Addax Petroleum (fka AXC)

[ssc]

The "serious calculations" you cite are a good start, but they leave out a couple of important factors that if included might have given them some credibility:

The additional wells and exploration/development costs that will be needed to achieve that $15/barrel valuation.

The amount of additional dilution that will be required if ERHC is to stay in the game.

Much more realistic to use a minimum of 200 or 300 million shares and lower that $15/barrel closer to $10.

Obviously we can argue about which arguments are closer to reality, but fortunately there is one and only one impartial judge whose views are indisputable. Of course that judge is the market cap and resulting share price. For years now it has ruled that my views have been correct. Feel free to let everyone know when that changes. But for now celebrate and enjoy drilling and the resulting 8 cent share price.