" drilling is scheduled to begin in the first quarter of next year"[2012].
Total has ALWAYS been very accurate in their announced plans as to target dates. Therefore, i think the PS is now in block 1 drilling ,and has been there for about 3 weeks or since the hookup of wells to the FPSO at USAN was completed about Feb. 21. The following was Total's announcement in Sao Tome in December 2011:
December 2011
• Upstream news:
- French oil group Total SA will invest $200 million in 2012 drilling an oil block in a Joint Development Zone (JDZ) between Sao Tome and Nigeria, a Total executive said. Francois Le Cocq, speaking after a meeting of the three partners in Sao Tome, told a news conference that drilling is scheduled to begin in the first quarter of next year. Total said last year that it had acquired Chevron's 45.9 percent interest in Block 1 in the JDZ, which it will operate in partnership with Addax Petroleum, Dangote Energy Equity Resources and Sasol Exploration and Production Nigeria. The oil find, if successful, will be a first for Sao Tome, a tiny Atlantic archipelago nation where previous explorations attempts have failed to find oil in commercially viable quantities.
My opinion regarding drilling in block 1: It is very important, but we will not have to wait for a long time for TOTAL to make a move. The buyout of ERHC will take place well before ANY drilling results are made public. Why would the potential buyers [ both of them] invite competition by disclosing what they have found???? Why would any company spend money to have a NSAI update done right after drilling 5 wells if the outlook had been diminished by the drilling??? And the carry amounts to a big incentive for an early takeout and really serves as a "right of first refusal". Plan coming together!!!!
Umbra....I did not say ERHC would be involved in the marginal field leasing in Nigeria. I do not think that at all. I think it makes much more sense for Offor to use Chrome and it's subs. to do that. After all he supposedly owns 100% of Chrome, and only 42% of ERHC. And Chrome has other distinct advantages over ERHC as a vehicle to take addvantage of the marginal field opportunities in Nigeria [ such as taxe issues and no SEC oversight]. If you were in his position what would you do? I would use ERHC as a source of funds to build Chrome.
tamtam. Thanks for the repost.
MZ.... Sorry for the false charges. My bad.
