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Addax Petroleum Announces Acquisition in Gabon

Source: www.gulfoilandgas.com 12/12/2008, Location: Africa

Addax Petroleum Corporation announced that it has acquired an additional 18.75 per cent interest in the Gryphon Marin license area bringing its total interest in the license area to 68.75 per cent, prior to third party back-in options. Addax Petroleum is the operator of the Gryphon Marin license area.

Commenting , Addax Petroleum’s President and Chief Executive Officer, Jean Claude Gandur, said: “We are pleased to build on our position in this promising and vast license area. This additional interest in the Gryphon Marin license area enhances our first-class exploration portfolio in Gabon and demonstrates our commitment to strategic expansion in our core operating regions. We plan to commence our exploration activities in Gryphon Marin with the spudding of the Ajomba North and Pompano North prospect wells during the first half of 2009.”

The Gryphon Marin license area covers a gross area of approximately 2,409,200 acres (9,750 km2) and lies immediately west of the Iris Marin and Ibekelia license areas, and immediately north of the Corporation’s Etame Marin license, offshore Gabon. Addax Petroleum holds a 51.33 per cent interest in the Iris Marin license area and a 31.36 per cent interest in the Etame Marin license area. The Gryphon Marin license area is in an exploration period ending in November 2009 and carries a commitment to drill two wells. Addax Petroleum has budgeted to drill the Ajomba North and Pompano North prospects in the Gryphon Marin license area in the first half of 2009.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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