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Addax Petroleum Announces Update to Appraisal and Development Program at Taq Taq

Source: www.gulfoilandgas.com 11/6/2008, Location: Middle East

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Addax Petroleum Corporation today announces the successful appraisal of the Eocene Pila Spi formation in the Taq Taq field with the TT-11 appraisal and development well. The TT-11 well was recently drilled by Taq Taq Operating Company, the joint venture company formed by Genel Enerji A.S. and Addax Petroleum to carry out petroleum operations in the Taq Taq license area.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "We are encouraged with the successful results from our first appraisal of the Tertiary aged Pila Spi formation in the Taq Taq field. We believe that the TT-11 well has demonstrated that the Pila Spi formation is a viable reservoir substantiating further appraisal activity. Pending additional appraisal work on the Pila Spi formation, Addax Petroleum is looking to develop this part of the Taq Taq field primarily to supply demand from the local markets in the Kurdistan Region of Iraq."

The TT-11 well was planned as a dedicated Tertiary appraisal and development well with the primary target as the Eocene Pila Spi formation at a total depth of approximately 1,000 metres. The TT-11 well encountered a gross oil column of 52 metres in the Pila Spi formation and was flow tested at 470 bbl/d of 23° API oil with no water. The flow test was restricted by a 1/2" choke size. Subsequent analysis by the Corporation has demonstrated that the TT-11 well has a high productivity index due to the fractured nature of the Pila Spi formation, which should enable flow rates to be increased substantially with artificial lift. Two secondary Tertiary targets, the Khurmala and Sinjar formations, encountered minor oil shows and were confirmed to be water bearing.

The TT-11 well is the second dedicated Pila Spi well in the Taq Taq field. The first is the TT-02 production well, which was drilled, in the late 1970’s. The TT-11 well is located 1.2 kilometers north-northwest of TT-02, was spaded by the IRI-900 drilling rig in early September 2008 and reached total depth of 1,000 meters in early October 2008. The oil gravity from the TT-11 flow test is the same as is seen in the TT-02 well and the oil water contact was the same as had been established in the TT-02 well.

The Corporation’s appraisal work at the Taq Taq field continues with current drilling of the TT-10 appraisal well, which is targeting the previously tested Cretaceous reservoirs: Shiranish, Kometan and Qamcheuqa. The TT-10 well was spaded with the Kurdistan-1 rig in late August and is expected to reach total depth of approximately 2,500 metres in November 2008. After testing the TT-10 well, the Corporation plans to move the Kurdistan-1 rig to drill the Kewa Chirmila exploration well in the Taq Taq license area.

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