Addax Petroleum (fka AXC)

[Julius Erving]

Just a nice hindsight:


We are discussing opportunities with several likely partners. The industry has been excited about Kenya since Tullow discovered oil there last year. I would say we have two, big international companies that have shown the most interest. Many juniors have also expressed interest. None of their proposals are yet up to the minimum we expect but we continue to discuss.

In the meantime, we are planning to go it alone until such time as we get proposals that we think are in the best interests of our shareholders. As you know, we are currently running a rights issue which we hope will give us sufficient money to start exploration ourselves even if we don’t have a partner at the time we start.

It is always good to share risk (and cost) by getting in partners. We will continue with those discussions but will not delay our work program because of them.

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