Replies to post #9100 on Addax Petroleum (fka AXC)

[kingpindg]

OK, thanks Krom. I am familiar...


with the document in your first post, have had it bookmarked since ERHC filed it.

If this is what sneak is basing his theory on, then I see nothing special about September other than it will be the start of the Second Additional Exploration Period, should CEPSA choose to continue. As I mentioned before, continuing would be both good and possibly not so good for ERHC since CEPSA's current known carry obligation has been fulfilled, leaving ERHC responsible for 45% of the cost of anything other than a possible appraisal well.

And any links to where CEPSA discusses delays in paperwork, etc., would still be appreciated.



.

[tryoty]

Confirmed by:

"4.1 paragraph iii:

Costs of the Appraisal Well

Provided that the Farmee decides at its own discretion, following its analysis and evaluation of the Exploratory Well or the 3D Acquisition, that sufficient hydrocarbons exist to justify:

(a) the declaration of a commercial project pursuant to the Contract; and

(b) the drilling of an appraisal well (the “Appraisal Well”),
the Farmee shall pay one hundred percent (100%) of the costs, expenses, expenditure and liabilities incurred by
the Parties for such Appraisal Well."