Addax Petroleum (fka AXC)

[midtieroil]

I think you are confused about Tarach. That prospect actually had an unrisked resource estimate of 66 million bbls. But the actual amount determined to be there was ZERO. After that dry hole CEPSA apparently believed the entire block had ZERO commercial oil so they bailed out of the block and the country and never looked back.

So let's see. 0 x 35% is 0. Then multiplying 0 by $15 is 0. With 3 billion shares outstanding the share price would be 0. And, at it's current share price of .0003, it is already very near that valuation.

That is why I no longer believe ERHC is a good investment.