Ann: Half Yearly Report and Accounts, page-5

Hedrox, eshmun calculation of 40% comes on the premise that AOP sold 80% of Cote d'Ivoire to ERX for 90M shares in ERX which they currently retain. 90M shares represent 19.4% of ERX's issued shares. So they in effect retain 20% (100% less 80% sold) plus 19.4% of the issued shares of ERX.

This situation may very well change as a result of AOP's General Meeting proposing to transfer the actual 90M shares to the AOP shareholders. If the motion is passed AOP will no longer hold any ERX's shares but still hold 20% of the leases sold!

I am an ERX holder but not an AOP holder

regards Jeff