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Addax Announces First Oil on Okwori Project

Source: 4/7/2005, Location: Africa

Addax Petroleum is delighted to announce first oil on the Okwori Project. The first Oil on this important and complex project is flowing only eight months after spudding the first development well. This is the first green-field development for the Company and represents a significant change in the evolution of Addax Petroleum. Also, this is one of the first subsea developments in Nigeria to use the latest selective well completion technology. Production levels are expected to reach 25,000 barrels per day before the end of the year and the Company intends to continue exploration and appraisal activity in and around the field to further increase production and extend field life.

Jean Claude Gandur, CEO of Addax Petroleum, made the following comment:
“This project is a fantastic achievement for our Company and continues our impressive track record of aggressive growth in Nigeria. I want to thank all who contributed to this process, especially our Project Team whom I know worked tirelessly to keep this Project on schedule. I also want to thank our partners in NNPC (Nigerian National Petroleum Corporation) who have given us full support in reaching this goal. This success has also been achieved through a collaborative process with our sub-contractors and I thank them also for their effort. I believe that Addax Petroleum is one of the few Companies which could have delivered this Field under such challenging circumstances and such a tight schedule. Addax continues to look for such challenges and growth opportunities now and in the future. Hard work, the use of advanced technology and the integrated support of everybody's skills brought this Project to fruition. We believe this is just the beginning for Okwori and an important corporate step towards similar developments in the future.”

The Okwori Field
The Okwori field is located in 440 ft water depth offshore Nigeria in OPL-90, some 90 kilometres south of Port Harcourt. It was discovered in 1972 and appraised between 1973 and 1996, and Addax has succeeded where other previous operators have failed in bringing this challenging field on stream. After taking over operatorship in 1998, Addax engaged in detailed studies that resulted in the submission of the Field Development Plan in November 2001, for which approval was received in July 2002.

Although the field exhibits favourable reservoir and oil properties, the stacked nature of the oil bearing sands and the high degree of compartmentalization requires production from different fault-dip closures to be commingled to make the development commercial. The main development risks are: the complexity of the geology, as the seismic data shows poor definition at reservoir level; the uncertain reservoir fluid contacts in the un-drilled blocks; and, the estimate of recovery efficiency. Risked oil-in-place volumes were used to rank reservoir targets and guide field development. Eight deviated wells were planned to develop some 40 million barrels of reserves. Implementation of intelligent well technology will allow full selectivity on multiple-reservoir completions.

Five wells have been drilled so far and are being completed for production. Field production will commence with two wells hooked-up. Formal FPSO commissioning will take place in the near future. The other three wells will come on stream in the weeks thereafter. The remaining Okwori field wells will be drilled during the second half of this year. Average daily production in 2005 is expected to be in excess of 20,000 bopd.

The Nda Discovery
Also ready to produce is ND-1, the discovery well of the Nda field, an adjacent field to Okwori, drilled in July 2004. Completion and production of ND-1 as an Extended Well Test represents the first phase of the Nda development, now estimated to contain oil in place of some 53 MMstb. An appraisal well is planned for the end of 2005 or early 2006 to firm up the number and location of future Nda development wells.

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