Addax Petroleum (fka AXC)

[Julius Erving]

Tomorrow is day 120 after spudding.

*There is nothing found
*There is nothing to study
*There is nothing to negotiate
*There is just a simple dry and abandoned well
*Peter doesn't care about us
*Peter is afraid of us
*Peter is afraid of SEO
*Peter took a big gamble on Tarach-1
*Peter is on a holiday
*CEPSA does not allow Peter to disclose information
*CEPSA knows that one dry exploratory well can kill hopes for the other 10 drillable prospects.
*CEPSA knows that 1 basin with one dry well, can kill hopes for the neighbouring basin too.
*CEPSA said upfront that one dry exploration well would let them lose appetite for Kenya altogether
*CEPSA two weeks later said, that if oil was found, they would drill the next well
*The PR guy is still on a looong vacation.
*Peter loves to aggravate the for him so important Ihub folks.
*Peter doesn't care about his shares in ERHC

On another note:

I contacted the editor of OilNewsKenya, and I asked him WTF ERHC is doing these months?

This is what he said:

Hi,
First the biggest hurdle is that CEPSA the operator is not a listed company and thus has no obligation to make a public announcement. Secondly negotiations must be ongoing because as I understand ERHC cannot carry a well alone due to its financial condition and rumor is that the Egole well that was to follow is not still in the plans by CEPSA.
Editor

Then I cornered him with some logic and common sense. I asked what is there to negotiate if CEPSA isn't going to drill again, because the first well was dry and abandoned...

He answered:

Doc,
Currently honestly I have no clue what is going on, mere speculation.
Editor

We can only conclude that there is negotiations/talks going on, whether or not Tarach-1 is dry and abandoned or not.

I don't think that CEPSA is leading ERHC by the '*ick'. I think they have better things to do.

On another, another note: why would CEPSA only be willing (as claimed upfront) to drill just one unsuccessful well... as if they do not grasp the concept of exploratory drilling, as if they don't have the money.

Maybe there is a third party involved here, since investments are about to ramp up very quickly over the coming period, as the news articles posted here showed?

The Doctor.