Addax Petroleum (fka AXC)

[sneak-attack]

Seek, the two offshore assets were owned by Addax and Starcrest of which Starcrest holds about 25% in each block. However, Addax lost the blocks and now Starcrest is in control and the percentage of ownership is anyones guess.

Eland does not have to pay nay hydrocarbon taxes on the Oil from OML40 until the cost of revitalizing OML40 are recovered.

Starcrest holds 55% of the 45% of OML40.

The Nigerian Government holds 55% of OML40 with the balance of the 45% are as such 24.75% or 25% for Starcrest and 20.25% or 20% for Eland Oil.


Let's see what transpires going forward.

Just My opinion

Sneak