Maybe you just hit on the answer. If Sinopec releases what they actually found the smaller players could possibly have very little trouble finding the financing they need to stay in the game.
Maybe the stalling is an end run to push the small players out.
Balance your thoughts on this would be appreciated.
Sneak and Bay.....AFREN's recent JDZ comment is sounding as if the master development plan WILL BE a JDZ wide development:
"The Block 1 participants (Afren 4.41%) have agreed to enter the next exploration period. One commitment well will be required during this phase. In 2006, Chevron made the Obo-1 discovery which contained 150 feet of net pay and proved a working oil and gas system in the JDZ. In the neighbouring blocks Sinopec (Addax) recently completed a multi well drilling campaign. The drilling results, once available, will assist in determining the next steps in this area."
Why else would B-1 be dependent on the drilling results from the other blocks??
It is my impression that a JDZ wide development was planned all along. This post gives a background to that thought:
I firmly believe our NSAI update will beat the initial report (thus my continued investment herein). I also believe we'll be finding out very shortly how well our managment, and more importantly, our BOD, kept our sp in relation to its actual value. My thinking is they flunked in this regard and this sp will soar.....but only after the truth emerges about what resources are assets are thought to hold following this drilling campaign.
Will last Septembers "change of control" clauses in employee contracts in the 10K mean just that (read: buy-in) and then the new majority owner will take it to the AIM??? Is that why David Bovell was bragging about being instrumental in taking ERHC to the AIM while moonlighting for Green Finance on ERHC time??? Was he moonlighting because he knew his duties were done for ERHC? I would guess so. Is that why this company went into panic mode when his "other job" was revealed?
Yep...Bay and Sneak....I look for an JDZ wide development plan to emerge with two main players involved...Sinopec and Total. I don't see room for ERHC as we now are as the full carry just isn't economical to the Chinese. Condensate field. Huge but now (with Total) very capable of developing.
BTW, we were awarded our EEZ blocks in February. 7 months later and we have no partners announced? 7 months later and no indication of any negotiations toward PSC's??? Sorry....it just doesn't sound right to this investor. They've known for many many months....and I'm betting its the same party...you know....the highly skilled technical team that assisted ERHC in picking our blocks that this company still refuses to make known to its shareholders....the oppressed shareholders that is....the minority shareholders.
But...I bought in riding SEO's coat tail in 2003......which is turning into more of a coat TALE......and hoping if SEO scores...we do too.
ERHC a gold sponser for the islands gas and oil conference in November? You don't reckon the Chinese are fine with that and will be controlling us or all out own us by then, do you? ERHC is Sinopec as Addax is Sinopec??? Maybe just a majority of us. Time will tell and that clock is about expired in my estimation.
I hope everybody enjoys this three day holiday weekend. Family time is extremely important...whether you understand that now or not.
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