Replies to post #8110 on Addax Petroleum (fka AXC)

[ssc]

The company did an incredible job staying in business long enough to participate in a well actually being drilled. Even though PN and SO destroyed almost all shareholder value in the process, at least ERHC still exists and those with 5 cent shares have a chance to profit. If oil is found, the stock has a chance of retesting the bogus big jane/kaboom rumor high of .43; depending on how much oil maybe even surpassing it. That's about as positive as I can get considering the balance sheet, unknown share structure and large amounts of cash ERHC will need to stay in the game beyond this first well. Even .20 would be a huge gain from current levels and should please a lot of people. Hell, at that price even PN and SO could begin to dream about seeing some green on their insider trades. How's that for being positive?

Sorry I can't jump on the $14 or $50/share bandwagon, but to be clear, higher prices are not a given by any stretch of the imagination. Just look at the $3,000 worth of volume today and 8 cent share price even after the drilling news has been disseminated. Lots of weight hanging around the neck of ERHC.

[farrell90]

I agree the rumor is disconcerting, but we have received no official confirmation from Cepsa or ERHC.

It is important to keep it in perspective. Even if it is true the drilling is postponed it could be for many reasons, even a scheduling conflict. The second well at Egole was to be considered, but never promised or definitively scheduled; "may follow" was the exact quote.

A source from Oil News Kenya does not have the same credibility as the Wall Street Journal.

From your post

"Oil News Kenya has further learnt from a source that the planned second exploratory well , the Egole-1 a four-way rollover closure onto a Northwest – Southeast trending fault plain with mean prospective resources of 101 million barrels of oil has been postponed indefinitely. Egole-1 had earlier been planned to follow shortly thereafter."

GLTA Farrell

[seek the light]

GREMLIN9999.... See my post regarding my thoughts about second well!