Addax Petroleum (fka AXC)

[midtieroil]

False. ERHC was on the joint committee that made every decision about each of the 6 dry holes that were drilled.

False ERHC has no lucrative properties because none of them have produced any commercial oil. Only 6 dry holes. Calling
blocks with nothing but dry holes lucrative is a stretch at best.

The MOU with Starcrest was for 180 days and expired in October with no deal being reached. An extension was never reported by anybody.

Where did you come up with 3 billion bbls? ERHC has zero bbls of reserves and have not even put out any resource estimates on any of their properties in years.

Actually the status of blocks 5 and 6 in the JDZ has been up in the air for years and blocks 2,3 and 4 resulted in 5 dry holes with no new partners in 7 years of trying.

Block 4 of the EEZ is currently entangled in a lawsuit with Kosmos. So that is up in the air too. Also ERHC cannot claim their 15% in any EEZ block that already has a PSC. Unfortunately ERHC already missed out on getting their 15% in some of the best EEZ blocks. Asleep at the wheel?

So, things don't look so rosy when we look at all the facts. I wish it was different. But it isn't.