Addax Petroleum (fka AXC)

[nordicroots]

I am not saying that your interpretation is incorrect, but in any event I would suggest that absent any real confirmation of a lot of critical information, it is difficult to make good determinations and in turn rational decisions.

Consider if you will, the definition of the term "dry hole" from the Schlumberger oilfield glossary (http://www.glossary.oilfield.slb.com/Terms/d/dry_hole.aspx)

dry hole
English | Español
1. n. [Drilling]
A wellbore that has not encountered hydrocarbons in economically producible quantities. Most wells contain salt water in some zones. In addition, the wellbore usually encounters small amounts of crude oil and natural gas. Whether the well is a "duster" depends on many factors of the economic equation, including proximity to transport and processing infrastructures, local market conditions, expected completion costs, tax and investment recovery conditions of the jurisdiction and projected oil and gas prices during the productive life of the well.
See: crude oil, duster, hydrocarbon, natural gas

We are still just working with innuendo and rumor, we have not been briefed on the outcome of the drilling at all. The fact is that we really don't know enough information to make a thorough assessment of all these factors (and this is key with respect to what is noted in the definition above) and based on what information we currently have - none of us seem to be in a position to accurately assess the outcome as to whether there were hydrocarbons encountered in economically producible quantities, nor whether logging information while drilling yields sufficient information to entice CEPSA to continue their exploration per the agreement. I think everyone agrees that our management team owes us a PR with some useful information so the shareholders are enlightened on information that is obviously material.