Addax Petroleum (fka AXC)

[seek the light]

Q#1 NO. Q#2 I don't drink anything but water and milk.

No the company needs to be sold NOW! PN is not capable of managing It. He has managed it into near oblivion. There is no effective way to raise enough money to keep the company as a going concern for two years. I would much rather sell it now for the discounted present worth than let management mismanage it to the point we have 3 billion shares outstanding. OFFOR has been sidelined by agreement with the US government and there is no one else who can step up to keep us in business.

There is seismic data available on all our assets. Turn it over to Netherland Sewell and let them evaluate it and then just sell the whole thing to CEPAS. We can probably get $2-3 hundred million for it. You can wait 2 years and have 3x as many shares and maybe not get any more than that if there is not another drilling failure.

If the decision is to try to hang on until Kenya is drilled, PN and DK should be fired and let the CFO and a couple of the consults run the company plus a very small office staff. Cut out all the flying to conferences and other nonsense. Run it lean and mean.

I blame myself for taking to long to come to an understanding as to what was really going on with ERHC. Like many I assumed Offor was still calling the shots through back channels, but I now no longer believe he has any control or influence over the BOD or PN. In fact The BOD does not have control of PN and they helped ease OFFOR out. They now need to stand up and take over.