Addax Petroleum (fka AXC)

[sneak-attack]

King, I am sorry for not responding sooner, but I am restricted to one post a day.

The well's final cost was $25 million and ERHE'S share is limited to 35% of that cost so that cost should be $8,750,000.00

The cost ERHE reported was $873,089.00 more than they were obligated to pay.

What is the source of this over charge?

Did ERHE pay for and appraisal of this well or an analytical review of the results or was the cost related to prepaid interest on the Well's cost while ERHE looks to farm out some of their remaining interest?

This well may not be a "Commercial Well" for a company the size of CESPA, but for Eland Oil, Starcrest and ERHE, it could be a Bonanza or Welcomed Opportunity.

As most know, reworking and producing oil from a shut-in well is not as difficult as Finding New Hydrocarbons to replace what you are depleting from your proven reserved is very difficult.

Just My Opinion, I could be Wrong!

Just food for thought.

Sneak