Replies to post #11127 on Addax Petroleum (fka AXC)

[midtieroil]

Or what about this possibility.

Does this describe ERHC'S situation?

1. Any Party that fails to pay when due its share of joint account charges (including cash calls and interest), or provide when due and maintain any security required of such Party under the Contract or the JOA, or perform its indemnity obligations under the JOA, shall be in default.

If so, is ERHC subject to this possible remedy?

5. If a Defaulting Party fails to fully remedy all its defaults by the thirtieth (30th) Day of the Default Period, then, without prejudice to any other rights available to each non-defaulting Party to recover its portion of the Total Amount in Default, at any time afterwards until the Defaulting Party has cured its defaults any non-defaulting Party shall have the option, exercisable in its discretion at any time, to require that the Defaulting Party offer to completely withdraw from the JOA and assign all of its Participating Interest.

This is directly from the Joint Operating Agreement (JOA) found here.

https://www.sec.gov/Archives/edgar/data/799235/000114036114015944/ex10_1.htm