Replies to post #14025 on Addax Petroleum (fka AXC)

[midtieroil]

If 11A could hold 1 billion bbls of oil give me a single reason why CEPSA would have walked out after spending 10s of millions of dollars in the block. Not only that, according to the net operating agreement between CEPSA and ERHC,CEPSA could have taken the entire block in partial payment of the $10 million that ERHC still owes them. Instead they walked.

CEPSA, as operator, has more knowledge of that block than anyone on the face of the earth and they don't want it. And from what I hear neither does anyone else. Also, it is one of the least prospective and has some of the biggest security concerns of any block in Kenya.

Right now there are multiple blocks available in Kenya from other companies that have walked. It seems nobody wants those either. And there is NO verification from Kenya or ERHC that 11A has been retained after ERHC failed to live up to any of their contractual obligations.

So anyone pinning their ERHC hopes on Block 11A in Kenya should think twice. Do your own DD and I am sure you will find what I said to be true. If anyone can prove differently, please do so.

[Pml3000]

And erhe is stuck at .0002. Riiiight. LOFL

[Pml3000]

What do you say about the default judgement against erhe? Does it even matter to you? What’s your take on it?

[emdyal]

One big question, of course, is what companies are working hard to get their hands on these ERHC assets and who is on the payroll and working 12 hours a day to deride ERHC in order to ensure that the company loses control of these assets ????