It seems to fall far short of the "very, very good news" promised yesterday by the Secretary of the Nigeria-Sao Tome and Principe Joint Development Authority.
Here is his report:
'Very Good Meet...with Everyone': Obasanjo
FYI, RDP-Africa radio just reported from Sao Tome and Principe that bilateral oil talks in Sao Tome are over and Obasanjo has departed homewards.
Radio RDP Africa says their talks lasted about two hours, ending with a very brief statement by the Nigerian leader.
Obasanjo said, in English, he'd "discussed cooperation between" the two countries "with everyone" in "the same room."
He described the meeting as a "very good" one.
Obasanjo said he'd talked to STP President, Prime Minister, members of the Sao Tome delgation to the Joint Development Authority, and members of parliament.
And that's it, folks, for tonite! Look forward to reaction/analysis from you veteran ERHC watchers.
Boa Noite!
By Homeport, at 5:15 PM
Here's a second brief from Homeport, posted Saturday morning:
Obasanjo Brokering STP Compromise?
by Homeport
FYI, Portugal's RDP-Africa radio is carrying perceptive comments on Friday´s
Nigeria-Sao Tome and Principe "summit" from Patrice Trovoada, Menezes' recently sacked presidential oil adviser.
Trovoada, the leader of junior ADI governing party, told Portugal's RDP-Africa that "No decision" on awards had been taken at the Sao Tome meeting on Friday.
But, he added, "the process may be getting back on track," especially given Obasanjo´s concern for "transparency," particularly with everything having to do with oil.
"People can't lose face", he said, apparently referring both to STP's president-government feud and to strains appearing between the islands and Nigeria over the awards process.
Obasanjo's visit had been very "discreet", especially in regards to the media, and it was "very healthy" that the nature of the talks had not leaked out, Trovoada said in his heavily French-accented Portuguese.
NB: It is not clear to me whether Trovoada, who's reportedly linked to ERHC-Energy rival EEL, participated in the meeting or not. But his comments to RDP appeared to indicate he had, or at least had inside knowledge.
Off for a day of wild-flowering.
Bests,
By Homeport, at 5:43 AM
Here's a Portuguese News Service story from the start of the meeting, courtesy of Ruby1100, and notes that Nigerian Oil Minister Dr. Edmund Daukoru accompanied the President:
Presidente da Nigéria já chegou a São Tomé para reunião com Fradique de Menezes
President of Nigeria has arrived for meeting with Fradique de Menezes
2005-05-20 18:14:59
São Tomé - O Presidente da Nigéria, Olusegun Obasanjo, chegou esta sexta-feira à capital de São Tomé, estando neste momento reunido, no Palácio do Povo, com o seu homólogo são-tomense, Fradique de Menezes, para debater questões relacionados com a exploração conjunta de petróleo.
Obasanjo, que deverá permanecer apenas algumas horas no país, é acompanhado nesta deslocação ao arquipélago pelo ministro nigeriano do Petróleo.
A visita ocorre numa altura em que a Nigéria responsabiliza São Tomé e Príncipe de estar a bloquear o processo de adjudicação de blocos por questões internas.
A questão do petróleo tem levantado polémica no arquipélago nos últimos tempos, devido ao suposto favorecimento de algumas companhias. E resultou já em demissões e afastamentos de cargos: o ministro dos Recursos Naturais e Meio Ambiente, Arlindo Carvalho, demitiu-se na passada segunda-feira, pouco depois de Fradique de Menezes ter abandonado o cargo de presidente do Conselho Nacional de Petróleo de São Tomé e Príncipe.
De acordo com a imprensa nigeriana, os dois Presidentes irão formalizar a atribuição de blocos petrolíferos na zona de exploração conjunta, já aprovada na última reunião de ministros dos dois países que decorreu em Abril, em Abuja, na Nigéria.
O tratado de exploração conjunta entre os dois países foi assinado em Fevereiro de 2001 e estabelece 60% para Nigéria e 40% para São Tomé e Príncipe.
PNN Portuguese News Network
43 comments:
In truth, todays action was very dissapointing. I was hoping to hear something concrete. Instead who knows if anything was accomplished.
The bottom line is the people that predict delays are always right and the people that say awards tomorrow are always wrong.
I dont understand why the JDA would get everyone's hopes up by saying awards will be this week. They should never say that unless they are sure that is the case.
That makes them look bad.
If you worked for President Bush and knew he would intervene personally in a political situation, wouldn't you expect him to be successful? I think so. But I also think we will hear tonight or in the morning.
Joe that is a good point however.
If Las Vegas were laying odds on awards happening in the next week I would have to bet against that happening.
That is the bottom line. I would not bet that there would be awards. Why? Because nothing leads me to believe these two countries can work together to get anything done.
Also the assurance by the JDA ring hollow at this point. How are they even believable? They would have been better off saying "no comment" this whole time. The constant deadlines being broken has killed their credibility. I am not blaming them I am simply stating the facts.
I amk very skeptical and cynical at this point in time.
A flag has been raised. this could drag on for years. to many people has to agree, the entire Process is Corrupted from the very start.
-- Obasanjo Brokering STP Compromise? --
FYI, Portugal's RDP-Africa radio carrying perceptive comments on Friday´s Nigeria-STP "summit" from Patrice Trovoada, Menezes' recently sacked presidential oil adviser.
Trovoada, the leader of junior ADI governing party, told RDP-Africa that "no decision" on awards had been taken at the Sao Tome meet Friday.
But, he added, "the process may be getting back on track," especially given Obasanjo´s concern for "transparency," particularly with everything having to do with oil.
"People can't loose face", he said, apparently referring both to STP's president-government feud and to strains appearing between the islands and Nigeria over the awards process.
Obasanjo's visit had been very "discreet", especially in regards to the media, and it was "very healthy" that the nature of the talks had not leaked out, Trovoada said in his heavily French-accented Portuguese.
NB: It is not clear to me whether Trovoada, who's reportedly linked to ERHC-Energy rival EEL, participated in the meet or not. But his comments to RDP appeared to indicate he had or, at least, had inside knowledge.
Off for a day of wild-flowering. Bests,
There are too many people that have to agree. It should have been JDA, then JMC, then the two Presidents and that is it.
Instead half the people in Sao Tome are involved in this process. That is why it will never get done. It is absolutely ridiculuous.
Even the world bank agreed that the selections that were made were the right ones. How can that even be argued.
Sao Tome is blowing this in a big way. No one will ever want to do business with them again.
So much for the very, very, very good news. Why would someone from the JDA even make a statement like that?
They obviously were not sure of the outcome. SO why say anything that optimistic? It only makes them look foolish. Yet another promise broken. They would have been better off saying nothing.
By the time these countries make a decision on these awards oil will be $20 and the oil they have in the ground will be useless.
They are ruining their chance to be a profitable country.
What is the next step in this process? Why doesnt any of these stories report that?
I wonder if any of the oil companies are considering a lawsuit against Sao Tome? They should sue them for the constant delays that are injurious to the companies.
It is apparent that the opposition in Sao Tome is puposely blocking the awards for political purposes. They are not looking out for the countries best interests. Why do they even have a voice in the matter? Where is the strong leadership coming from Menenez?
It is not their. He should have taken control of the situation. Instead he tries to appease everyone and that does not work.
Its just Amazing that the government of sao tome has not planned for these awards, after several years they are surprised by laws on the basis of self-interest, if they had done a little dd. they would have known the results 6 months agoe, im afraid that the Idiocy and Incompetence of these people will result in a total disaster in regard to the oil exploration , as an investor to ERHE i just had enough, its Psychological Terror to be involved with these retards, and i doubt any respectable company will be bidding in future rounds. it sure looks like xom was way ahead of us, makeing an "unexpected" exit from this zoo.
You are exactly right. It looks like Exxon was ahead of the game and made the right decision.
Why waste valuable time and resources dealing with these corrupt idiots in Sao Tome?
What oil company would ever waste their time and energy ever doing business with Sao Tome again?
Who in the world do they think they are going to attract to their Sao Tome EEZ licensing round?
No oil company will want to bid on those blocks. Why bother? So you can waste time, energy, and resources waiting for these idiots in Sao Tome to play their endless games and hold everyone hostage.
Where is the leasdership coming from the top? Why doesnt Menenez take control of the situation? He is a very weak leader.
The opposition parties want to drag this out until the Presidential election.
If Menenez os too blind to see this then he doesnt deserve to be reelected.
Leaders "lead" Mr. Menenez. They do not rule by appeasement.
Why? Because nothing ever gets accomplished that way.
Wanna bet?
That is called "wishfull thinking".
It is delluding yourself into believing that there is a positive outcome when in fact there isn't one.
You want to believe everything is ok when in fact it isnt.
Mongo and monkey, only a day or two.
It would be nice to print the posts commenting about Sao Tome blowing their reputation/future in a full page ad in the Sao Tomean newspaper (they do have one, don't they?)
Agree with OJ2. News could come a day or two later.
http://ragingbull.lycos.com/mboard/boards.cgi?board=ERHE&read=44613
Maybe Dinky is hiding and doesnt want to answer his phone?
I'd be in hidig too with that ever-wrong pumper markvol pestering me 24/7.
the vet, dont shoot the messenger. You should be appreciative that markvol takes the time to call and post his findings. He doesnt have to do that.
Sam's job is that he is the PR man. So that is his responsibility. To pick up the phone and answer questions to the best of his ability.
Dont blame mark for the information being wrong. I am sure he is only posting what he has been told.
The island of Sao Tome has what they deserve... NOTHING !!!!
Yeah and I'm sure that Mr PR Sammy is more than happy to tell any perspective American investor what ever he wants to hear as long as he signs the check.
The vet, what check? I wasnt aware that the JDA was their own company.
Your comments are absurd.
Your thought process is absurd, it seems that everyone else involved with this whole process has some ERHE in their portfolio so why not Sammy.
***Sammy Update*** "sure Mr. American Investor all is well go ahead and invest your hard earned cash in these companies, everything will play out soon. I promise." wink, wink.
No vet you are absurd and your last comment was ridiculous.
Nice to see we have Colin (5:01AM), Mongo (9:06AM) and Monkey (the unloved Vet) all posting here this morning. Their need to bash at this moment is a good sign. If they truly believed everything was DOA, why would they be here.
11:24 take your blinders off for awhile. Just because someone criticizes a process that never ends doesnt mean they are a basher, or monkey or mongo.
Stop grasping for straws and be true to yourself. An honest evaluation of the current situation is always better than always try9ing to paint a rosy picture when there isnt one.
The fact is this. We do NOT have awards. Nothing else matters. Its all noise.
11:28 acquire a brain. Colin has a distinct way of writing, and is always very negative. Mongo always calls Dimka Dink or Dinky, and Monkeytrots is always a nasty jerk. They fit the profiles.
It DOES MATTER whether the awards process is going forward, if you can't see that then there is no hope for you. It is also telling that the bashers are present, and if you can't understand that either then you probably ought to go back to the womb and start over.
So what if the bashers are present Mr. Blue Skies? What does that have to do with anything?
If I were a basher and bad news kept coming regarding the awards I would show up and gloat also. So whats your point?
Oh because bashers are present that means good news is right around the corner!!
UTTER NONSENSE
Take the blinders off.
And if they didnt show up that would be good news too because that means they were scared to show their face because good news is right around the corner.
DUH
See you are not dealing with reality. You are worse than the bashers because you are blind as a bat.
anonymous at 1:09
I don't think you should be giving out reality lessons pal. The reality is that almost EVERY article written shows ERHC winning HUGE! Yes, there are the typical delays with political posturing but that DOES NOT CHANGE what the JMC has awarded ERHC. Anyone with half a brain can see that all the parties involved have to much money at stake and at some point the awards will be made. It could be Monday or it could be a month from Monday, but the delay does not change what ERHC is going to get. THAT IS REALITY!
No 1:15 PM,
Reality is nothing has been awarded. The necessary signatures have not been collected and this process has gone on for years.
That is the true reality. And if these delays continue beyond the Presidential Elections in Sao Tome then all bets are off.
What if an opposition leader were to win control of the Presidency? Then what?
Thats why ERHC's stock price sits at .69 cents and not $6.90.
as an investor i just cant aford to hold this bag anymore. there are other and better investments to be made while these idiots screw up in sao tome. just holding this pig is depressing.
I agree. I have been holding this stock for 10 months now and expected awards last August. That was the talk back then.
Meanwhile the stocks I had held ran off without me. There is an opportunity cost to holding a stock like this with the constant delays.
It has cost me some serious cash not to mention all of the mental aggravation.
Having said that knowing my luck as soon as I sell they will announce awards. Then i would be suicidal.
So im holding thorugh thick and through thin.
Somebody should ask Mongo and Monkey about EEL and Troavado. Maybe they know something maybe not.
Especially now since we now know Troavado and EEL are the hold up.
And esepecially since we now know Troavado has ties in Houston.
Very interesting.
Things that make you go hmmmmm....
Well Well Well,
When you invest your money in something and do dd doesn't that include some understanding of what you have? In this case, it's not just the oil potential, but the countries surrounding it. I knew there would be problems the minute I read the article in the New Yorker Magazine from 2003, which was my introduction to ERHC Energy. The whole process started out bad because of ERHC. Ok, it gets some credit for the marketing campaign, and making the JDA/JMC possible, but their percentage rights are criminal. STP officials should have sought legal assistance during the initial negotiations with ERHC to get a fair deal. Instead they essentially bribed the former government to get the percentages that they now have, which has jaded the whole process. As a result, the whole thing is a big mess, and no one gets anything!
ERHC is not the problem imo - why not criticize xom for it's rights or eel for WAAAY too much in the stp eez.
Hmmmm.
ALl this aimed at erhc, sounds fishy to me.
ERHC is not even the hold up right now. The hold up is the Nigerian Indies in Blocks 5 and 6 and the fact that EEL wanted larger stakes.
Well well well I'm still well well well up on this stock and expect to be very well well well up on it once awards are announced--and they will be announced, sooner or later. Bet on it. I'm not going to rehash in detail the history of Sao Tome and ERHC, because if you really have done DD on it you know all about it, about what ERHC has accomplished, and about what the international courts and the Paris-based International Chamber of Commerce have said. If Sao Tome wants to develop its oil resources in the JDZ and EEZ, it has to go through ERHC. It's called international contractual law, and there's no getting around it. And there are other key factors. The IMF, to which Sao Tomean prime minister d'Almeida just went begging for desperately needed debt relief, works closely with the World Bank--the same World Bank that told Sao Tome that the JMC recommendations were the best commercial offers. Don't you wonder why d'Almeida has been quiet in public about the silly brouhaha raised by his own party (the MLSTP-SDP), hmm? It's because he knows there will be no IMF aid if Sao Tome doesn't sign on to the JMC recommendations and start developing its oilfields. And I think that Sao Tome, with a per capita annual income of $300 USD, a total annual GDP of less than $200 million, and a decaying sanitation infrastructure that leads to cholera epidemics, does want to develop its oil resources soon and extensively. And don't forget Nigeria (pop. 135 million), which claimed the JDZ territorial waters in the first place before ERHC and Offor helped to broker an international treaty to spare Sao Tome (pop. 160,000 with a total military of--count 'em--200 soldiers.) Nigeria doesn't have infinite patience--and Sao Tome already owes Nigeria millions of dollars because Nigeria has repeatedly loaned Sao Tome money to keep it from collapse. Yeah, there are plenty of petty egos, corruption, and political posturing on Sao Tome--hey, in that respect, it's a microcosm of the world. I've read the situation reports on Sao Tome, including its nasty and pathetic politics. But in the end this JMZ deal gets done because even the Sao Tomeans don't want to win a "Darwin Award" for being too stupid to survive. The Sao Tomeans, like most of us other hominid animals, ultimately know what's in their best interest.
Even more than saving face, the Sao Tomean politicians want to save their ass. And they will. Watch and learn.
Awards on Wednesday.
you all got too much time on your hands. you wanna play - then stay and just watch. if not sell your shares, take your ball and bat and go home.
nothing we say makes a difference so why let all this mess rent so much space in your minds.
whatever happens - happens -period.
I DONT INVEST IN ;whatever happens - happens -period.
IF THATS WHAT I WANT I GO TO THE CASINO.
3:55pm poster. Get a life!! Why write volumes that nobody is reading. Don't you have anything better to do on a weekend? I didn't read your mumbo jumbo, cause I fell asleep just looking of the lenght of it
GET A LIFE!
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