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Addax Petroleum Announces Significant New Discovery in Nigeria

Addax Petroleum Corporation announces a significant onshore oil discovery from the Njaba 2 well (formally Okaka) currently drilling in the eastern part of the OML124 license area in Nigeria. Addax Petroleum has a 100 per cent working interest under a Production Sharing Contract covering the OML124 license area, whereby the Nigeria National Petroleum Corporation is the concessionaire. Addax Petroleum currently produces approximately six thousand barrels per day from the Ossu and Izombe fields in OML124, which is located within the stable and peaceful Imo State.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: “I am extremely proud to report an excellent start to 2009 with this successful exploration result in Nigeria as it is a leading discovery that has the potential to be one of our largest fields in Nigeria. The Njaba discovery is the first exploration well to be drilled in OML124 since the mid-80’s and these results will increase the production potential of the license area considerably, as well as significantly upgrade the remaining undrilled prospects. This onshore discovery is a further example of Addax Petroleum’s commitment to development in Nigeria. In addition, this recent success represents yet another highlight for our highly prolific Nigerian operations as it will strengthen our record of growth in Nigeria and it underpins our robust and consistent operational performance.”

The Njaba discovery was consistent with pre-drill estimates having encountered four oil bearing reservoirs totaling 289 feet of gross oil column, including the two main individual gross columns of 149 feet and 115 feet of between 20° and 28°API at depths from 990 to 1,050 metres. Production from the Njaba discovery can be readily tied in as the Corporation has existing production facilities and infrastructure in the OML124 license area. Addax Petroleum continues to drill into secondary, lower sections relative to the newly discovered oil bearing intervals and plans to carry out a test of the main reservoirs. The Corporation also plans to drill an additional appraisal well down-dip of the discovery which may further enhance the recoverable reserves from Njaba.