ERHC Energy Inc (ERHE)

[balance_builder]

Dots???

"The state-run oil company in June was on the verge of purchasing the Swedish oil company Addax Petroleum, which boasts daily production of 100,000 barrels and oil reserves of 9 billion barrels, when the Chinese state-run oil refiner Sinopec offered to buy the firm for $8.9 billion - $300 million more than Korea’s bid."

"The government and the state-run Korea National Oil Corp. are expected to buy one or two overseas petroleum companies within this year in a move to secure natural resources."
http://joongangdaily.joins.com/article/view.asp?aid=2910410


.......followed by.........


"KNOC teams up with Sinopec"
News wires

Thursday, 24 September, 2009, 10:44 GMT

State-run Korea National Oil Corporation (KNOC) is setting up a strategic alliance covering oil exploration, production and trading with China's Sinopec.


The South Korean company in a statement seen by Reuters that it signed a memorandum of understanding (MoU) with Sinopec International Petroleum Exploration & Production covering joining forces in overseas oil exploration.

It also signed an MoU to work with Sinopec u nit China International United Petroleum & Chemical in crude oil storage, trading and marketing.

Earlier this year, Sinopec bought Swiss oil explorer Addax Petroleum for $7.24 billion in China's biggest overseas acquisition, after it had a behind-the-scenes bidding war with KNOC.

Thursday, 24 September, 2009, 10:44 GMT | last updated:
http://www.upstreamonline.com/live/article192239.ece


This shareholder is looking for the flip. Seems the company is set up for it. Check out the change in our co's strategy. A/CEO P. Ntephe told us in February of this year:



"Finally, I want to address those who have asked if we are planning an Annual General Meeting this year. We intend to hold the AGM before the end of our fiscal year but have put it back for the time being so as to concentrate our resources on activities that enhance shareholder value. Until then, we shall employ cost-efficient means of communicating the Company’s progress to our shareholders and the investment community."
http://www.erhc.com/en/rel/163/


After meetings took place between SNP and Addax (and ERHC??) the tune was changed by A/CEO P. Ntephe to:


"And finally, a quick word about our plans for an Annual General Meeting. Due to the intense activity related to the start of exploratory drilling, plans for the meeting are currently on hold. We remain hopeful that we will be able to hold a meeting prior to the end of the calendar year."
http://www.erhc.com/en/art/95/


You must ask yourselves....why would he have to be "hopeful" to hold a meeting this year?? He's the one who sets a meeting up. I think they know they won't exist by the end of this year thus the hemm hawing over a shareholder meeting.

Will it be Sinopec? Will it be Chevron? Will it be South Korea's KNOC?

Interesting that KNOC and Addax have a letter of understanding with the Nigerian Gov't relating to the master gas plan. Addax is now owned by Sinopec......and now KNOC forms a documented relationship with Sinopec and announces they plan on buying an overseas co or two.

I was surprised to learn that KNOC missed the bid for Addax by a measley $300 million USD. Pretty close. Would CVX join these two?

Well, if Dan Keeney is correct and we are 2 weeks behind in drilling plans (gas blowout??) it would seem blocks 2 and 4 will be completed almost simultaneously. By design?


Did SEO's pricetag dictate a "must show" in the JDZ? Looking that way to this investor. All co actions are screaming "short term" IMHO.

P.S. Many thanks to Rambus and NDT for supplying us with the above two referenced articles.