Addax Petroleum (fka AXC)

[midtieroil]

Actually the MOU expired and there are no reports of any continuing negotiations between Starcrest and ERHC. To make matters worse nobody has seen or heard from Peter Ntephe since his last shareholder update in April. That was over 7 months ago.

An if that isn't bad enough there are reports that both ERHCs Kenya block and their EEZ block could be gone.

The EEZ block is in arbitration with Kosmos and there is no indication of how long or how much money it will take to resolve that dispute.

And in the Kenya block, the operator walked, ERHC still owes them 10 million, the exploration period has expired and there are no reports that it has been renewed.

Hopefully we will get some answers in the 10K due to be filed on December 29th. But it is uncertain if it will be filed at all, and if it is there is no guarantee that timely disclosures of what is really happening will be included.

That sums up the ERHC situation as I see it. Has anybody seen or heard from Ntephe in the last 7 months? Nobody seems to know where he is or why he disappeared.