ERHC Energy Inc (ERHE)

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addax capex
estimated 2008 exploration and appraisal capital expenditures
amount to $302 million, resulting in four discoveries to date in
2008 (44 per cent success rate) and the pursuit of extensive
seismic programs to build the Corporation's resources base.
Expenditures are split $145 million in Nigeria (excluding the
deepwater license areas) and Cameroon, $51 million in the
deepwater Gulf of Guinea and the JDZ, $50 million in Gabon and $56
million for the highly successful appraisal of Taq Taq.
Addax Petroleum's capital expenditure budget for 2009 totals $1,600 million. The Corporation expects to fund this capital budget from internally generated cash flow plus the receipt in early 2009 of certain expected year-end working capital items based on an estimated $60 per barrel Brent oil price together with the 2009 production guidance.