AWARDS OUT TODAY......OPERATORSHIP IN BLOCKS 2, 4 AND PERCENTAGES IN ALL 5 BLOCKS!!!!!
ABUJA, May 31 (Reuters) - Sao Tome and Nigeria awarded five offshore oil exploration licences on Tuesday after a turbulent five-month delay plagued by disagreements between the countries and accusations of corruption. A consortium of ERHC Energy (ERHE.OB: Quote, Profile, Research) and Devon (DEV.N: Quote, Profile, Research) won a 65 percent stake and the operatorship of block two, while the operatorship of block four, the other most highly contested block, was won by a consortium of ERHC Energy and Noble.
moving well! news not even released through major outlets yet, does not show up on etrade news screen
Posted by glassman on :
news still hasnt hit the rest of the wires...
Posted by Jmoove on :
looks like this could hit a buck in the near future, judging by charts and buying pressure, if they would just start trading it in whole numbers! lol
Posted by ajman on :
Hasn't hit the rest of the wires and already up 20%.
Posted by glassman on :
man, it's hard to fill orders here...
Posted by Jmoove on :
yup flyin, in at 7350
Posted by ajman on :
It's starting to hit the big news wires now.
DJ Sao Tome Awards 5 Oil Blocks In Second Licensing Round
LONDON (Dow Jones)--Officials announced Tuesday awards for five oil blocks in the Gulf of Guinea territory jointly controlled by Nigeria and Sao Tome and Principe.
Operatorship of block two, considered the most prospective of the blocks on offer, was awarded to Devon Energy Corp. (DVN) and ERHC Energy Inc. (ERHE), a spokesman for the joint development authority said.
Block three went to Anadarko Petroleum (APC). Block four was awarded to a consortium of Noble Energy Inc. (NBL) and ERHC. Block five was given to Nigerian independents I.C.C-O.E.O.C.
Nigerian independent Filtim-Huzod won block 6.
Posted by Jmoove on :
mms all over the place get ready
Posted by glassman on :
yeehaw...
Posted by chetg on :
congrats to all who weathered the delays...wait until the public absorbs really how big this is realtive to the current price.!!
Posted by ajman on :
ERHE's assetts just went from near nothing to approx. $6 Billion. Nice, very nice. The following was from RB.
Considering only the preferential rights, when figured as a percentage for the 9 blocks, ERHE has rights to 13.9% of the overall total. Geco has estimated 14.4b barrels of reserves in these 9 blocks only. These estimates are only considering 17 of the most likely prospects out of 56 tested in the 9 blocks. Therefore if the 14.4b is only based on 17 of the 56 we can assume that there is potentially more than the 14.4b. If the overall total interest (only counting the preferential rights now) for ERHE is 13.9% that implies a total reserve capacity for us of 14.4Bx.139= 2.002B. The valuation of unproved oil assets is $3/barrel, which gives an asset value of just over $6B, which with just over 710M shares outstanding gives a share value of almost $8 per share. Now if OPERATORSHIPS are awarded its KATIE BAR THE DOOR. If your not in before awards you'll be chasing. Posted by ajman on :