Replies to post #85025 on ERHC Energy Inc (ERHE)

[doug c]

Players in chase for JDZ stake
An unidentified US oil player is said tro be among an assortment of investors trying to enter the Nigeria&Sao Tome Joint Development Zone in the Gulf of Guinea by acquiring the shares of Emeka Offor, the Nigerian chairman of Colorado-registered ERHC Energy, writes Barry Morgan.

[upatnight]

Offor is facing legal threats by shareholders preparing individual and class-action lawsuits.

Their complaints range from compensation for unpaid fees to the alleged usurpation of corporate opportunity arising from a deal he struck with Addax Petroleum for deep-water acreage through Nigerian independent Starcrest Energy, another company he controls.

Where are these threats coming from? Meridien, Rancho, who?

[brez63]

Thanks Ruby, I've got to say, this post was a good one to start catching up on the days postings!

Cheers
Brez

[tryoty]

So Upstream reporters use I-HUB as a source for information and then report it as fact? Unbelievable.

Unless, of course, the collaborative minds here predicted this one correctly.

We'll see.

[walldog0]

Who is the "unidentified US oil player"?....

Players in chase for JDZ stake

By Upstream staff

An unidentified US oil player is said tro be among an assortment of investors trying to enter the Nigeria&Sao Tome Joint Development Zone in the Gulf of Guinea by acquiring the shares of Emeka Offor, the Nigerian chairman of Colorado-registered ERHC Energy, writes Barry Morgan.
ERHC holds substantial equity in the play, including preferential rights to blocks 2, 3 and 4 alongside operators Sinopec, Anadarko and Addax Petroleum.

The financial manoeuvre is being undertaken through the Dubai-based Millennium Finance Corporation, where former ERHC chief executive Walter Brandhuber is now fund manager with a brief to build up the energy portfolio.

Investors and Millennium Finance may be angling to take a stake in ERHC, drawn from stock sold by Emeka Offor, the company's largest single shareholder, who is in talks to offload at least half his 43% equity in ERHC.

Offor is facing legal threats by shareholders preparing individual and class-action lawsuits.

Their complaints range from compensation for unpaid fees to the alleged usurpation of corporate opportunity arising from a deal he struck with Addax Petroleum for deep-water acreage through Nigerian independent Starcrest Energy, another company he controls.


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15 December 2006 00:01 GMT | last updated: 15 December 2006 00:01 GMT

[TheDane]

Regarding the B. morgan story last night...

"Offor is facing legal threats by shareholders preparing individual and class-action lawsuits.

Their complaints range from compensation for unpaid fees to the alleged usurpation of corporate opportunity arising from a deal he struck with Addax Petroleum for deep-water acreage through Nigerian independent Starcrest Energy, another company he controls..."

Does anyone remember one of ERHC's 10Qs mentioning a legal dispute with someone claiming unpaid fees? It was within the last year, I think.

[Homeport]

After a day of reflection, I've decided that I REALLY feel uncomfortable with the fact that BM's Upstream coverage seems to be so little more than a mirror image of one or two weeks' worth of spec and riddles on our boards...and that we make such a DO over it.

When I read Morgan, I begin to wonder whether I'm not simply seeing warmed-over Oilphant and/or Meridian - a cycle of self-fulfilling prophecies. I become uncertain as to who's the source, who's the writer. Know what I mean?

I'm not generally paranoid...and I'm not questioning the "news". I am wondering about how it's packaged and delivered to us - as if one is INDEPENDENT confirmation of the other, when, in fact, they could be two sides of the same coin. Know what I mean?

"Boa Noite" - g'nite - as they say on this side of the pond,
HP

[balance_builder]

If B. Morgan is correct in his comment of (see post this is replying to for full article):

"Investors and Millennium Finance may be angling to take a stake in ERHC, drawn from stock sold by Emeka Offor, the company's largest single shareholder, who is in talks to offload at least half his 43% equity in ERHC."

.....and we now have a pretty good clue that the BD will be drilling in H1 2007, it would be a pretty good indication that ERHC is going to get a pretty good shot in the arm and probably quite soon. MPE is expected to close their first deal by March 2007 as indicated below:


"The energy fund, which aims to complete four to five transactions in the first year worth a total $600 million, will also consider investments in pipelines, shipping and industrial plants, he said. The first deal will completed by March, de Cadet said."]/b]
http://www.tradearabia.com/tanews/newsdetails_snBANK_article114464.html