ERHC Energy Inc (ERHE)

[manuel06]

ERHC is doing the right things with what they are in control of.
IMO....we are ahead of the curve for minnows like us.Management has done a nice job, amid financial constraints,getting more assets on board or in the pipes..IMO


Taipan seeking to mitigate risk


From the latest presentation:
"Focus: Opportunities are actively being screened to widen portfolio in areas
where our skillset is relevant to broaden portfolio in Africa"
"Strategy to identify high impact / quality exploration prospects and manage
costs and schedule whilst maintaining material stakes (30%+)"

Identifying additional Exploration Assets in Africa in order to expand exposure to
additional exploration drilling"

From the October 23rd conference call:
"And over the next two to three years, we want to get the company exposed to at least five exploration wells, because this is a statistical game, and we need to have the pipe full of exploration targets."
To be honest its good to see Taipan going after as many drill events as possible, while they can. They've done a good job securing Block 1 which secures the second fully funded drill - either "El Wak" or the "Khorof" prospect.

And page 16 of the new presentation actually says they've committed to TWO wells on Block 1 which means Taipan have now 3 drills in their Near-term portfolio. The "El Wak" prospect is a staggering 1,200 km squared! (Sala was about 60km squared) - There's some massive Stratigraphic plays and surface anticlines. A geologist I work with says Stratigraphic plays are harder to identify on seismic but when you do find them , they can be enormous. Block 1 is a massive expanse , sparsley populated, the size of a country like Belgium. Taipan and Afren have it all to themselves and there are two identified oil seeps on the Block. Its about 20 times the size of the Lokichar basin where Tullow and AOI have been making their discoveries. Its got the tight oil discoveries to the North of it at El Kuran 1 and El Kuran 3. The rock is older - Jurassic . It looks like Taipan and Afren want to acquire 250km more 2D over "El Wak" before drilling, just like they've done on Badada, to define the drill location.


On other exploration acreage - Taipan have cash and options. They've built a great relationship with the Government of Kenya and Max Birley's reputation as a real oil man is understood within the Ministry of Energy.



For the Block 2B loyalists, it looks like Block 2B WILL get drilled first , and I do believe they will stick to their December timeline, if not before that. A snippet from their well engineers, Norwell Engineering's website seems to confirm that drill plans are well underway.
http://www.norwellengineering.com/home/default.asp?pageid=4



So a Tertiary Drill, along a bounding fault , in a basin where big gas discoveries and oil is being recovered on drill stem test, will be Taipan's first drill. Would be nice to get another conference call from management or a shareholder's letter to give us a full update on where things are at or what is going on.The attached video is new - shows Max talking about why he went for Taipan and possible acquisitions and mergers

Taipan Youtube Video 1

"The Tertiary Section thickens up"
"Two wells is fine, but it doesn't buid an oil company - we now have to expand on that, if we could build on Kenya that would be great,
If opportunities aren't available then we can go to Tanzania or nearby countries"

Q: "Are you going to be able to get that critical mass - Is there much left of that African frontier?"
A: "Block - 1 - There's a structure thats so big that you can see it from google earth - 400kmsq on surface, gravity feature of 1,200 km sq - with an oil seep on top of it, its very rare these days that you can see (undrilled) remaining structures on google earth - so under-explored - so is there anything left in Africa - well absolutely!"

That video just simply hits home the prospectivity of Block 1 for me - its a giant, and Afren and Taipan have stolen a march on the industry by snapping it up. The important thing to bear in mind is that Max Birley is keen on building an oil company, not just a one or two well opportunity. Nice to be in at this level - market cap $44million and looking forward to watching us sail to the $200million pre-drill level, and who knows, maybe $1.2billion dollars after the "Badada" (Block 2B) and "El Wak" or the "Khorof" prospects (Block 1). Another video with Max talking below - where he mentions a potential London listing also -
Max youtube video 2

"If we can raise the money to do what we are trained to do, then there is only one result - we are going to find hydrocarbons"




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