Addax Petroleum (fka AXC)

[Julius Erving]

Parker,

As long as you realize that if we had a dry hole, and CEPSA (as earlier announced by them, according to 'OilNewsKenya' that is) refused to continue in the Kenya block 11A basins...

you would have known the results by now.

So either:

*it is a dry hole a la TAIPAN's one, but CEPSA still wants to continue exploration in one or even both basins

or

*it is a non commercial oil find and the (financial) path going further is being discussed with block owner ERHC.

or

* something somewhere in between

So it looks like CEPSA will follow TULLOW's path:

"British energy group, Tullow Oil has confirmed it will start exploring for oil in Kenya next year March, following President Uhuru Kenyatta’s directive to expedite action.

The Chief Operating Officer of Tullow Oil, Paul McDade released the information during a briefing to President Kenyatta at the State House."

http://africa.tvcnews.tv/2016/08/30/tullow-oil-commence-exploration-kenya-next-march/#.V9T5mOQkpX8

Strangely enough still no other media have followed up on ERHC's dry hole result, despite, according to OilNewsKenya again, the confirmation by the commissioner for petroleum Martin Heya at the Ministry of Energy and Petroleum...

And remember:

"Keep in mind the TARACH basin is only about 60% of the potential oil producing area in Block 11A and there is another basin with the other 40%. This other basin's 2D has not been made public. The point being sneak's find of a partnership basis between CEPSA and COSMOS might be a built in for cooperation by those two companies of spreading the risk and cost of the development of BLOCK 11A. That could be especially true if CEPSA decides to buy ERHC."

The Doc.