Sunday, February 19, 2006

Tipster, An Ex-Pioneer Employee, Re-Confirms 'Midline' Chevron Find; Sinopec Probably Out, He Says, While New Interest Pours In

Workers on the Chevron platform in the Gulf of Guinea's Nigeria-Sao Tome and Principe Joint Development Zone, where the American giant is drilling the JDZ's very first well in Block 1, have told a recently dismissed Pioneer Natural Resources employee that the company has indeed made a large strike near its boundary with ERHC Energy's Block 2.

The tipster, who early last week told us of a $3-per-share offer by Pioneer, responded to our list of things that could go wrong (see "Fat Tuesday? Maybe Not"), also says Sinopec may be out of the block due to China's inability to act quickly, and that the $3-a-share offer by Pioneer has also fallen flat - while a host of new offers are being made.

Here is his point-by-point refutation of my last post:

JOE, The oil is there, for real, big time, unknown quainities of course are yet determined and more interest is coming in from large international players for ERHE interest and buyin interest.Chevron platform workers state high porisity of O&G close to B#2 midline dill area between B 1&2.

JOE, None are withdrawing, yet more are inquisitive. Sinopec likely out due to time frames, other interest dropping big dimes

JOE, That`s always a factor, but less so going forward. My noise says a lot will be settled on the 28th and our game interest played out at a later date, early March.

My Company Pioneer has fully droped out of any play due to cost factors so that $3.00 figure is now null and void. Stay pat or buy more, i`ll be in for another 200,000 market Tues

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