Addax Petroleum (fka AXC)

[midtieroil]

The part about it being an exploration well that wasn't meant to find oil is complete BS from ERHC.

It is good they found oil shows but not good that they didn't find commercial quantities.

I find it unacceptable that they led people on and didn't tell us for many months that this was a dry hole. Several publications knew. The Oil Ministry knew. I knew. And ERHC knew. They should have fully disclosed it immediately. This is the type of non-disclosure that has always damaged this company and Ntephe still does not understand that.

They also neglected to tell us the primary cause of this failure. Was it the seal? Was it the reservoir sands or was it something else?

As I have said before, I think it is likely CEPSA will drill at least one more well in the block. But I think it is far less likely that ERHC will be allowed to participate in that well given that they can't pay for the last well and can't pay for the next well either.