Addax Petroleum (fka AXC)

[Julius Erving]

And there is another thing regarding drilling 11A:

ERHC PR: "The prospect is defined by four 2D seismic lines out of the 2014 survey."

The short movies says about 2D seismic: "The method is used today in frontier exploration areas to produce a general understanding of the regional geologic structure BEFORE either drilling or 3D seismic surveys are undertaken... It is a fairly basis and inexpensive survey method."

Now WHY would CEPSA refrain from doing either one of them, while it looks like they have a pretty conservative approach when it comes to exploratory drilling?

Why did CEPSA take a gamble here with even worse odds, and go immediately for drilling? I'm sure 3D seismic is pretty expensive, but certainly still a small percentage of real drilling expenses.

The Doc.