir performance and natural decline
rates, water handling, and drilling progress. Capital expenditures may be
affected by cost pressures associated with new capital projects, including
labour and material supply, project management, drilling rig rates and
availability, and seismic costs. These factors are discussed in greater detail
in filings made by Addax Petroleum with the Canadian provincial securities
commissions.
Readers are cautioned that the foregoing list of important factors
affecting forward-looking information is not exhaustive. Furthermore, the
forward-looking information contained in this press release is made as of the
date of this press release and, except as required by applicable law, Addax
Petroleum does not undertake any obligation to update publicly or to revise
any of the included forward-looking information, whether as a result of new
information, future events or otherwise. The forward-looking information
contained in this press release is expressly qualified by this cautionary
statement.
For further information: Mr. Patrick Spollen, Investor Relations, Tel.:
+41 (0) 22 702 95 47, patrick.spollen@addaxpetroleum.com; Mr. Craig Kelly,
Investor Relations, Tel.: +41 (
I was under the impression from the News releases that Aban Abraham comes with its own drilling people...so as long as we can point them in the direction we want and related as to how we want to drill then they will drill under our supervision...they have been drilling off shore as contractors for moons.
Baz
simplified...$18.21 per proved
do I hear 18.22.....18.23?
Baz
OT:...with interest:::just another valuation# we can look forward to.TGA pays $9.37/barrel per proved and probable.
I know this isnt the GOG but its from Africa / Egypt/middle east.
GO ERHC ENERGY(had to include us somewhere...lol.
P.S. I hold TGA as well....so not entirely off topic for me.....lol...
Musing on a slow thursday morn!
BazilFawlty...SI SI
http://investorshub.advfn.com/boards/read_msg.asp?message_id=22623951
OT:sorta remember our partner:Dana Gas hits oil in Egypt
Centurion/hercules?....block4...now Dana Gas...mo money mo money!
http://www.ameinfo.com/130770.html
Baz
P.S.anyone hear from DDragon.....Mr. Drago?...pipe in Nick
nostalgia doesnt suck!
hi Art
T'is I,... yes still here after all this time mostly lurking and getting annoyed at Posers.
have't been on Paltalk either for a spell(maybe it's passed on).I do read most here and sometimes Elephant fields.
I will cetainly be at Vegas WHEN!!! we hit....used to be the buck party,but,now it will have to be over a buck and >6..lol
I still enjoy some posts...from the oldtimers(been here since 2001....but missed out on the 13 cent price....average more like .30 here).Still picking up some at bargain basement prices I reckon.
Cheers to all
BazilFawlty
P.S. mostly lurking till I have something semi-significant- like to say....GLTA and stay tuned...LOL
P.S.#2...name change as had to renew account and email etc. wouldn't accept my Fawlty nic...dont you hate aliasses...lol
OT:** Indian refiner Reliance Industries <RELI.BO> said it had
bought a majority stake and management control of east African
oil retailer Gulf Africa Petroleum Corp (GAPCO) for an
undisclosed sum. [nBOM46285].taken of royal bankof Canada site,(my broker).
just to show another agressive and heated event happening in Africa/oil
Baz
it has been alluded to that drilling can occur from the same hole or well bore....ie:horizontal drilling, would be a way of testing in different directions from the same well.
baz
ERHE
hi Art....SwingginK was his name .I think he was a bond trader/investor....
Baz
helo there
this post seems to indicate that Offor(Chrome) is not now the controlling member of votes....sorry if this has been discussed but been away....
best to all....
Bazilfawlty/175,000shares
"our company is managed by employees and consultants to the company whose shared mission is to return value to all our shareholders. Though a significant portion of our stock has been held by a Nigerian controlled company, the majority of our ownership is in the hands of other investors."
Note the wording...HAS!!!!
he took "it out"
"it out"
hope we arent taken out low ball style.....happened to me with Centurion energy..by Dana gas.....now looking again to me with Rally energy...both Canadian juniors....both taken out with mid eastern money.I would love a buy/in with Addax....or share swap(since I own a bit of Addax as well).
we are soon to know what is happenin me thinks.since 2001 here and still holding....2$ for me is rediculous...
L&S ERHE
Bazilfawlty
hey farrwell
its all one big dip.....keep buying
go ERHE!!!
Baz
cobra
come to Torquay Eng.
always room at the inn...lol
Ive been waiting to hoist a pint to our minnow since 2001....
how about a round with interest!
by the way when is the buck party again?
Baz
hi gang
I'm still here!!!
back to reply( unless Offor is Feltang!)
long and strong ERHE!
Bazil Fawlty