ERHC On The Move has contacted ExxonMobil for confirmation of the report, and we will update this article with any response we receive.
Update, 3:27pm, 04/05/05): A call came back from ExxonMobil to confirm the question. I think there is indeed something going on. The share price is up $0.023, and volume is nearly three times higher than yesterday's close with roughly a half hour of trading to go. With our 123,040 shares bought at an average of $0.4394, ERHE On The Move is ahead $37,171.24.
In other news, ExxonMobil's Nigerian CEO John Chaplin promised the Governor of Akwa Ibom state Wednesday that the company's output would reach 1 million bbls a year from the present 700,000 barrels, and spoke at length about the company's gifts of blood transfusion equipment and paramedic vans to Nigerian communities. The governor urged Mobil to plow more of its profits back into the community, and to relocate there.
The comments, reported Thursday in the Daily Trust, carried with them a sense of urgency after President Olusegun Obasanjo's open criticism of the company earlier this week for failing to act on a promise to build an Inependent Power Plant, or IPP, a key element of Obasanjo's plan to bring badly-needed electric power to the many underserved areas of the country.
The decision by ExxonMobil to exercise, if indeed there was one, is consistent with the fact that the company was publicly criticized by President Olusegun Obasanjo on Monday, and also with the Menas Associates report (see below) out yesterday that says the company has narrowed down its options to Blocks 2 and 4, but with little apparent hope of gaining either operatorships or greater percentages than its promised 25 percent in each.
If true, the Joint Ministerial Council will now meet to weigh the recommendations of the Joint Development Authority and announce the long-awaited awards of the five blocks (2, 3, 4, 5 and 6) on offer - rich oil concessions believed to be worth hundreds of billions of dollars in deep offshore waters of the Gulf of Guinea.
Here is the SwingingK report:
**********UPDATE*********
It was just conveyed to me, then verified by a second source.
XOM has given their selections to the JDA...That's right boyz & girlz. I'm working on getting the JMC meeting date, But again the ball is in the JDA's court now.
XOM has finally moved forward...
While the news seems plausible and has apparently sent the stock $0.015 higher in brisk trading, it cannot be verified as the authentic posting of the former board member. Nonetheless, its characteristic spellings and style do ring true.
ExxonMobil's community relations department will not generally comment on any forward-looking action it takes, and the JDA in Abuja, Nigeria is closed for the day. The timing of the post - if it is not authentic - could not have been better, as no one can learn if it is true or false until tomorrow at the earliest, and by that time false hopes may have been raised and share price gains will have to be given back.
The most recent posts by the real SwingingK, we should also recall, were wrong. They stated that XOM's decision had already been made and that awards were due in a few days - but that was last September, and again in January.
The news, if true, however, is most welcome, and will probably be validated by the market with a small pop today. Judging from the market's reaction, the report does appear to be true.
UpdateThe share price did enjoy a small pop of $0.02 cents today on sales of 1,909,389 shares - almost triple yesterday's volume.
18 comments:
By: swinging---k
12 Sep 2004, 06:42 PM EDT
Msg. 61566 of 102200
Jump to msg. #
Hey Guys: Everyone hang tight, I've been shaking every tree I can to confirm or deny anything that is going on. BM is not wrong, just slightly off with his dates. I'm quite sure we will hear something definitive by Tuesday or Wed. I don't think anything will be anounced tommorow but I could & would like to be wrong. Anouncements tommorow would be great, but Everything & everybody I've spoken to is saying Tuesday or Wed. Enjoy the rest of your weekend.
Why do people keep beleiving this guy?
Joe- why is it your quick to report BS but a REAL story like what is coming out of Pioneer goes un-noticed by you?
The Pioneer PDF has been available for several months, since its publication last Fall. It has been repeatedly mentioned on the RB board. It states no new fact; we have repeatedly reported that they are partnered. They first said so in their PowerPoint presentation almost six months ago.
You are being sold old news as new.
anonymous 1:51
Waaaaaaa.......Waaaaaaaaa.......Waaaaaaa.....Waaaaaaaaa
Did mommy forget your pacifier today??
Stop whining about Joe Shea.
does the presence of Emeka Offor on the board of this Nigerian oil services company provoke any reaction from the readers of this blog ??
www.chromeoil.com
Sir Emeka Offor, MD/CEO
Sir Emeka Offor, is a trained Purchasing and Supplies specialist, who has acquired excellent negotiating and marketing skills in business development; indepth technical and planning skills in petroleum engineering and maintenance and comprehensive knowledge of the Nigerian political terrain.
Sir Emeka Offor has led Chrome Oil Services Ltd., from being a small Oil service firm at inception to a major Indigenous EPC company. Through his business development skills, CHROME OIL SERVICES LTD., Participated in the TURN AROUND MAINTENANCE (TAM) of WRPC.
This and other successes resulted in the award of TAM of PHRC (old and new) to a consortium of firms led by CHROME OIL SERVICES LTD; the first Indigenous Oil Service Firm to execute such a project. He is widely travelled and has attended several courses abroad in the Management of Oil & Gas Investments.
Do you want to beat bashers on RB at their own game?
Then check to see what boards they post on and what stocks they like and go on their and bash those stocks. That tens to quiet them down really quick.
Joe- how the hell can this be old news when it came out today?
NEW ORLEANS, April 6 (Reuters) - Independent oil and gas producer Pioneer Natural Resources Co. (PXD,Trade) expects to win access to new deepwater blocks off the coast of Nigeria in the next few months, Chief Executive Scott Sheffield said on Wednesday.
He also said the company will likely receive $100 million from a planned sale of Canadian properties.
"We hope to be awarded three new (Nigerian) blocks in the next 60 to 90 days," Sheffield told the Howard Weil energy conference.
Pioneer announced on Tuesday that it had joined a production-sharing agreement with Oranto Petroleum and Orandi Petroleum, which won the rights to explore an offshore block from Nigerian National Petroleum Corp.
Dallas-based Pioneer has operations in the United States, Argentina, Canada, South Africa, Tunisia, Equatorial Guinea, and Nigeria.
Pioneer has said it plans to sell its Lookout Butte and Martin Creek properties in Canada because they no longer fit with its production portfolio there.
Bids for the properties are expected in mid- to late April, Sheffield said.
He said the company recently closed the sale of rights to about 20 million barrels of crude oil that it has not yet produced to Wachovia Securities for $593 million, or about $29 per barrel.
Pioneer expects to be part of the growing market for such deals, known as Volumetric Production Payments, although under such pacts, the company bears the risk of its operating costs rising, Sheffield said.
"We'll continue to look at these to unlock value over time," he said.
© Copyright 2001 - 2005 Reuters. Click Here for Limitations and Restrictions on Use.
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The Pioneer press release cannot be reliably interpreted to mean they feel they have won the two blocks in which they they are partnered with ERHE. Neither of these two blocks has a 60-90 day time frame. Reading the Nigerian papers, I think they are talking about two other blocks, probably among the 12 deepwater ones in the new 61-block offer by Nigeria.
But the PowerPoint presentation is an old one, possibly updated, that provides no new information.
Jouster, you have missed the boat entirely here... The investor presentation that I posted on RB today just came out yesterday.
Pioneer's CEO, Scott Sheffield, is here in New Orleans at an investor conference. I posted his quote from the conference.
If you compare his quote to the new investor presentation, you will see he is obviously speaking of the JDZ blocks. The 60-90 day timeframe is for the PSC signing, which after all, consummates the deal.
I know you dislike me, but don't discount the truth in an attempt to discredit me.
Always remember to wear a helmet when jousting...
SH70
Thanks for the update, Stockhocker70. I think you were the one who posted the PowerPoint presentation that mentioned ERHC late last year. Or one of the people.
You suggest that the 60- to 90-day time frame is due to the time needed to signs PSCs. We have been told by Dr. Daukoru that the PSCs will be signed at the time of the awards, remember?
And it's not that I don't like you. If I knew you,. I would probably like you a lot. It's that you pst b.s. about me all the time and seem to be deeply invested in damaging my reputation.
You TOSd me from Raging Bull, which is why I started this blog, after I posted 7 news stories one night from Nigerian papars.
As I posted, those stories foretold the immense upheaval to come in the Nigerian government, which is now near its apex.
You are an admitted, not accused, sometime swing trader, remember?
And the fact that you did not want to vote because I might benefit by several cents from your vote is an indication that yours is not a thoughtfully-cast vote anyway.
I notice that you plugged your post of the Menas Associates article on your site some 10 hours after I posted it on this blog.
I think you need to look within for answers to some of the questions you are asking about me, or perhaps disclose clearly your own interests, as I do all the time. I don't think you have any corrupt or hidden agenda, and yet your penchant for secrecy suggests there is one. These are issues you need to face.
Today, BTW, my prediction of a "small pop towards $0.75" was accurate enough for me. As for the PXD article, frankly, I just don't think its news. You've already posted it here, so readers will see it regardless of what I think.
What I do want to say is that I appreciate your readership, and also the fact that you sold me about 20,000 shares between .39 and .41. That was a gracious gesture, and I of course continue to appreciate it.
The winner on a 5th Round TKO. Joseph Shea!!
Joe, if I posted on RB and said I have a credible source saying that it was actually grape jam they were drilling for, would you post that BS. Just asking
Technically, grape jam is more expensive by the barrel than oil, so that might not be a bad thing. Flow would be an issue, though.
He barely touched me...
Replies below:
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Thanks for the update, Stockhocker70. I think you were the one who posted the PowerPoint presentation that mentioned ERHC late last year. Or one of the people.
***That post was many months ago. There have been 2 new presentations added to the PXD site since. As you know, the bashers have repeatedly
challenged RB'er to give a link to a reference to the JV, other than on the ERHC site. The original presentation shows the ERHC JV. The one that replaced it did not. I had that one saved and sent it to Dadd to post as a reference on his site. I also posted a screen shot of it on the EF board.
Yesterday, PXD update the presentation again. This update does show the JV with ERHC and gives current and new information about the company's activities in WA. How you can dismiss this is old news is beyond me, and I am sure that had you discovered this for yourself, you would have treated it differently, but maybe not.
****************************
You suggest that the 60- to 90-day time frame is due to the time needed
to signs PSCs. We have been told by Dr. Daukoru that the PSCs will be signed at the time of the awards, remember?
***No, Daukoru never said "at the time of awards". He said this:
"I believe that before the end of this month we will get the necessary high- level approvals and we will announce the winners immediately," he said.
Being as he said that in early January, perhaps the word "immediately" should be loosely interpreted.
****************************
And it's not that I don't like you. If I knew you,. I would probably like you a lot. It's that you pst b.s. about me all the time and seem to be deeply invested in damaging my reputation.
You TOSd me from Raging Bull, which is why I started this blog, after I posted 7 news stories one night from Nigerian papars.
As I posted, those stories foretold the immense upheaval to come in the Nigerian government, which is now near its apex.
***I tos'ed your from RB for using vulgar language, at least that was
my excuse. The reason I wanted you gone is because you frequently posted crap, such as your prediction that a breakthrough in Cold Fusion would be announced before the end of 2004, causing a collapse of energy markets, including ERHC. Do you remember that? Do you deny that?
What aobut the $6 buyout, Joe?
Face it, you make shit up to suit your whims, and I don't like it. I
know you're smart, which is why I know you're crooked.
You violated RB rules by posting under multiple aliases. You violated their rules by using profanity. Don't you understand what rules are.
You broke the rules, plain and simple, be a big boy and stop blaming me for enforcing the rules.
*****************************
You are an admitted, not accused, sometime swing trader, remember?
***Perhaps if I knew the definition of a "swing trader" I could admit to being one. Since I do not, I will not, and stick with accused. Since you have not seen my portfolio, I doubt you would know.
Further, perhaps you should tell your followers about your trading
history. How many times, while posting on RB as Jouster and Hijodeperu did you brag about your successes in trading ERHC? $10-$20,000 as I recall. Now you claim that was your wife's account, so it doesn't count. Didn't your wife leave you?
*******************************
And the fact that you did not want to vote because I might benefit by
several cents from your vote is an indication that yours is not a
thoughtfully-cast vote anyway.
***Huh? I said you're cheating Google and that's a fact!
*****************************
I notice that you plugged your post of the Menas Associates article on your site some 10 hours after I posted it on this blog.
***Wrong again. Go back and read the post. It was posted by someone
else. I merely thanked that person. I will admit that I was proud of you for finding the information, as that poster credited you with. It's too bad you don't stick to being a newshounds, which you do quite well.
You're wasting your talent, IMO.
*******************************
I think you need to look within for answers to some of the questions you are asking about me, or perhaps disclose clearly your own interests, as I do all the time. I don't think you have any corrupt or hidden agenda, and yet your penchant for secrecy suggests there is one.
These are issues you need to face.
***What penchant for secrecy. It would be foolish of me to reveal my real ID, just as I think it was foolish of you. Why do you think RB creates aliases anyway? Why is it a violation to reveal personal
information?
What do you want to know, how many shares I have? Let's just leave it
at being a lot more than you. How's that?
******************************
Today, BTW, my prediction of a "small pop towards $0.75" was accurate enough for me.
***Congratulations, you were right, or close or whatever. Regardless, you are influencing other people here. If you feel no shame in doing do, go right ahead. Just think about those people and know most of them do not have family trusts to fall back on.
****************************
As for the PXD article, frankly, I just don't think its news. You've
already posted it here, so readers will see it regardless of what I
think.
***Wrong again, I did not post it here. When I post here, you will know it's me. Give that credit to someone else. Again, it's HUGE, HUGE news.
If you don't see that...
****************************
What I do want to say is that I appreciate your readership, and also the fact that you sold me about 20,000 shares between .39 and .41. That was a gracious gesture, and I of course continue to appreciate it.
***I also sold someone 20,000 shares at $.02 in 99 or so. Now that one hurts a little. Wish I knew who has those - Magic or Kobi, I am hoping.
**************************
Gotta run. It's been fun. Keep up the good cheatin'.
Rancho says:
"Can't we all just get along?"
Neither of you guys (Joe and SH70) are bashers wishing the worst for the company. Do I agree with either of you all the time? Nope. But I know that both of you are intelligent. Both of you have a vested interest in this company and making a lot of cash as a result.
You both have contributed a lot to providing knowledge and insight into this company.
This might sound strange coming from the guy who stirred the pot to begin with, but I hope that this "hostility" is just smoke and does not really affect either of you as people.
I think we all know that "the day" is approaching soon and what you or me or the new pope says about ERHC Energy will have little effect on the share price. It's kind of out of our hands now, don't you think?
What up Rancho. Stockspartan here. Still long and strong.
Whoa folks, Swinging is up off the mat and hitting back hard....a left , a right, Oh my...Joe is on the ropes, he needs the bell badly...or a press release from the JDA. Osh
SH70 cheap Louisiana sleaze
why you attack his wife?
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