Addax Petroleum (fka AXC)

[midtieroil]

No I blame ERHC. There are companies in the oil and gas industry who clearly have less technical abilitiy than others. When you consistently pick such partners you limit your chance of success. ERHC had competent partners in the JDZ but ended up with Sinopec and Addax instead. That resulted in 5 dry holes. Huge blunder letting those other companies walk. No way those original companies drill all those dry holes. Same thing goes for CEPSA. They, like SNP are primarily a refining company who dabbles in exploration.

Many still believe there is oil in the JDZ and in the Kenya block. Yet no oil was found. Why not? Lack of technical know how? The average success rate on exploration wells these days is about 1/3. ERHC is 0 for 6. Just bad luck? I don't think so. Maybe it's time to get someone who has a clue about where to drill instead of relying on dumb luck. Wouldn't you agree?