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Author Topic: Hey how about our ERHC
casico
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Hey anyone heard anything about this stock and what they are doing..I can't find a word
Posts: 88 | From: ft lauderdale ,fl usa | Registered: Apr 2004  |  IP: Logged | Report this post to a Moderator
BigT1
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News is spotty but seems to indicate early June blocks 2 and 4 will be awarded with Shell and Exxon/Mobile, ERHC and couple other companies in the mix. Very poor translation from Portugeese so hard to be definative.

Part of negotiations may be ERHC going back to 15% in at least one block so Exxon/Mobile can use their 25%. Whatever even if ERHC had to go back to 15% in both blocks it would be better for stockholders than long wait again with nothing.

If they do have to use lower rights %'s they should still be able to use higer ones later unless sell some of %. A sale out of one block may also not be out of realm of possabilities.

This is one translation (hopefully better of translations) of report:

Government goes to try to negotiate some blocks of oil that had not been vendidos in the first auction the Minister of the Natural resources admitted that in the meeting of Joint Ministerial Advice Nigerian-they are -tomense foreseen for this month in Are Tomé, the two parts go to analyze of deep form the result of the first auction of the oil blocks. Exercise that according to Arlindo Minister Oak, will be able to open doors for adjudication in favor of companies with recognized capacity technician-financier of some blocks that had been cancelled in the first auction. Still in this month foresees it accomplishment in Is Tomé of plus a meeting of the Joint Ministerial Advice Nigerian-is -tomense. The Minister of the Natural resources guarantees that the meeting goes to serve for deeper analysis of the auction. Some blocks that had not been vendidos could be salvos."Na meeting of Are Tomé are to think to be able to analyze with the companies, and will have the possibility of s to adjudicar some blocks ", affirmed the Minister. They are Tomé and Príncipe and the Nigéria they had placed 9 blocks of oil in the market, but only 1 was vendido. The disillusionment is great mainly for the public is -tomense that it counted to collect important addition in American dollars north. Perhaps to move away to the generalized pessimism, the Minister of the Natural resources, it considers that it was an advance and not one fracasso."É really a great advance because in this situation in such a way the Nigéria as They are Tomé and Príncipe, they had left to earn, because they have a block com.segurança, with a great operator, a great financial company and has a great company with capacity technique for such ", explained. The bearer of the folder of the natural resources, argued that the country prevents thus dangerous risks. Many companies participate in the public competitions, but they do not have capacity to explore the gold black. The Minister gives example of some countries where auctionzed blocks the 3 years still had more than not been explored, because the winning company of the competition does not have capacity to make it, and have not obtained true partnerships with company of the branch. To increase the value of the 8 wells of oil in the market, the governments are -tomense and Nigerian, had decided to carry through seismic tests of three dimensions. according to Minister of the Natural resources Norwegian company PGS, already was contactada to carry through such tests on the 8 blocks. Progressos in dossier oil, that however does not prevent damages. Consequência of the agreement signed with company ERHC, the country will be able to lose sets of ten of dollar millions. Arlindo Oak recognizes the problem, but it believes that with the accomplishment of as the auction the damages will be lesser for Are Tomé and Príncipe. "the ERHC, has some rights on some blocks. Some pay, noutros are exempt of payment. But in the new auction that if goes to make it is possible that nor if it wants arrives at the sum of 74 million dollar ", underlined. Recently They are Tomé and Príncipe signed another polémico agreement, with the Energem/Diamondworks company. A case that is still not decided. The Arlindo Minister Oak assured that the company was informed on the decision of the Cabinet in annulling the agreement, that were in the base of the recent crisis politics in the país."Os points that can injure the government are -tomense can be argued, and if the company to agree to surpassing these points, the thing will be made of open form is possible to retake the way of the negotiations ", concluded. Slips that teimam in remaining themselves in the way of the young one to dossier oil are -tomense. Abel Fertile valley


Posts: 222 | From: Victorville,CA USA | Registered: Mar 2004  |  IP: Logged | Report this post to a Moderator
ajman
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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.

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=8654108

Posts: 434 | From: NEBRASKA | Registered: Feb 2005  |  IP: Logged | Report this post to a Moderator
BCmouser
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Yes looking very positive and stock trading around .78 this morning, but I expect the trend should be up.

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The Mouse

Posts: 443 | From: Valemount | Registered: Dec 2003  |  IP: Logged | Report this post to a Moderator
   

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