Erhc August Conf Call Final
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- ERHC Energy Inc.'s Chief Operating Officer and Acting CEO presented the company's third quarter 2008 results and provided an operational update. - Financially, the company has $32.4 million in cash assets and reduced expenses by $250,000 compared to the previous year. - Operationally, milestones included approval of a drilling location in JDZ Block 2, renamed "Bomu", and progress supporting partners' efforts to secure a rig for drilling. - Going forward, the company aims to pursue growth through potential acquisitions while maximizing shareholder value.
Erhc August Conf Call Final
- 1. Third Quarter 2008 Presented August 12, 2008 By Peter Ntephe Chief Operating Officer, Acting President and CEO
- 2. Cautionary Statement Statements during this presentation may concern ERHC Energy Inc.’s future operating milestones, future drilling operations, the planned exploration and appraisal program, future prospects, future investment opportunities and financing plans, future shareholders’ meetings, response to the Senate Subcommittee investigation, developments in the SEC investigation of the Company and related proceedings, as well as other matters that are not historical facts or information. Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors that could impact these areas and the Company’s overall business and financial performance can be found in the Company’s reports and other filings with the Securities and Exchange Commission. These factors include, among others, those relating to the Company’s ability to exploit its commercial interests in the JDZ and the exclusive territorial waters of São Tomé and Príncipe, general economic and business conditions, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations and various other matters, many of which are beyond the Company’s control. Given these concerns, investors and analysts should not place undue reliance on these statements. Each of the above statements speaks only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any of the above statements is based. Introductions Financials Milestones Priorities Summary Questions
- 3. Presenter: Peter Ntephe ERHC Energy Inc. Chief Operating Officer, Acting President and Chief Executive Officer Also: James Ledbetter, V.P. Technical David Bovell, V. P. Corporate Development Deon Warner, Mike Madigan and Michael Fitzpatrick, Legal Advisors Introductions Financials Milestones Priorities Summary Questions
- 4. Financial Performance Highlights Cash assets total $32.4 million Reduced general and administrative expenses by $250,000 (24%) Tight cost controls helping ERHC to remain financially stable Net loss for the quarter of $603,525 Introductions Financials Milestones Priorities Summary Questions
- 5. Careful Stewardship of Cash Reserves (millions) 2006 2007 2008 $32.4 million Introductions Financials Milestones Priorities Summary Questions
- 6. Operating Costs and Expenses (thousands) 2006 2007 2008 Lowest since FY 2005 Introductions Financials Milestones Priorities Summary Questions
- 7. Year to Year Comparison: Third Quarter Operating Costs and Expenses (thousands) Introductions Financials Milestones Priorities Summary Questions
- 8. Recent Operational Milestones Annual Shareholder’s Meeting Delivered presentations to investment community in the U.S. and London Participated in business forum in Sao Tome and Principe regarding JDZ Clarified interests in JDZ Block 4 Secured JDA approval of drilling location in JDZ Block 2 Introductions Financials Milestones Priorities Summary Questions
- 9. Drilling Location: JDZ Block 2 Block 2 Renamed “Bomu” Introductions Financials Milestones Priorities Summary Questions
- 10. Drilling Location: JDZ Block 2 Block 2 Renamed “Bomu” Introductions Financials Milestones Priorities Summary Questions
- 11. Fourth Quarter and Beyond Preparing for Aban Abraham christening Supporting technical partners in efforts to secure rig of opportunity Pursuing growth strategy Introductions Financials Milestones Priorities Summary Questions
- 12. Aban Abraham Status Introductions Financials Milestones Priorities Summary Questions
- 13. Rig of Opportunity Status Addax Petroleum continues its search for a rig of opportunity The first drilling location would be the Kina prospect in JDZ Block 4 We will look to the operators of each of the Blocks to make the relevant announcements. Introductions Financials Milestones Priorities Summary Questions
- 14. Growth Strategy Exploring opportunities for listing or acquiring a subsidiary listed on an appropriate Exchange Evaluating revenue-producing assets for potential acquisition Seeking revenue stream, asset diversification and risk management Introductions Financials Milestones Priorities Summary Questions
- 15. Summary Operational improvements helping to conserve cash Reaching numerous short-term and long-term milestones Remain optimistic about drilling in JDZ Focus remains on maximizing shareholder value Introductions Financials Milestones Priorities Summary Questions
- 16. Questions? Introductions Financials Milestones Priorities Summary Questions
Editor's Notes
- #2: SLIDE1 (Title Slide)