Addax Petroleum (fka AXC)

[Julius Erving]

Old oil,

(...)the entire block (12 leads) is 660 M B.

Not 12 'leads', but 12 drillable prospects

A significant amount of geological, structural and seismic investigation must first be completed to redefine the potential hydrocarbon drill location from a lead to a prospect.

Will CEPSA let them ELEVEN remaining drillable prospects all go, just based on the outcome of what they found in Tarach-1? (The rich government of Abu Dhabi OWNS CEPSA...)

Of course not!

And then there is that other BASIN in our block... Can Tarach-1 tell them anything on what is, or could be, present in the ANAM basin?

Of course not!

They are over TWICE the time it took for TAIPAN to announce their 'classic' dry hole in KENYA... do you think CEPSA/ERHE is just on a holiday break?

Of course not!

Was it just a rumour that CEPSA wanted to get a foot into Kenya, but now are scared of by a (virtual) dry hole, while they are, more than us, familiar with the concepts of exploratory drilling?

Of course not!

Is there ANY explanation/reason thinkable that the announcement of a simple 'classic' dry hole in Kenya, after TAIPAN's announcement in that same country, in the case of ERHC/CEPSA could take TWICE as long (and counting...)?

Of course not!

Is all the above pure 'spin'?

Of course not!

Are there negotiations/deliberations/studies going on as we speak, regarding what they encountered while drilling, what they will do next, or even regarding a possible takeover, and is ERHC therefor still "NOT IN THE POSITION" to disclose any results... or are both companies currently just 'playing with themselves', just to aggravate the few pie in the sky thinkers on a meaningless 'investor-board' somewhere on the internet?

Of course not!

If the (virtual) dry hole is nothing more than a dry hole, and CEPSA already decided they will NOT continue with phase III, like they said before spudding the well, and ERHC therefore also will not be taken over by CEPSA (because there is no interest anymore, not even in the other basin ANAM and the other 11 drillable prospects)... if all that...

THEN WHAT ARE THEY TALKING ABOUT RIGHT NOW!?!

Or maybe they are not talking right now, they're just waiting for the PR guy to return from his holiday...

The Doctor (of common sense).