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Addax Petroleum Announces Production Milestone in Nigeria

Source: www.gulfoilandgas.com 7/7/2008, Location: Africa

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Addax Petroleum Corporation announced that the historic milestone of 200 million barrels of oil production from the Addax Petroleum operated Oil Mining Lease (“OML”) 123 offshore Nigeria has been achieved. OML123 is located in the shallow water offshore in the Niger Delta Basin, one of the most prolific petroleum basins in the world.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "I am extremely proud of this recent accomplishment given Addax Petroleum acquired OML123 in 1998 with a fraction of the reserves we have there today. Achieving this 200 million barrel production milestone, along with celebrating 10 successful years of operating in Nigeria, highlights the quality of our Nigerian assets and our track record of delivering results that enhance shareholder value. We believe that OML123 will continue to be a major production hub for us in the coming years, given the new fields we will be bringing on stream and the substantial exploration potential still contained within the block as demonstrated by our plans to drill up to 6 exploration wells by the end of Q1 2009.”

The OML123 license area covers approximately 90,700 acres (367 km2) and is located offshore approximately 60 km south of the town of Calabar in the south-eastern part of Nigeria. As at December 31, 2007, Netherland, Sewell & Associates Inc. (“NSAI”) estimates the Corporation’s gross proved plus probable reserves for OML123 to be 161.4 MMbbl and gross proved plus probable plus possible reserved to be 220.6 MMbbl. In addition, as at December 31, 2007, NSAI estimates the Corporation’s best estimate contingent resources for OML123 for gas to be 999.9 Bcf and for associated liquids to be 27.9 MMbbl, and gross best estimate unrisked prospective oil resources for identified prospects on OML123 to be 401.2 MMbbl (110.3 MMbbl risked). Addax Petroleum is currently producing just under 60Mbbl/d from 51 wells in 7 producing fields.

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