From the 8K:
On March 14, 2006, a subsidiary of the Company, Addax, and several other oil and gas companies (collectively, the "Contractor") entered into an exclusive production sharing contract with the Nigeria-Sao Tome and Principe Joint Development Authority ("JDA") to conduct petroleum operations in Block 4 of the JDZ, where Addax serves as operator.
The Company contracted with the other operators
but "a subsidiary of the Company" contracted with the JDA.
The same was done in blocks 2 and 3.
During the quarter ended March 31, 2005, the Company formed a Cayman Islands subsidiary. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary after elimination of all significant intercompany accounts and transactions.
Ralph