Addax Petroleum secures deepwater drillship

Addax Petroleum Corp. has contracted with Aban Offshore Ltd. subsidiary Aban Abraham Pte. Ltd. for the Aban Abraham deepwater drillship for work offshore Africa. Addax expects the Gulf of Guinea drilling program to begin as early as 2Q 2008.

Offshore staff

CALGARY, Alberta -- Addax Petroleum Corp. has contracted with Aban Offshore Ltd. subsidiary Aban Abraham Pte. Ltd. for the Aban Abraham deepwater drillship for work offshore Africa. Addax expects the Gulf of Guinea drilling program to begin as early as 2Q 2008.

The contract, which has been entered into jointly by Addax Petroleum and Sinopec, requires Aban to drill up to ten wells, comprising five firm well slots and five optional well slots. Well slots will be allocated under a separate agreement between Addax Petroleum and Sinopec. The expectation is for the firm well slots to be allocated to Addax Petroleum to satisfy its minimum work commitment on operated blocks in the deepwater Gulf of Guinea.

The Aban contract anticipates that theAban Abraham will begin drilling as early as 2Q 2008, when it has completed a drilling campaign for a third-party operator.

"I am delighted that Addax Petroleum has secured the necessary drilling capability on competitive terms. This contract will enable us to advance our plans to demonstrate the considerable value in our highly prospective Gulf of Guinea deepwater exploration portfolio, which we have assembled throughout 2006. Our contract with Aban will enable us to complete an extensive exploration and appraisal program, which I believe has the potential to realize considerable value for Addax Petroleum, its shareholders and stakeholders," says Jean Claude Gandur, Addax Petroleum president and CEO.

3/7/2007

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