Replies to post #125576 on ERHC Energy Inc (ERHE)

[tryoty]

"Addax is placing it's entire company's future in this"

This point can't be emphasized strongly enough. This 10 well drilling campaign is an order of magnitude larger than anything that Addax has ever done. This is deep water, not on land. In this game you add up the number of mistakes and then add eight zero's to realize how much damage was done.

Addax signed the PSC's just over two years ago. In the year and a half after that they shot new 3D seismic, interpreted that seismic, picked drilling locations (one made public), designed the drilling approach for each, calculated the materials list for each (Kina first), and finally... place the orders for long lead items needed for Kina. They also contracted a rig nobody knew existed, the dilapidated Peregrine III, while it was being updated to a rig capable of these water depths.

They did all this in a year and a half. Not bad considering that the success or failure of this campaign could very well be the success or failure of Addax. They've got all their marbles in the game here, and they are performing flawlessly to date. Let's hope that continues into drilling and beyond.

[Nightdaytrader]

Walldog0, it's only an agressive schedule if they do it. Right now, it's just talk.

Just like when Addax said in their 3/07 press release that drilling could occur as early as 2nd quarter 2008. That was just talk. They knew it was impossible because the drillship had to be refurbished, then it had a 2 mnth trip to GOG, then it had to go to Kosmos Energy.

How could Addax, in March 2007 say, drilling as early as 2nd Quarter 2008. Then, in Oct 2007, say that we probably won't get the AA till June 2009? That is potentially a 1.5 yr slip and they didn't know about it before - LOL.

For a 2.5 yr project, to potentially slip 1.5 yrs is terrible. What's worst, is the management not being honest and stating this upfront, when they obviously knew. Anybody who has ever managed a real project knows this. Of course, I doubt you've ever managed a real mult-million dollar project.

ND9

PS - You saying I'm off the mark is funny. Of course, if I was a flip-flopper like you, I'd be right all the time because I would be on both sides over every issue.