Replies to post #11484 on ERHC Energy Inc (ERHE)

[Lugheads1957]

Balance

The part about that report from Barry Morgan that stands out to me is the last part you wrote:


"Blocks 2 & 3 are said to have been decided in favour of priority rights holder ERHC Energy and its US partners Pioneer Natural Resources and Devon Energy, leaving Block 4 as the only other key licence undecided."


With Anadarko eventually being given block 3, why woudln't XOM have just taken their 25% in block 3 and worked with APC? Was the problem that XOM didn't think block 3 worthy of its time and money (not having much potential), simply not like working with ERHE, or its need to throw a hissy fit over not being able to get part of block 4 (which is what they wanted)? The 25% option was always there for XOM in block 4. Why didn't they take it? They wanted to be operator, and Noble/ERHE wasn't gonna let it happen.

Of course, as Barry pointed out, XOM failed to bid in ANY blocks, really causing their own problems with the JDZ awards. Didn't everyone have to listen to the same whines in block 1, which eventually went to CVX??? These are the strong-arm tactics that I referred to in a different post, my comments about them being a bully (and exactly the kind that wouldn't require stomping on our stock price as retribution, Art). Their attempts to influence the outcome of the awards without playing by the WRITTEN rules was intentional and arrogant. It appears to me that the JMC simply couldn't let XOM get their way in the JDZ, knowing full well that rules were going to have to be broken to allow XOM an operatorship. Perhaps moving us into operatorship positions in 2 and 4 DIDN'T break rules by allowing us to match bids, which would be great, but as yet undetermined in public print. If Barry was correct about the block 3 award initially earmarked for PXD/DVN/ERHE, then the JMC threw a bone to APC anyway, at the expense of PXD/DVN. PERHAPS Nigeria/STP allowed for some love down the road to PXD in return for that little move, or maybe there was considerable leeway and power allowed the JMC in making operational decisions, but not enough to allow XOM in that position.