Addax Petroleum (fka AXC)

[Strategyone]

Johnnie,

I think you are very close to what ERHE/PN/SEO want. I strongly feel that this is the underlying reason for the shells. They need to move the assets that are far down the road from drilling (EEZ, JDZ, CHAD) into another company because there is little to NO value being given to those now. At the same time, they need to do this legally to provide intrinsic future value to current shareholders. Then they can essentially sell the "value" of the Kenya holding and retain some future stake in the remaining entity. I just don't know which way they will do this.

It is likely (IMHO) that they try to move the future assets into the new shells as they are on the Canadian exchange which kills two birds with one stone. Then they can sell the ERHE company to CEPSA.

Keep in mind, Peter basically suggested the sell out before drilling a couple years back so this is not out of the realistic realm of possibilities.