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re: Official Erin Energy (ERN) thread
Posted on 6/29/15 at 4:39 pm to Iowa Golfer
Posted on 6/29/15 at 4:39 pm to Iowa Golfer
If you bought when IG originally brought it to the board, you would be at worst around breakeven even after the bottom fell off.
Posted on 6/30/15 at 9:04 am to Iowa Golfer
Thanks for the guidance IG and GC, I took profits at $7ish and so I'm more than happy as I did get in around the $.44 price, wish that I had bought more.
Trying to decide if I want to get back in again or just be happy watching you guys profiting.
Trying to decide if I want to get back in again or just be happy watching you guys profiting.
Posted on 6/30/15 at 8:42 pm to NoleTideNole
Erin Energy Corporation (the "Company") and related parties (collectively, the “Erin Parties”) entered into a Settlement Agreement and Release dated June 28, 2015 (the “Settlement Agreement”) with Northern Offshore Limited and Northern Offshore International Drilling Company Limited (collectively, “Northern”), pursuant to which the parties agreed (i) to settle all disputes and release all claims relating to the daywork drilling contract for Northern’s drillship Energy Searcher and (ii) to terminate the arbitration proceedings in London. Under the terms of the Settlement Agreement, neither the Erin Parties nor Northern paid any amounts to the other to settle the disputes, and each party agreed to bear its own legal fees and to share equally the arbitration costs.
The Company expects the settlement and release to result in a reduction in accounts payable and accrued liabilities of approximately $24.3 million, which will be reflected on its balance sheet for the quarter ending June 30, 2015.
The Company expects the settlement and release to result in a reduction in accounts payable and accrued liabilities of approximately $24.3 million, which will be reflected on its balance sheet for the quarter ending June 30, 2015.
Posted on 7/1/15 at 7:51 am to Iowa Golfer
The real catalyst will be the impact on cash flow, and what the income statement looks like rather than improved balance sheet. Why I say this is that I ran a basic (very basic) projection going forward, and tried to determine if they have enough revenue to support Micone at least initially, before a larger player gets involved. I think the answer is yes they can. I can see them going to market for money though, which could potentially pound this down even lower. The arrangements have been made with PIC for most of this. Probably all of this.
It will be interesting to see when they announce optimized choke setting flow rate on the new well. Strangely quiet, but their pattern seems to be Monday mornings.
There was someone buying on Monday, and buying large amounts of this stock. Folks that had stops got stopped out big time. One of the things I never understood was advice to always have a stop. Bad, bad advice in my opinion, but only bad advice if one doesn't want to lose their arse.
It will be interesting to see when they announce optimized choke setting flow rate on the new well. Strangely quiet, but their pattern seems to be Monday mornings.
There was someone buying on Monday, and buying large amounts of this stock. Folks that had stops got stopped out big time. One of the things I never understood was advice to always have a stop. Bad, bad advice in my opinion, but only bad advice if one doesn't want to lose their arse.
Posted on 7/1/15 at 9:35 am to Iowa Golfer
How do you know someone was buying and knocking out stop losses? Couldn't they have been dumping and triggering limit orders as well?
Posted on 7/1/15 at 11:55 am to The Boob
quote:It's called Level 2 and Level 3. IG has both, I believe, and I have Level 2 through the Trade Architect platform with TD Ameritrade. These services come at a price, of course. TDA charges higher trade commissions than the other brokers, and in return, their clients get better information, a few good trading platforms, and 'free' Level 2 through said platforms.
Where and how?
Posted on 7/1/15 at 12:11 pm to Omada
Been wondering this for a long time now. Thanks
Posted on 7/2/15 at 9:21 am to The Boob
this sucks. damnit investing!
Posted on 7/6/15 at 6:03 am to donRANDOMnumbers
Seeking Alpha put out a new article encouraging ERN investors to be patient and recaps the past 2 years. Here's the link and summary.
LINK
Over the past two years CAMAC Energy has transformed itself into an oil and gas exploration and production company and changed its name to Erin Energy, with its main asset.
The company consolidated shares in a reverse merger, pushing it up into the institutional investing range and was recently added to the Russell Index.
The company has seen some negative publicity, but continues to deliver on its plan for developing Nigeria and exploring potential oil and gas in Ghana, The Gambia, and Kenya.
LINK
Over the past two years CAMAC Energy has transformed itself into an oil and gas exploration and production company and changed its name to Erin Energy, with its main asset.
The company consolidated shares in a reverse merger, pushing it up into the institutional investing range and was recently added to the Russell Index.
The company has seen some negative publicity, but continues to deliver on its plan for developing Nigeria and exploring potential oil and gas in Ghana, The Gambia, and Kenya.
Posted on 7/6/15 at 10:14 am to 23
Price of oil dropping today to $54.20 right now with a decrease of -4.80% isn't helping any of these companies in the oil and gas industry.
How low will it go and will there a be a time back where it is $65/barrell or higher?
How low will it go and will there a be a time back where it is $65/barrell or higher?
Posted on 7/6/15 at 2:30 pm to LSU9102
$400K daily is approximate cost of rig.. Divided by 16K BOD. On OE yet. They need to make $28 per barrel.
Certainly isn't helping Erin Energy, but it is helpful to me in acquiring more of a still risky, but undervalued company given it's potential and current cash flow.
It's below $5. No one is paying loose enough attention to realize the above.
"there are no $100 bills lying on the street" But only if those smarter than I are paying attention. And they aren't here. They weren't in the case of LTCM either. Another bailout for a bunch of guys all smarter than us. Interestingly enough, their play on Royal Dutch would have eventually paid, if they didn't tkae banker's advice and overleverage resulting in their need to liquidate at a large loss. The same situation appears here. Loosely in the valualtion to risk pricing model, and certainly in the dual listing.
But what would I know? I'm not a banker (haven't had to declare bankrutcy either. Or get a taxpayer funded bailout for stupidity). I'm just some guy from Iowa.
As another aside, if anyone thinks the bankers didn't have warning after 1998, or whenever the LTCM debacle occurred about what could, and was almost guarantees to happen in 2008, they'd be brainwashed by their banker employer, or are completely uninformed, and choose to get their information force fed to them, rather than think for themselves.
Certainly isn't helping Erin Energy, but it is helpful to me in acquiring more of a still risky, but undervalued company given it's potential and current cash flow.
It's below $5. No one is paying loose enough attention to realize the above.
"there are no $100 bills lying on the street" But only if those smarter than I are paying attention. And they aren't here. They weren't in the case of LTCM either. Another bailout for a bunch of guys all smarter than us. Interestingly enough, their play on Royal Dutch would have eventually paid, if they didn't tkae banker's advice and overleverage resulting in their need to liquidate at a large loss. The same situation appears here. Loosely in the valualtion to risk pricing model, and certainly in the dual listing.
But what would I know? I'm not a banker (haven't had to declare bankrutcy either. Or get a taxpayer funded bailout for stupidity). I'm just some guy from Iowa.
As another aside, if anyone thinks the bankers didn't have warning after 1998, or whenever the LTCM debacle occurred about what could, and was almost guarantees to happen in 2008, they'd be brainwashed by their banker employer, or are completely uninformed, and choose to get their information force fed to them, rather than think for themselves.
Posted on 7/6/15 at 2:31 pm to Iowa Golfer
Amen Brother Golfer. Amen.
Posted on 7/6/15 at 7:53 pm to castorinho
Some days I get tired of teaching and coaching like Kirk Ferentz. Especially since I don't make $4MM for winning 8 games, and once upon a time consistently beating SEC teams and having T10 finishes. Once upon a time. So I need to teach and coach all while venting. Because I actually need to keep on winning in this thing called building net worth.
Ya know, this entire CAK ERN thing has been my biggest laffy of all. Watching the emotions when it was at a quarter, and watching different emotions when it pushed towards $9.
Folks, I'm not that smart. I do know what I don't know, and also know consistency outperforms occasional brilliance.
We'll hit $12 at some point in the future.
Micoene. That's the game. Who will wait long enough to see if it ever pans out? I will. Because I think it will. Just not quick enough for a lot of folks.
Up and Down Baby. That's the market.
Ya know, this entire CAK ERN thing has been my biggest laffy of all. Watching the emotions when it was at a quarter, and watching different emotions when it pushed towards $9.
Folks, I'm not that smart. I do know what I don't know, and also know consistency outperforms occasional brilliance.
We'll hit $12 at some point in the future.
Micoene. That's the game. Who will wait long enough to see if it ever pans out? I will. Because I think it will. Just not quick enough for a lot of folks.
Up and Down Baby. That's the market.
Posted on 7/6/15 at 7:58 pm to Iowa Golfer
Guns and butter baby. Guns and butter.
Posted on 7/6/15 at 9:16 pm to Jwodie
I still believe, but looking at oil prices, I can probably wait several weeks before I buy back in. Also, considering the price of oil, I'm not sure they are even close to paying for the micoene well.
Posted on 7/7/15 at 6:39 am to jturn17
Erin Energy Provides Production and Operations Update
7:00 am ET July 7, 2015 (BusinessWire) Print
Erin Energy Corporation ("Erin Energy" or the "Company") (NYSE MKT:ERN) provides an update on Oyo field production and updates its offshore operations in The Gambia.
Nigeria
Erin Energy's current average production from the Oyo field is in excess of 14,200 barrels of oil equivalent per day ("boe/d") and is 94% oil. The Company is continuing further production optimization efforts on both the Oyo-7 and Oyo-8 wells.
The Oyo-7 and Oyo-8 wells are producing into the Floating Production Storage and Offloading vessel ("FPSO"), Armada Perdana, and Erin Energy has scheduled the first lifting from the FPSO for sale of at least 300,000 barrels of crude oil to occur mid-July, with a second lifting scheduled for end-July.
Segun Omidele, Senior Vice President of Exploration and Production commented: "Since becoming operator in February 2014, we are pleased with the increase in current production from an average of 1,300 boe per day in 2014 to more than 14,000 boe per day today. Drilling these two deepwater wells as 100% owner and operator is a testament of our operational abilities and we are very proud of our team. The cash flow generated by these two wells will contribute to our ongoing exploration and development efforts offshore Nigeria."
The Gambia
The necessary permits for the 3D seismic acquisition have been issued by the government of The Gambia, and the Company expects to commence the acquisition this month. Erin Energy will acquire approximately 1,500 square kilometres of 3D data over blocks A2 and A5.
Erin Energy's A2 block is on trend with the recent offshore Senegal oil discoveries, and the Company is in continued discussions with potential farm-in partners on the blocks.
Erin Energy Corporation is an independent oil and gas exploration and production company focused on energy resources in sub-Saharan Africa. Its asset portfolio consists of 9 licenses across 4 countries covering an area of 43,000 square kilometres (10 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya and The Gambia, and onshore Kenya. Erin Energy is headquartered in Houston, Texas, and is listed on the New York and Johannesburg Stock Exchanges under the ticker symbol ERN. More information about Erin Energy can be found at www.erinenergy.com.
Posted on 7/14/15 at 7:58 am to jlu03
22.5% short. Reiteration of sell recommendation. Looks like revenue will mostly be reported Q3. I had thought once the oil was on the ship it was sold, but two off loads both in July lead me to believe Q3. Over 300K barrels.
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