Kita Marine appraisal well shows promise

Addax Petroleum has completed an addition to its Kita Marine discovery, offshore Nigeria.

Offshore staff

CALGARY, Canada -- Addax Petroleum has completed an addition to its Kita Marine discovery, offshore Nigeria.

The KTM-6 appraisal well was drilled 2 km (1.2 mi) southwest of the successful KTM-2ST1 exploration well. Both wells penetrated separate but adjacent fault blocks. The KTM-6 well encountered an aggregate gross oil column of 173 ft (53 m) including individual gross oil columns of 94 and 52 ft (29 and 16 m) at depths of between 5,350 and 6,300 ft (1631 and 1920 m) subsea.

Flow tests were not performed but pressure and fluid sample data indicate the presence of medium gravity oil.

"I am very pleased to report an encouraging start to 2008 with these promising appraisal well results from OML123," says Jean Claude Gandur, president and CEO of Addax Petroleum. "The expansion the Kita Marine area opens up the very real possibility to initiate development and production for the first time in the northern part of OML123.

03/11/2008

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