Addax Petroleum (fka AXC)

[oldoil]

There seems to continue to be a question about the value of ERHE's assets. I want to try to explain what my common sense is telling me here.
Kenya block 11A after 2D seismic testing determined there were 2 major drilling locations. The site drilled was estimated at around 600 million barrels. We learned from CESPA that managed that drilling campaign that the site drilled was thought to have a potential of 600 Million barrels (estimated on the low side we find) ERHE's % of the total estimate was 35%. Doing math on the formula normally used is thus:

600,000,000 X's 35% our share is 210,000,000 barrels.
the "Net Profit" for ERHE is normally $15.00-$20.00 per barrel..(more math)
210,000,000. X $15.00 = $3,150,000,000.
ERHE has approx. 3 Billion shares out. = $1.05 per share.
As a shareholder multiply your shares X's $1.03 and you have your minimum profit on that one drilling campaign ..
We're also told that approximately 18.8 % of drills are commercial.....In my case alone my profit would have been in the "outrageous " category .....

THAT my friends is why I continue to be a very supportive shareholder..

GO ERHE