Addax Petroleum (fka AXC)

[Julius Erving]

In essence, the market hates the dreaded reverse split because it imparts ZERO discipline in refraining from printing shares. The A/S effectively caps what can be printed...but an R/S circumvents that cap.

This is applicable for *normal* companies. ERHC is so far down with an unrealistic share price that the near fact of a R/S will do not much additional damage imo.

Also: in the presentation Peter said that a R/S would be an option, if another big player wants to come in, so trading is more 'easy'.

So he did link the R/S to a certain scenario.

No other options at this point to get money?

Do not forget that although CEPSA did not show any interest publicly, for THEM it is an EXTREME cheap way to increase their block 11A percentage.

There still is a lot of intrinsic value. (Remember: pre glut oil 15 cents on a Kenya block announcement alone).