Addax Petroleum (fka AXC)

[midtieroil]

Your calculations are completely wrong. Once the maximum carry of 20.5 million was reached, ERHC had to pay 45%. Their 35% plus the government's 10%. That occurred when the well cost reached about 18 million.

ERHC ended up spending 10.5 million in exploration costs which puts the total well cost at about 37.8 million.

It appears that ERHC has only paid CEPSA about 1.6 mlion of the 10.5 million and still owes CEPSA about 8.9 million.

Hope this clears it up for you. And yes, Ntephe did make a terrible deal in having to pay 10 million instead of getting a full carry on this well. He hasn't a clue and neither does Odobulu.