Addax Petroleum (fka AXC)

[Julius Erving]

Sneak...

As the Operator of Kenya block 11A, Cespa deemed the Exploration Well Non-Commercial even through ERHE had claimed two Hydrocarbon Discoveries with one in excess of 100 meters FACT.

A 66 million barrel discovery in and of itself is not a commercial discovery for a company the size of Cespa. With a 55% share of any discovery and 50% of thier cut going to the government, there was not enough money for a company the size of Cespa to be interested, thus the well is non-commercial FACT.

What are you talking about?

http://www.oilnewskenya.com/cepsa-erhc-hit-dry-well-at-kenyas-block-11a-tarach-1/

Earlier reports by OilNews Kenya that the Tarach-1 well in Block 11A was disappointing have now been confirmed with the commissioner for petroleum Martin Heya at the Ministry of Energy and Petroleum saying the Spanish explorer Compania Espanola de Petroleos (CEPSA)was a dry well.

Fact? Dry = d-r-y

Right?