>>According to information and documents compiled by Total, the two Akpo exploration wells drilled so far have found estimated reserves of 200 million barrels of crude and condensate in place.<<
We would have already heard and the crying long past if the numbers were less than 200 million barrels of oil and condensates. IMO the JDZ easily matches the initial Akpo results.
It's amazing Jeff Shrull is now in Australia. I'm in the camp that thinks he got his butt canned over the results of the JDZ drilling. It looks to me like he was more of a logistics guy rather than a drilling guy. The wells came in on time and on budget but didn't accomplish a whole heck of a lot.
Shrull reminds me of a movie I once saw. A supply officer was promoted to lead an attack on an island. When the time came to invade he was more concerned about the soldiers keeping track of their helmets than he was about the actual battle plans.
I was also disappointed to learn that Addax all along was being positioned for a buyout and not legitimately exploiting it's assets. It became obvious they didn't have near the cash they would need to have just to meet their minimum drilling obligations in all the blocks they had in their stable.
All the speculation about Addax drilling the JDZ blocks as cheaply as possible turned out to be exactly accurate. Going deep into the prospective structures would have been alot more costly than Addax was comfortable with. So they drilled the tops of the structures and moved on to the next site.
A lack of money still doesn't excuse Shrull. The very first drill encountered problems. His fate was probably decided right then. The apparent lack of usable results fell squarely on his shoulders.
I honestly believe the Phase 2 drilling program and beyond will go like clock work. I have no doubt SNP will throw as much money at this project as needed to prove up not only these structures, but several new ones as well. There are oil men all over the Gulf of Mexico that could drill these structures so I am optimistic the JDZ will be in good hands.
If I worked for SNP and was in charge of the drilling program in the JDZ, I would hire an entirely new team who was intimately acquainted with these types of structures.
I think the ERHC management team that is in power right now has the task of getting ERHC listed on the AIM and securing partners in the EEZ.
Once these tasks are completed and it becomes time for the Marginal Wells program to swing into gear, I expect this set of officers to be replaced by real oil men. If SEO holds true to form, he will bring in the management staff that is needed for the job at hand.
Presently, we need a team of lawyers and people that specialize in transferring to the AIM, but once that is completed and ERHC is ready to enter the next phase of its' existence, I for one look for a new team to be put in place.
If SNP becomes ERHC's partner in the EEZ, in my mind ERHC will be nothing more than a subsidiary of SNP.
Another major clue of SNP's intentions would be if this management team was kept and additional oil men were brought in. This would be a powerful hint that they were still needed for a possible buyout in the future.
It doesn't make a whole lot of sense to me that ERHC, with it's obvious limitations, is so dog determined to acquire some marginal fields. It does make sense if it's because they are acting on SNP's behalf. It could be that SNP is waiting to purchase ERHC until after they have acquired a stable of Nigerian marginal fields.
ERHC's move to the AIM doesn't make much sense either unless they know the only way SNP could purchase them is to get out of the US markets. SNP would have a much easier time dealing with England than they would with the US. Moving to the AIM because they can raise money more easily is laughable IMO.
Once the assets are proved up no one will give a sheiss which stock exchange the company is listed on.
This post and every other post I've ever written is JMO. I don't know any more than anyone else, and a lot less than some.
Thank you for all the PM's. I appreciate every single one of them. You DD hounds are the best.
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