Addax Petroleum Corporation announced that it has, subject to partial partner pre-emption rights, acquired an additional 18 percent working interest in the Iris Marin license area offshore Gabon by the acquisition of a subsidiary of Sterling Energy plc. Addax Petroleum will hold up to a 51.33 percent working interest in the Iris Marin license area and, subject to Government approval, intends to become the operator.
Under the terms of the acquisition, Addax Petroleum will reimburse Sterling $3.3 million for past costs and will carry 18 percent of Sterling’s costs associated with their remaining 32 percent working interest in the upcoming exploration well and, subject to a cost cap, a second well.
The Iris Marin license area covers a shallow water exploration permit of approximately 99,600 gross acres (403 km˛) of the southern Gabon basin and is adjacent to the producing, Shell-operated Gamba field.
