Addax Petroleum (fka AXC)

[sneak-attack]

To state that an appraisal well is required if the first exploration well is drilled and found to have commerical quanities is totally misleading as the contract was written long before any drilling sites were known.

The fact that the first well drilled expect to find just 66 million barrels is hardly of commercial quanities. It was an Exploration Well to grasp a better knowledge and understanding of the area to be explored, plain and simple.

Sneak