Addax Petroleum (fka AXC)

[sneak-attack]

As most here may already know, according to early press reports, the Kenya 11A well was to cost $20.5 million and the final cost was reported to be $25 million. I have been searching the source of this increase in cost.

ERHE has reported that the well has cost them $9,623,089.00 which if correct then tells a different story as ERHE was responsible for Only 35% of the wells cost, so if ERHE’s cost is correct, then the well’s cost should be $27,465,540.00 which is an entirely different number. So again, what is the source of the increased in the well’s cost?

I have enclosed a link to the Cespa and ERHE agreement for your review and you will not have to rely on unfounded opinions.

when you open the link, scroll down to the (3) separate links that concern Cespa, ERHE and the Government of Kenya.

http://extractives-baraza.com/resources/legal-corner/publicly-available-east-african-oil,-gas-and-mining-agreements

Just Food For Thought!

Sneak