The buoyant suggestion helped keep the stock (OTC BB symbol: ERHE) 3 cents ahead as some selling eroded the gains of earlier in the day, when the share price was 5cents ahead at $0.67.
Here's a transcript, courtesy of pinecat, posted on the RB ERHE message board:
West Africa: We made a decision about 18 months ago to move into West Africa. We have picked up two blocks and expect to be awarded three more blocks. At the end of the day we hope to have over 2 million acres surrounded by some of the biggest discoveries made in the world in the last 5 years. We will be operator on some of these projects. Other independents will be operators on the rest of these. The plan is to drill 3three to four high-impact wells looking for 250 to 750 million barrels type prospects. The team that is working on this is a lot of the people we've hired from ExxonMobil over the last five to six years. They've had a lot of experience in both companies in West Africa.
The third block Sheffield mentions is nearby but not part of the second licensing round.
As you'll note, Sheffield did not explicitly say the blocks were in the Gulf of Guinea Joint Development Zone, but a spokesman at the company has indicated those are the blocks he has repeatedoly referred to in recent presentations. ERHC On The Move was apparently wrong on that issue in a series of comments to readers early last week.
Pioneer is partnered with ERHC Energy and Devon Energy on the bid for the two blocks, which are conservatively estimated to contain as much as 750 million barrels of crude oil and huge quantitites of natural gas.
No comments:
Post a Comment