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yes douginil
then we become a producer and seller, with listed reserves, not just an explorer.
Hi Tamtam...hope things are well with you.
When we get information of the Nigerian deal with the consortium led by Vitol, buying Petrobas's interests in OML 127 featuring AGBAMI field and OML 130 featuring AKPO and EGINA fields, we will get some significant movement.
Baz
https://www.offshoreenergytoday.com/vitol-led-consortium-buys-petrobras-nigerian-assets-for-1-4b/
Krom
I agree with most of your assessment.I do question the amount Block 4 might be worth as Block 11 EEz was only sold (valued?) at 4 million why I don't know.
IMO there is a disconnect between the Kosmos court case of 500 million against ERHC's supposed renegation of Kosmos's claim on Block 4 negotiations. This dollar amount of retaliation seems an intimidating
assault against ERHC to back them down from their quest to accept other offers on the block. Having said that I have no idea what Block 4 might be worth. But when there is competition for the Block it might certainly be worth more than 4 million. I am hoping for a far better result than 4 million from Total as it appears they might have the upper hand on gaining Block 4.....OR a great buy out with a % of block 4 retained by ERHC.
cheers Krombacher
Baz
Sneak:
I know that you weren't talking about 50% of yesterdays trades as that would be a paltry amount. With 120 million shares outstanding, that too is a paltry amount to make any difference. ERHC has no funds for what you speak. Since no one from the " circle of trust" would be selling at a price affordable to ERHC, including SEO as he would like to make good coin, this would be almost an impossibility. The holders have spoken about not selling for peanuts, and have posted about those lofty share prices that they would think about selling for, would not leave enough shares available for a buy back to work...IMO. As OPUSx from the Circle of Trust posted, "they AIN'T got the capital" for that. Sorry for the tongue and cheek post yesterday. I have been here for 18 years and I am not about to sugar coat the financial constraints ERHC finds itself in. I am glad that they are still alive, but, we should be able to criticize or praise ERHC. Obviously,I would like to make money here,so, I am still holding shares.
let us all hope for severe creativity that won't be put on the Shareholders AGAIN!
GLTUA
Baz
I have my doubts about ERHC buying 50% of the shares.
OPUSx said he bought more as I did as well....chances it wasn't ERHC, do your own DD as I am not wrong about Opus x saying so and Me doing it also.
Chances are some old investors are buying back in as they see fit . For very little cash you have a chance to get your money back, IF, there are more positive developments announced,and occuring. All my opinion.
Cheers
Baz
http://news.africaoilcorp.com/releases/entry/122754
discovery of condensate and oil dhi's at Brulpada off south African coast.
In regards to ERHC and the STP EEZ
Oil does not flow freely down slope as it is trapped in rock. Maybe with time lapse photography and simulation from millions of years ago you might see oil migration. Oil migration is not free flowing in rivers of oil and the natural migration over millions of years is not a dayly measurable quantity that is not measurable without man made assistance Extraction procedures. As we have learned from most oil surface pools, is that when this happens the cap rock seal is not holding for numerous reasons. Don't forget about pourosity as well.
Oil requires good pourosity in the host rock formations to be able to be extracted. When was the last exploration by any contractor that found rivers of oil free flowing dayly ?
AFRICA ENERGY SPUDS CORMORANT-1 WELL OFFSHORE NAMIBIA
VANCOUVER, Sept. 4, 2018 /CNW/ - Africa Energy Corp. (TSX Venture: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas company with exploration assets offshore Namibia and South Africa, is pleased to announce spud of the Cormorant-1 well on Petroleum Exploration License 37 ("PEL 37") offshore the Republic of Namibia. Africa Energy holds a 10% effective interest in PEL 37. View PDF version
Garrett Soden, President and CEO of Africa Energy, commented, "We are excited to be drilling our first oil exploration well, which could be transformational for the Company. There has recently been a resurgence of interest in the Namibian offshore region from oil majors, and the Cormorant-1 well has the potential to open a significant new play fairway."
PEL 37 covers 17,295 square kilometers in the Walvis Basin offshore Namibia approximately 420 kilometers south of the Angolan-Namibian border. The Cormorant-1 well is located in 545 meters of water and will be drilled by the Ocean Rig Poseidon drillship to a total depth of 3,830 meters subsea. The well will test the oil potential in a mid-Cretaceous aged deep marine fan sandstone system. Drilling and evaluation of the well is expected to take approximately 34 days.
In 2013, drilling of the Wingat-1 and Murombe-1 wells in the block directly south of PEL 37 confirmed the presence of mature, oil-prone source rock in the Walvis Basin. The Cormorant Prospect was defined utilizing a high-quality 3D seismic survey acquired in 2014 and is one of four similar submarine fan prospects on PEL 37. The Cormorant Prospect has gross best estimate prospective resources of 124 million barrels and, if successful, is expected to open a fairway of similar dependent fans with substantial resource potential across PEL 37.
Africa Energy owns one-third of Pancontinental Namibia (Pty) Ltd, which holds a 30% participating interest in PEL 37, resulting in a 10% effective interest for the Company. PEL 37 is operated by Tullow Namibia Ltd, which holds 35%, with partners ONGC Videsh Ltd. and Paragon
Investment Holdings (Pty) Ltd, holding 30% and 5%, respectively.
https://www.africaenergycorp.com/news-releases/africa-energy-spuds-cormorant-1-well-offshore-nami-122552/
Krom
What about for the last 2 - 2 1/2 years before Kosmos's envolvement for Block 4 JDZ..... what was the reason for the share price's stagnation at .0002- .0002 1/2 cents? ERHC's share price seems like it has nothing to do with Kosmos but rather the pickle they find themselves in financialy, which can only be blamed on themselves....no more excuses please!
Baz
https://ih.advfn.com/stock-market/USOTC/erhc-energy-inc-ERHE/chart/real-time
Krom
Is this new insider information....can we get a link to show this, "Just the facts Mam/Man".Or is this opinion based on unproved speculation. Realy there could be a number of other reasons for silence from ERHC. You state this as fact and I am extremely skeptical within reason,looking at Erhc's performance and stock price.This post is based on my own opinion.
Cheers
Regarding ERHC, only if any information was made public would the Market respond somehow.
Assumptions on a BB will do nothing to arrive at a valuation going north.
Lack of information, lack of signs of activity, and lack of financials brings the market for ERHC to where it lays.
When it comes to the Casinos, one can predict the future of the money flow.The Casino has the house ODDS and will always win in the long game. They don't care if a LUCKY player wins once in a while, as overall the players will lose. The Casinos are paying any winners with Players' money and it isn't the Casinos that go broke. Players are the ones doing the gambling, not the Casinos' so one can actually predict the futre of that game. The Players will always lose over time.....you could bet on that. All that playing Red shows up in the Players' accounts, but thats okay and players come in knowing that most likely they will lose, but they don't get 1 for 100 reverse split on them over and over, and they feel like they are in control hand by hand.
Cheers
Tamtam and other Africa Oil investors etal.
https://finance.yahoo.com/news/kenya-picks-britains-wood-group-114151859.html
Baz
A faint, faint, maybe Block 4 STP EEZ..IMO
but for $300,000.00 plus debt most OIL companies with war chests would be in buying moods to gain ( all that Valuable! ) acreage for that meager price. Haven't seen the bidding war yet!
Good luck
LOL...
Any oil company that can afford to explore for oil would be extatic to pick up all that"prospective" acreage, if it was valuable.Even with all ERHC's crippling debt( it can't pay), a Company who would explore that acreage, would consider all properties as a real bargain, if there was value.Right now there is no news of any such companies wanting ERHC's "prospective" acreage aside maybe from Block 4 STP EEZ. Seems illogical to assume that there is any theft going on except maybe by ERHC as they are somehow still on life support.
Keep beating that drum....it seems that is all that is left, a faint beat.
Cheers
LOL..
ya IMO, untill the earth implodes.Taking the lubricant out from the earth's strata will have huge future consequences. We have seen evidence already of quakes mid continent and there is only so much lubricant down there, this will not be a panacea either.But Big to Mid tier oil companies will not stop raping. Same goes for taking oil out of the earth no matter how or where.
cheers
Regarding ERHC
Sayng, citing, orating , spouting off,opining, doesn't make it fact. Written information that is brought here From the SEC, EDGAR, is much more accurate, and not built on fantacy.
Sounds like, wrong room, wrong support group.
Cheers
LOL...by when?
oldoil
I think you would be very surprised (or not) about how many shareholders are still around. Canadians like me can get a 50% capital tax write off on losses against capital gains..so I sold all my ERHC, as I am at least, recovering 1/2 my losses on this stock. I am sure there are others like me.
I was a shareholder since 2001 and did not take advantage of selling in the $.90 range...I sold late December 2017. I am not sure what the folks in the States can claim, but, I suspect there are some Americans that sold as well and maybe their losses were not too great). I see there are others still here who have no choice but to hang on as their commision to sell is woth more than the value of their stock. So, your assumption that you put forth as fact might not be so.
cheers
Baz
manuel06 Friday, 12/08/17 08:12:06 PM
Re: midtieroil post# 13357
Post #
13358
of 13359 Go
midtieroil
deliberate......done consciously and intentionally.......
"But deliberately and repeatedly hiding material information is far worse. And that is exactly what happened here with ERHC". Midtieroil, you use the word deliberate, and then say "Whether this lack of disclosure was a deliberate attempt to deceive or whether it was due to a total lack of any management and oil & gas experience will likely never be known". the last point of your last sentence, is not valid if it was deliberate. Lets not forget that they had legal council, and experienced accountants working with them. IMO there was deceit...the action or practice of deceiving someone by concealing or misrepresenting the truth.
Baz....a digruntled shareholder with an opinion
we all are entitled to our opinions
cheers
midtieroil
deliberate......done consciously and intentionally.......
"But deliberately and repeatedly hiding material information is far worse. And that is exactly what happened here with ERHC". Midtieroil, you use the word deliberate, and then say "Whether this lack of disclosure was a deliberate attempt to deceive or whether it was due to a total lack of any management and oil & gas experience will likely never be known". the last point of your last sentence, is not valid if it was deliberate. Lets not forget that they had legal council, and experienced accountants working with them. IMO there was deceit...the action or practice of deceiving someone by concealing or misrepresenting the truth.
Baz....a digruntled shareholder
disgruntled shareholders ....... also a sort of payback against a management base that wont payback any shareholder value to it's once supporters....at a time when there could have been value achieved and not frittered away under a cloak of deception....you asked my opinion that is it.
emdyal
Do you really think Kosmos has been after ERHC for the last 10 years...as you stated that posts here have been repeated over and over for the last years and years. I think Kosmos could have taken out ERHC whenever they wanted over the last 3-4 years. And, Blaming shareholders for the failure of the company is absurd...even moreso stating that some here are shills for companies like Kosmos so they can buy the company for what $100,000 to $300,000? This could have been done long ago.
All MO
Baz
Unfortunately Krom we would need a 50,000 bagger to get to a nickle share price. Not sure many would even break even at that let alone 50 cents and a 500,000 bagger so this will never pay off IMO.
Cheers! no more
Baz
not really just an observance put into words.
nothing original to talk about here
sounds like Block 4 was cash for undeserved pay cheques with non disclosure to shareholders. Just 1 man's opinion....still trying to clear that bitter taste .....ERHC
oldoil
Can you tell us when? Can you narrow it down please to what year?
If you are serious, then surely you have information as to a time period, loose as it may be. Being optomistic, as the company is hanging on to a cliff by it's fingernails, would assume you are informed. I think you are clinging on to false hopes and prayers....I might be wrong, but most here of the longs you speak of that will succeed, are only here as either they can't sell because there are no buyers, or, it isn't worth paying commisions for that losing transaction. Just tell us when we might break even...LOL
Cheers
Baz
this is laughable if he meant the big Exchange.
I'm waiting till it states that ERHC is NOT a going concern and the Obituary is printed then I will get dressed for the funeral and not before. Got my duds picked out...just not pulling the plug yet, even though I have come to terms with it's fatal condition.
Im not surprised about the warning. I know what THAT means.
Im not surprised about the warning. I know what THAT means.
Going concern is a basic underlying assumption in accounting. The assumption is that a company or other entity will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives, and so on.
https://www.google.ca/search?q=company+is+a+going+concern&rlz=1C1PRFE_enCA535&oq=company+is+a+going+concern&aqs=chrome..69i57.11895j0j8&sourceid=chrome&ie=UTF-8
Going concern is a basic underlying assumption in accounting. The assumption is that a company or other entity will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives, and so on.
https://www.google.ca/search?q=company+is+a+going+concern&rlz=1C1PRFE_enCA535&oq=company+is+a+going+concern&aqs=chrome..69i57.11895j0j8&sourceid=chrome&ie=UTF-8
LMLT:
I hope you are recouping well and have a strong recovery.
All the best to you. Wishing you outstanding health and happiness.
Baz
Good luck and I hope you hit some winners along the way.This has been a nauseating ride at a parking lot fair, but I too accept my share of the blame in this debacle.
Better times ahead with better companies....a lesson learned.
Yes Midteir
I have also been investing in many small oil companies where I have made money (TGA) and lost too over the years. Some went bankrupt some got bought out ( AXC ). I would have never been in ERHC this long if, I would have played it smarter, like most here, and now we can't sell because it isn't worth it. In the end it seems I will sell for tax losses, and get back possibly 25% against gains most likely from AOI and possibly others I am playing. I won't spend much time here as I am concentrating on recouping my losses.
Good luck
Baz
So, knowing all this Midi...why do you still still invest in these small oil companies knowing that the odds are heavily against them? Why is ERHC the only Board of these companies that you post on in significant numbers? Notice the amount of posts on these boards? Seems like a reasonable question concidering your post I am replying to.
Post # 12630
"The fact is that I invest in many small oil and gas companies like ERHC. While predrill run-ups do sometimes happen, they have been almost non-existent in the last two or three years. The mania over small exploration companies went away because of low oil prices and because most of these exploration wells come up dry."
"It really is important to spread your risk on small exploration companies and invest in several. Betting it all on one company while desperately hoping for a predrill run-up is a terrible strategy. Maybe someone can get lucky, but the odds are heavily against it."
And I know ERHC is the worst of the lot.IMO
Latest Posts Boards Posted On Boards Moderated About My Stocks (0)
Board Last Post Posts
Addax Petroleum (fka AXC) 08/04/2017 11:34:01 PM 594
ERHC Energy Inc. (ERHE) 07/31/2017 03:54:24 PM 11,516
Africa Oil Corp (AOIFF) 10/05/2014 11:45:51 PM 1
HyperDynamics (HDYN) 03/12/2011 12:05:49 AM 1
And yes I do concider ERHC as almost dead in the waters and on shore.IMO
cheers
Baz
DG
When we see ERHC is NOT a going concern , then the game is over.
Google search of going concern.
Going concern is a basic underlying assumption in accounting. The assumption is that a company or other entity will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives, and so on.
https://www.google.ca/search?q=company+is+a+going+concern+definition&rlz=1C1PRFE_enCA535&oq=company+is+a+going+concern++definition&aqs=chrome..69i57.13687j0j8&sourceid=chrome&ie=UTF-8
cheers
Board... Last Post... Posts
Addax Petroleum (fka AXC) 07/29/2017 02:35:11 PM 589
ERHC Energy Inc. (ERHE) 07/29/2017 01:31:56 PM 11,513
Africa Oil Corp (AOIFF) 10/05/2014 11:45:51 PM 1
HyperDynamics (HDYN) 03/12/2011 12:05:49 AM 1
JDZ Nigeria-Sao Tome e Principe 01/14/2010 08:46:57 pm 165
SEC Charges Eleven in Stock Manipulation Ring 05/23/2009 10:29:33 AM 1
quite the stamina for the ERHC board
go get them Tiger
cheers old chap