ALBERTA, Canada -- Addax Petroleum Corp. has achieved 200 MMbbl of oil production from OML 123, offshore Nigeria.
"I am extremely proud of this recent accomplishment given Addax Petroleum acquired OML123 in 1998 with a fraction of the reserves we have there today," says Jean Claude Gandur, president and CEO of Addax Petroleum. "Achieving this 200 MMbbl production milestone, along with celebrating 10 successful years of operating in Nigeria, highlights the quality of our Nigerian assets and our track record of delivering
results that enhance shareholder value. We believe that OML123 will continue to be a major production hub for us in the coming years, given the new fields we will be bringing on stream and the substantial exploration potential still contained within the block as demonstrated by our plans to drill up to six exploration wells by the end of 1Q 2009."