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iShares Mortgage Real Estate Capped Message Board

  • pupcracker22 pupcracker22 Mar 16, 2006 7:45 PM Flag

    ERHE.OB psc's WINS BIG

    TO ERHE.OB 8-K

    "Western Geco estimated between 6 and 14 Billion Barrels of oil recoverable in the 9 blocks in the Joint Development Zone between Nigeria and Sao Tome. With the majority of that falling in Blocks 1, 2, and 4.

    Centurion ( estimates 3 Billion Barrels of oil recoverable in block 4 alone. ERHC (erhe.ob) has 17.7% of that block plus a free carry.

    Block 2 is estimated to contain 1 to 3 Billion Barrels of oil and ERHC (erhe.ob) will probably have about 20% of that block and a free carry.

    I have not seen specific estimates of Block 3 but ERHC (erhe.ob) has 10% of that block and a free carry.

    Not to mention ERHC (erhe.ob) will be recieving cash from its partners (Addax and Sinopec) for bringing them into these blocks. $45.9 million paid to ERHC (erhe.ob)for these three blocks.

    Aside from ERHC's (erhe.ob) rights in these three blocks ERHC has rights in 8 other blocks. Including two 100% blocks in the STP EEZ that are signature bonus free.

    So suffice to say ERHC (erhe.ob) has tremendous upside potential. Chevron should be announcing results from the OBO-1 well in Block 1 of the JDZ within a few weeks. OBO-1 is the first well to be drilled in the JDZ. That well will go a long way in showing whether Western Geco's seismic estimates were correct in the zone.

    I would keep an eye on those well results and that will give much greater clarity to the potential in the other blocks." imho.

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