Addax Petroleum (fka AXC)

[seek the light]

The first well will not prove the other 12 possible drilling locations. I am saying we would have proven if the first well came in, but it would only be for whatever was found in that well. The others would still be in the unproven category. Say 20 million barrels proven [ERHC SHARE] and 600 million unproven in the others or about 180 million barrels unproven ERHC share. I think the figures you have been touting are valuing oil proven or unproven at more than the market at the present time.

I would use say $9/barrel proven. Example from above would then be $180 million from proven and $ 90 million for unproven for a total of $270 million in Kenya. Then you have the other 40% of the block 11A in Kenya plus maybe 600 million unproven in two locations in Chad worth $300 plus millionJDZ and EEZ.

So i am at $570 million for the onshore holdings if the Tarach 1 finds oil.

So what is your problem?????