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Addax Petroleum Has Made Successful Appraisal and Development Wells in Etame Marin license Area

Source: www.gulfoilandgas.com 1/9/2009, Location: Africa

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Addax Petroleum Corporation announces the successful appraisal and development of the Ebouri field in the Etame Marin license area offshore Gabon. Addax Petroleum has a 31.36 per cent non-operated interest in the Etame Marin license area.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: “We are very pleased with the successful results from the recently drilled Ebouri and North Ebouri wells as this campaign has continued to demonstrate the high quality of the Etame Marin acreage. We are equally encouraged to continue our Gabon exploration program and we plan additional drilling of the Gamba sandstone trend in the Etame Marin field and in the adjacent Gryphon Marin license area.”

The Ebouri field was discovered in 2003 and is approximately 18 kilometres northwest of the Corporation’s producing Etame field in the Etame Marin license area. Two pilot holes were drilled with the Adriatic VI jack-up rig in the main area of the Ebouri field, one to the south of the original Ebouri discovery and a second to the northwest, approximately 100 metres from the lease line of the Gryphon Marin license area, in which the Corporation holds a 68.75 per cent operated interest. Both pilot holes were successful in delineating the Gamba sandstone formation above the oil water contact, thereby expanding the areal extent of the Ebouri field. A horizontal development well on the same orientation as the second pilot hole is currently being completed, with initial production expected in early 2009. The Adriatic VI will then drill another pilot hole in the southern portion of the Ebouri field before continuing the Corporation’s exploration program in the Gryphon Marin license area.

The North Ebouri appraisal well was drilled with the Pride Cabinda jack-up rig approximately 2.5 kilometres to the northeast of the Ebouri platform. The well encountered and successfully appraised a gross oil column of 21 feet in the Gamba formation. A deviated sidetrack well is currently being drilled to optimize the location for a potential second horizontal development well. The Pride Cabinda will then continue the Corporation’s exploration program in the Etame Marin license area with the planned drilling of two exploration wells, targeting two newly mapped structures in North Etame and Southeast Etame respectively.

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