Addax secures interest in Nigeria license

Addax Petroleum has been awarded a 40% interest in Oil Prospecting License (OPL) 227, offshore Nigeria.

Offshore Staff

CALGARY, Canada -- Addax Petroleum has been awarded a 40% interest in Oil Prospecting License (OPL) 227, offshore Nigeria. Addax Petroleum's co-participants in the license area are Express Petroleum & Gas and Petroleum Prospects International. The OPL227 license area is in shallow water offshore the western Niger Delta basin.

The OPL227 license area covers approximately 851 sq km (329 sq mi) and is adjacent to and to the northeast of the Shell-operated OML79 license area. There have been four wells drilled in OPL227, all between 1974 and 1988, all of which encountered hydrocarbons in non-commercial quantities or shows. In addition, there has been minimal 2D seismic and no 3D seismic data acquired on the license to date.

Under the terms of the award, Addax Petroleum received a 40% interest in OPL227 while Express and PPI received interests of 39% and 21%, respectively. Express is the operator while Addax Petroleum will conduct technical operations in its capacity as technical advisor.

06/11/2008

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