Addax Petroleum (fka AXC)

[farrell90]

I agree having SEO's and Blair's companies Eland or Elcrest trade assets with ERHC would tie together a lot of loose ends.

From post 273321 ERHC board 5/3/2013

I also expect SEO will have a role ,but the best opportunity for SEO to personally increase his ownership in ERHC has past.{with the closing of the rights offering} The next option for SEO will be for one of his closely held companies Chrome, Starcrest or Elcrest to make a direct investment or partner with ERHC.

My best guess is Elcrest. Eland's AIM listing should give them access to capital. That would also explain Blair's resignation from ERHCs BOD...

It is inconceivable that ERHC's officers did not know SEO was not going to participate in the stock offering. May be raising money was a secondary objective. Perhaps the real goal was to defer criticism or even litigation to legally pave the way for a larger event such as a takeover.