Addax Petroleum (fka AXC)

[seek the light]

My opinion. CEPAS is in and will stay in block 11A, but I do not believe it will be announced as early as Tuesday. They do not need an extension as there is plenty of time in phase 2 to do a small 3D on the most favored target and to also drill. That is what Taipan is doing in Block 2B.

Kenya probably has already been notified of ERHC and CEPAS intent but it may not be announced until it is officially accepted. ERHC/CEPAS has to relinquish 25% of the block acreage and that process probably has to be checked and accepted by Kenya.

I expect the announcement sometime in Sept. The above is probably the reason for the requirement of notification a month before the end of the Phase 1 period.

I also think the partnership may be expanded.