Replies to post #15905 on Addax Petroleum (fka AXC)

[midtieroil]

Yes but unfortunately those were only oil shows and no reservoir containing oil was present. That is why it was a dry hole.

Almost every well ever drilled has oil shows. So what? CEPSA evaluated the entire block after the dry hole was drilled and, after spending millions setting up a company in Kenya and drilling one well, they abandoned the block.

That tells me everything I need to know. Also, 2 years after drilling the dry hole ERHC does not have another partner. Why not?

And finally, I have concerns about whether ERHC still controls the block since the exploration period has expired, no extension has been announced, ERHC is in default to CEPSA for $10 million for the last well, and ERHC has not met the requirements of the next exploration nor is there any indication that ERHC has paid Kenya the annual amounts required under the PSC.

In other words, the whole thing is a big mess.