Addax Petroleum (fka AXC)

[Julius Erving]

Seek, my man,

focusing on the business units Exploration (...)


In this sense, the main strategic axes are:

1. Strong expansion in exploration and production.

Ok, you did NOT make this up yourself, right?

A strong expansion in exploration... aha. And they wanted to get into Kenya pretty eagerly, right?

Now, one drill will decide on 11 other drillable prospects and a whole additional basin in Kenya block 11A?

Seems (!) not to add up, right? In my little book at least.

Hmmm, if it turns out they were/still are indeed discussing SOMETHING with ERHC during these 110 days after spudding, I would not be totally surprised, in hindsight.

Right?

Let me rephrase this: if ERHC handed CEPSA the whole block for free, would they be interested? Well, I think it is out of the question that if you claim that you strongly want to expand your EXPLORATION activities, especially in Kenya, then I can only conclude that ERHC KNOWS CEPSA is interested, STILL.

On top of that, can ERHC go into hibernation-mode if needed, now that management is heavily invested in the faith of this company?

The Doc.