Addax Petroleum announces acquisition in Gabon



    
    50 per cent interest and operator of Gryphon Marin license area, adjacent
    to existing operations offshore Gabon
    

    CALGARY, Sept. 2 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX:AXC and LSE:AXC), today announced that it has
acquired a 50 per cent interest in the Gryphon Marin license area subject to
final Government of Gabon approval. Addax Petroleum will become operator of
the Gryphon Marin license area which is immediately west of the Corporation's
Iris Marin and Ibekelia license areas and immediately north of the
Corporation's Etame Marin license, offshore Gabon.
    Commenting today, Addax Petroleum's President and Chief Executive
Officer, Jean Claude Gandur, said: "We are pleased to acquire a significant
interest in this vast license area which increases the total net acreage held
by Addax Petroleum by almost fifty per cent. The addition of the Gryphon Marin
license area to our first-class exploration portfolio in Gabon is consistent
with our strategy of expanding our existing properties and operating
infrastructure. We believe that our exploration activity at Gryphon Marin will
be integrated effectively with the activities on our adjoining license areas
and provide for continued momentum in our ongoing development and exploration
program in Gabon."
    The Gryphon Marin license area is subject to two separate options held by
a third party to obtain a 53 per cent interest in two specified areas in the
central and northern end of the Gryphon Marin license covering 1,550 km(2) and
2,725 km(2), respectively. In order to exercise their options, the third party
is required to fund and acquire 3D seismic covering the option area and
participate pro rata in the drilling of an exploration well within the option
area. If the options are exercised by the third party Addax Petroleum's
interest in the respective option areas would be reduced to 23.5 per cent,
although the Corporation would continue as operator of the respective option
area through the exploration phase. The Gryphon Marin license area is also
subject to a 10 per cent back-in right held by the Government of Gabon for any
development areas.
    The Gryphon Marin license area covers a gross area of approximately
2,409,200 acres (9,750 km(2)) and lies immediately west of the Iris Marin and
Ibekelia license areas, and immediately north of the Corporation's Etame Marin
license, offshore Gabon. Addax Petroleum holds a 51.33 per cent interest in
the Iris Marin license area and a 31.36 per cent interest in the Etame Marin
license area. The Gryphon Marin license area is in an exploration period
ending in November 2009 and carries a commitment to drill two wells. As part
of the acquisition, the Corporation is inheriting a full suite of seismic data
including approximately 3,900 km(2) of modern 3D seismic and 2,100 km of 2D
seismic.

    About Addax Petroleum

    Addax Petroleum is an international oil and gas exploration and
production company with a strategic focus on Africa and the Middle East. Addax
Petroleum is one of the largest independent oil producers in West Africa and
has increased its crude oil production from an average of 8,800 bbl/d for 1998
to an average of approximately 136,000 bbl/d for the first half of 2008.
Further information about Addax Petroleum is available at www.sedar.com,
www.londonstockexchange.com or the Corporation's website,
www.addaxpetroleum.com.

    Legal Notice - Forward-Looking Statements

    Certain statements in this press release constitute forward-looking
statements under applicable securities legislation. Such statements are
generally identifiable by the terminology used, such as "anticipate",
"believe", "intend", "expect", "plan", "estimate", "budget", "outlook", "may",
"will", "should", "could", "would" or other similar wording. Forward-looking
information in this news release includes, but is not limited to, change in
operatorship of the subject license area, reference to business strategy and
goals, future capital and other expenditures, including payment and carry
terms, drilling plans, the submission of development plans, seismic activity,
project development schedules and results, results of exploration activities
and dates by which certain areas may be developed or may come on-stream,
expiration of the third party options, royalties payable, financing and
capital activities and government approvals. By its very nature, such
forward-looking information requires Addax Petroleum to make assumptions that
may not materialize or that may not be accurate. This forward-looking
information is subject to known and unknown risks and uncertainties and other
factors, which may cause actual results, levels of activity and achievements
to differ materially from those expressed or implied by such information. Such
factors include, but are not limited to: risk of partner pre-emption, prices
of oil and natural gas; general economic, market and business conditions;
industry capacity; competitive action by other companies; fluctuations in oil
prices; refining and marketing margins; the ability to produce and transport
crude oil and natural gas to markets; the effects of weather and climate
conditions; the results of exploration and development drilling and related
activities; fluctuation in interest rates and foreign currency exchange rates;
the ability of suppliers to meet commitments; actions by governmental
authorities, including increases in taxes; decisions or approvals of
administrative tribunals; changes in environmental and other regulations;
risks attendant with oil and gas operations, both domestic and international;
international political events; expected rates of return; and other factors,
many of which are beyond the control of Addax Petroleum. More specifically,
production may be affected by such factors as exploration success, start-up
timing and success, facility reliability, reservoir performance and natural
decline rates, water handling, and drilling progress. Capital expenditures may
be affected by cost pressures associated with new capital projects, including
labour and material supply, project management, drilling rig rates and
availability, and seismic costs. These factors are discussed in greater detail
in filings made by Addax Petroleum with the Canadian provincial securities
commissions.
    Readers are cautioned that the foregoing list of important factors
affecting forward-looking information is not exhaustive. Furthermore, the
forward-looking information contained in this press release is made as of the
date of this press release and, except as required by applicable law, Addax
Petroleum does not undertake any obligation to update publicly or to revise
any of the included forward-looking information, whether as a result of new
information, future events or otherwise. The forward-looking information
contained in this press release is expressly qualified by this cautionary
statement.





For further information:

For further information: Mr. Patrick Spollen, Investor Relations, Tel.:
+41 (0) 22 702 95 47, patrick.spollen@addaxpetroleum.com; Mr. Craig Kelly,
Investor Relations, Tel.: +41 (0) 22 702 95 68,
craig.kelly@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations,
Tel.: +41 (0) 22 702 94 44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr.
Nick Cowling, Press Relations, Tel.: (416) 934-8011,
nick.cowling@cossette.com; Mr. James Henderson, Press Relations, Tel.: +44 (0)
20 7743 6673, james.henderson@pelhampr.com; Mr. Alisdair Haythornthwaite,
Press Relations, Tel.: +44 (0) 20 7743 6676,
alisdair.haythornthwaite@pelhampr.com

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ADDAX PETROLEUM CORPORATION

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