Replies to post #9472 on Addax Petroleum (fka AXC)

[ssc]

Your opinion could prove to be spot on and CEPSA might move forward and drill several additional exploratory wells, might even find a lot of oil down the road. That would be good news for CEPSA, but how will ERHC survive until that day might come with no cash and no carries?

They already issued enough new toxic debt for 5 million+ new shares come September and that only brought in $95,000. With the IRS lien to address, the uncarried part of the first well to pay for, PN and SO salaries, required spending on Chad, and other overhead, how much additional dilution will shareholders suffer to raise the additional millions of dollars needed by the time your scenario might pan out? Or will bankruptcy write an early ending to the story?

[Gremlin9999]

When do they have to commit to phase 3?

[Julius Erving]

I hear you, but:

Then why did CEPSA say upfront that if Tarach-1 would end up 'dry' (or unsuccessful, or whatever they said), they would not continue drilling...(!)

Let us not forget, this is an Exploration Well first and foremost. In the absence of 3D imagery, the knowledge gained from this well may go a long way in helping them deliver better results going forward.

[Julius Erving]

Sneak,

I doubt that TAIPAN drilled a 20" hole to start with and set 7" casing in a "dry" hole.

I never got that story. Tell me in laymans terms what it really means if they drilled a 20" hole, and if it is really exceptional?

I only have 20" rims on my car... eheheh.

[Julius Erving]

Good read again:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124223443

When needs phase 3 be announced?

Remember, according to OilNewsKenya the results are confirmed with the commissioner for petroleum Martin Heya at the Ministry of Energy and Petroleum... but still no news about it in the media.

We are at day 176, at least! The article about Martin Heya is from september 1, more than 3 weeks old. Nowhere confirmed, still.