Great new ERHC Site !!! - again interesting the timing of all these events CC / SEO Leaving / settling of lawsuits / New BL 4 interests [see below Addax confirms] and now revised ERHC Web site..
ADD it up - could be nothing or could be everything ?
Response from Addax IR....
The only item which they have missed is that Addax Petroleum's interest in JDZ BL 4 if and when we receive the transfer would be 45.5% - and not 40.5%.
Their number of 40.5% is missing the 5% that we acquired from Overt Ventures Ltd. in April 2006 (ie: currently have an interest of 38.3%).
Timing for the deepwater rig (as discussed on the call) is now Q4 2008. And the 5 firm / 5 option slots is correct.
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Requested from Addax IR...
Please confirm the current JDZ BL 4 position as variously amended
From a recent ERHC filing on 8/9/2007
it appears Addax may improve their position on JDZ BL 4 perhaps by as much as 7.2%
On March 15, 2006, an agreement to assign 9% in Block 4 to Godsonic was entered into between ERHC and Godsonic subject to Godsonic meeting stipulated financial and other conditions. By a further Amendment made on April 11, 2006 to the Participation Agreement, ERHC and Addax provisionally agreed that if Godsonic did not meet the obligations on the 9% interest to be transferred to Godsonic and was foreclosed from all claims to the 9% interest, ERHC would transfer 7.2% out of the 9% interest to Addax so that Addax’s participating interest would be 40.5% in aggregate and ERHC’s participating interest would be 19.5% in aggregate. See Note 7.
Under the Participation Agreement between ERHC and Addax, as variously amended, Addax will serve as operator and pay all of ERHC’s future costs in respect of all petroleum operations in Block 4. Addax is entitled to 100% of ERHC’s share of oil production until Addax recovers ERHC’s costs.
