Addax Petroleum (fka AXC)

[sneak-attack]

Minnesinger: Tullow is in the distribution (downstream) business with its gas sales. I do not know if somehow that would qualify them as Intergraded, but ERHE is operating in Africa and the official definition of a term does get fuzzy.

However they at present do not engage in oil refinement. One only has to look at Uganda to realize what the stumbling block is to the 1.8 billion barrels of oil they have discovered, It is oil refinement. Almost all of the governments of Africa that do not engage in oil refinement are now demanding that some of the oil that is extracted from their land be refined at home. They want Tullow and it partners to build a $1.5 billion dollar oil refinery for domestic consumption and regional distribution.

Nothing in Africa is as it Seems, including some press releases and official spokesperson statements (dancing around the issues).

So if the analogy of Intergraded as explained by Danny Boy is correct, then Tullow in most peoples eyes would not qualify and should be considered a long shot at best for the race for a viable partner before money and stock options run out.

JMO
Sneak