Friday, January 27, 2006

JMC Meeting Dates Suggested; Pioneer 'Excited," St. Amour Says

A post from Nashville film salesman Mark St. Amour on I-Hub and Raging Bulk says a source at the Nigeria-Sao Tome and Principe Joint Development Authority - one that has been wrong on virtually every occasion - says that the Joint Ministerial Council meeting delayed last week will be held on "Feb. 6th and 7th" or "Feb. 9th and 10th," earlier than many investors had anticipated.

The post goes on to say that the JDA will issue a press release after the JMC meeting to tell folks when the Production Sharing Contracts, which Mark's post says are close to completion after having been completed more rapidly than expected, will be signed.

Feb. 7 is my birthday, and a JMC meeting would be a great present. Actually, though, for some reason a lot of great things have happened within a few days after my birthday, and I wouldn't be surprised if Mark's 0-10 won/lost record inches up to 1-11 for this occasion!

Here is Mark's post, accompanied by all the usual caveats:

Posted by: markgovols
In reply to: None Date:1/27/2006 10:32:38 AM
Post #of 19527

Just spoke with JDA source. JMC will be meeting on Feb 6th and 7th or worst case Feb 9th and 10th. Source will know soon which of those two dates as scheduling is being finalised as we speak. Source said that "remarkable progress has been made" and that finishing touches have been put on PSC's. Source said that PSC's will be signed and announced at a PSC Signing Ceremony by end of February. He acknowledged this was earlier than what was expected. JDA will PRESS RELEASE PSC Signing Ceremony date at conclusion of JMC meeting.


Mark followed up this post with another recounting a call this afternoon to Pioneer Natural Resources' Investor Relations people, who are infinitely more reliable as sources than the JDA. Pioneer is our partner ion Block 2, where we also won operatorship. Here is that report:

****Spoke with PIONEER****

Just got off phone with PXD VP IR. He said Pioneer is excited about working with ERHC and mentioned his team was very excited about drilling in JDZ. I mentioned I had spoken with JDA and JMC is scheduled to meet around Feb. 6-10th. He didn't want to comment on specific dates but was very optimistic contracts would be signed soon. He alluded to the fact Cheveron-XOM drilling in BLK 1 started Jan. 14th and they are watching closely like everyone else to see what happens. I asked him if he had heard about new ERHC CEO. He said he had and the new CEO obviously "had some very impressive credentials." He also mentioned PXD is drilling north of JDZ right now and will have results soon.

More things adding up IMO. Call PXD IR to verify. Here is the number: 972-444-9001.

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