Addax Petroleum (fka AXC)

[midtieroil]

Actually, ERHC first said they were in arbitration in blocks 5 and 6. Then ERHC said they had dropped arbritration in hopes of working something out.

My current feeling is that Oranto really wanted into Block 5 and didn't want into Block 2. So they took all of Block 5 and threw ERHC a bone in Block 2 to avoid any issues. ERHC was desperate to do a deal anywhere so they got a deal in Block 2 and gave away Block 5.

If we find out that ERHC ended up with none of Block 5 and no significant carries in Block 2 we will know that Ntephe got duped yet again. That is what I am expecting.

If ERHC retains an interest in Block 5 and an interest in Block 2 along with some sort of carry in both, they made a decent deal. Otherwise Ntephe got schooled again.