Addax Petroleum (fka AXC)

[Krombacher]

Elcrest which is the joint venture between Eland and Starcrest also has OML 17 (see page 139). They have already done 1 year of OML 17, which would be 2019... given the period covered by the Seplat report you posted.

So by now that's 2 years of OML 17.

So maybe Elcrest sends revenues from OML 17 to Starcrest which then sends some revenue over to Erhc... which then has allowed Erhc to get two PPP loans.

Krombacher