ERHC Energy Inc (ERHE)

[spp119]

An omnibus response

Lots of replies to lots of people:

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NDT #156217& #156475

“…..Jeff Schrull stated long ago, that the JDZ alone was a company maker... with billions of barrels of oil. See my post below from his May 07 presentation.
That is, he wasn't talking about their other deepwater blocks - he was specifically talking about the "JDZ".”

-- Yes he did, as you quote. Long ago as you say and that is the key. Things happened this then. Addax acquired OML 291 for one, the JDZ estimates – for another - were subject to over a dozen newer analyses using more powerful software, (as Schrull recently said in Toronto, it is now probably the most studied acreage in the world ). And they have yielded more modest expectations.
Don’t believe me?

Then compare what was said ( NSAI) about total (P50 unrisked) on Blk 2 in 2006. Contingent oil resources at 1,349Mmbls ….
http://www.equatorexploration.com/operations/NSAI_Summary_Report_on_Prospective_Resources_Block_2_JDZ.pdf

…..and what the same Blk 2 estimates are at present (~365Mmbls).

1,349 vs. 365 !! See what I mean by more modest expectations….and why by extension Addax sees the sum of both its deepwater assets (~1,358 Bbbls) as company making, not just those from the JDZ. Which, by the way is not to belittle the ~772 Mmbls contribution of its JDZ component……But that is not what was expected... long ago.

No agenda therefore. No selective manipulation of what JS says. Just conformity and adaptation to changing facts and circumstances, as they reveal themselves in constantly updated DD.

TopGun #156223

“… to be frank, it seems you came here to throw some cold water on us. After all this time??? Now??? What say you?”

I am no mal-intending “deux ex machina” like others who have paraded in here before. I am very much part of the ERHC shareholders family. And my view of the company remains pretty much the same as it has always been. Positive. But predicated on as factual – if changing - basis as it possible. See (recent) posts #156081, #156151 for where I stand on the issue which most take offence…the questions of expectant results and the two sided fence value of ERHE (JDZ & EEZ), not solely the JDZ.

No hidden agenda therefore, TopGun, no ulterior motive now or before. And no spin. Explained it all before so as to not repeat see (especially the last paragraph) post #155840.

YankeMike #156368

“….with the results considerably exceeding pre-drill expectations."

Yes Mike absolutely….that’s why I posted the announcement. But there are two ends to the stick …as the quote referred not only to NSAI – which every man and his dog know is restrained in its auditing, - but also to Afren. A company whose management is notorious for its conservative projections.

….Unlike some other oil firm(s) we know… that result in occasional uber-ramping taking place on this thread (lol. So much better to take a more measured and prudent stance…...no?

Walldog #156463

“How can Afren be allowed to state that from the drilling...of one well, supposedly off center in Block 1,...has determined that the entire JDZ is a "substantial oil and gas province"? ”

Because it is pretty much exactly what Obo determined. That the JDZ is gas AND oil (there was uncertainty before) province and that it indeed contains substantial deposits. Rather baroque figures had been put on the “substantial”, but today they range somewhere above 2 billion barrels.

That’s pretty substantial for me. (and see pg 27 of that pdf for what Afren expects to see come from it as reserve potential….a whooping 19Mmbls…)


Shugs #156594

I think you’ll find this enlightening, especially as per earlier questions you had.
http://pubs.usgs.gov/bul/2207/B/pdf/b2207b_508.pdf

See also post #156606


TamTam #156607/09

Hey there old buddy….So the IHS study basically replicates older stuff. Thanks for clarifying and documenting. At least now we can see what changes will be made when the real thing comes along.


Alright #156648
where do you find the EEL board??

Try the link below, but you have to register with ADVFN (free). This is a sister organization to IHUB and if you have problems,maybe the IHub folks can help. (I am a registered ADVFN user/poster and this year realized that I could post here without any hassle or change of moniker. I’m sure it can work for you as well.

http://www.advfn.com/p.php?pid=qkquote&epic=eel&x=19&y=13


Last but not least, for Petemantx.

Warm congratulations on your little sister’s recuperation. I have a younger brother who is still three treatments away for exactly the same aliment….then I hope to feel the same relief you are experiencing.


That’s it for posting. It’ll be a while before I bother you all with my scribbling. But it would be discourteous not to reply to some of those direct,open questions, and to some others, even if obliquely phrased, but really addressed to me.

Cheers,
Spp119