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Tuesday, September 15, 2009 8:06:02 AM
-Exploratory drilling is currently taking place with Chinese giant Sinopec drilling the Bomu prospect in Block 2 with the Sedco 702. Bomu has a pre-drill resource estimate of about 275 million barrels.
-Also, drilling is currently taking place via Addax (subsidiary of Sinopec) with the Deepwater Pathfinder drilling the Kina prospect in Block 4. Kina has a pre-drill resource estimate of about 350 million barrels.
-After these 2 wells are drilled, 3 additional wells will be spudded by the end of the year, including the Lemba prospect in Block 3.
-ERHC Energy is exploring possibilities for strategic alliances with their technical partners on future initiatives in the JDZ and elsewhere. The discussions are at a very early stage, but they are hopeful that they will be able to extend upon their mutually beneficial partnerships.
-The investigations are "not active at this time". Dormant and moribund also describe the current status of the investigations.
-Oil prices have been rising and may reach $100 again by late 2010 in my opinion.
-3D seismic studies indicate that there are billions of barrels of oil in the JDZ.
-Full carry (ERHC does not have to pay any upfront drilling costs) until oil production begins.
-World-renowned technical partners in Addax and Sinopec.
-Over $23M in cash and cash equivalents, which at the current burn rate is enough to last more than 6 years.
-The company is also virtually debt-free.
-500 million barrels of oil for ERHE's rights in Blocks 2 through 4 would value the stock at somewhere between $3 and $8 (depending on the price of oil), and that doesn't include the rest of our Blocks in the JDZ, natural gas, or the EEZ.
-SEO's selling target appears to be in the $10 range. SEO stands for Sir Emeka Offor. He is the former Chairman of ERHC and holds over 305M shares.
-We should be on the radar of fund managers due to the conferences from last year and early this year.
-According to Addax, the best estimate for Kina, Kina South, and Bomu combined is 722M barrels! The high estimate for those 3 prospects combined is in excess of 1B barrels of oil!
-Arbitration results for Blocks 5 and 6 expected at any time now.
-Over the last 3 years, negligible dilution of only 0.4%.
-STP EEZ first Licensing Round is possible by the end of the year.
-Potential for pre-salt oil in the EEZ, such as is off the coast of Brazil. Here is an article that shows a seismic study is planned near EEZ to target pre-salt oil! http://investorshub.advfn.com/boards/read_msg.aspx?message_id=36565661
-P. Dimmock, the EEL CTO, mentioned at the end of the EEL AGM discussion in late December the real possibility of pre-salt discoveries in the STP/EEZ.
-The share price is above the 200 day moving average.
Mike
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