Addax Petroleum (fka AXC)

[Krombacher]

you said:

"ERHE would like to sell off its entire Deepwater Portfolio which include All of the JDZ and EEZ rights along with (2) Deepwater blocks in Nigerian waters thanks to the Starcrest MOU"

Does Kosmos realize that with ERHC trading at $.0003...the entire company could be bought for $900,000.00?

That's not even 0.2% of their $500 million valuation of ERHC's block in the EEZ.

They probably do realize that...but they also realize that if they attempted to buy ERHC on the open market ... Offor and a small group of shareholders aren't about to sell for $.0003...Kosmos will have to buy the remaining float of about 300 million shares...which gets it nothing.

So the question becomes just how much would Kosmos and its partners and/or Total be willing to pay for ERHC?

$500 million values ERHC at about $.17 a share. That's not including all the other properties or any deal out of starcrest. But it's also not including ERHC's liabilities...which probably vaporized.

Krombacher