Replies to post #17277 on ERHC Energy Inc (ERHE)

[buick]

Deepwater drilling discussion

The discussion yesterday got me looking at Equator Exploration, EEL.L There is a US listing for that quoted in US $ = EQRXF.pk We looked a lot like their chart when we went to .90 last May, …but then… not so much. Found this on Pinksheets.com :
Dolphin Drilling Ltd receives contract from Equator Exploration Ltd Oct 11, 2005 (NORDIC BUSINESS REPORT via COMTEX) -- The Norwegian offshore contractor Fred. Olsen Energy ASA said on Tuesday (11 October) that its subsidiary Dolphin Drilling Ltd had received a contract for its semi-submersible rig Bulford Dolphin from Equator Exploration Ltd. The contract covers drilling work offshore West Africa, and is valued at approximately USD 71m for a firm duration of one year. One US dollar (USD) is worth approximately 0.55 British pounds (GBP).

That’s how Equator did it, go rent a Dolphin for the deep sea. The cost works out to $ 200,000 a day for them, a lot less than up to 1 million a day I’ve seen quoted elsewhere, maybe its 'all you can drill in one years time' that is the way to go.
If that’s the sub-contractor that reached the gas zone EEL just PR’d (post # 17243), that’s pretty quick; contract to results in 10 weeks ? Is that possible in West Africa ? (no).

I’ve been in ERHE for just short of two, long, years.
Our turn is coming, a good year and good fortune to us all.

[nwtf]

Petermax
ADDAX expertise is in shallow water. They can shorten up the learning curve by renting a deep water rig and crew. Its pretty common in the patch. The only problem is deep water and ultra deep water rigs come at a premium and and as a rule are contracted years in advance. I was reading an article the other day that said rigs were being contracted as far out as 2009-2012. So ADDAX may have to get in line if they havent made arrangements. IMO PL