Addax Petroleum announces results of continued appraisal drilling at Taq Taq



    Appraisal well TT-05 flows at an aggregate rate of 26,550 barrels per day

    CALGARY, March 1 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum")
(TSX:AXC) today announced flow test results for the TT-05 well, the second
appraisal well recently drilled on the Taq Taq field by Taq Taq Operating
Company ("TTOPCO"), the joint venture company formed by Genel Enerji A.S.
("Genel") and Addax Petroleum to carry out the petroleum operations in the Taq
Taq license area.
    Two reservoir intervals were tested separately and flowed at an aggregate
rate of 26,550 bbl/d of light oil, measured gravity ranging from 44 to
50 degrees API with low gas oil ratio. The intervals tested were a 105 meter
perforated interval in the Shiranish formation which flowed at a rate of
12,890 bbl/d and a 82 meter interval in the Qamchuga formation which flowed at
a rate of 13,660 bbl/d. Oil flow rates from the Shiranish and Qamchuga
intervals were restricted by 56/64" and 64/64" choke size respectively, and in
each instance, limited by the capacity of the surface testing facilities.
Evaluation of these flow test results is ongoing.
    Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "I am delighted at the continued successful appraisal of
the Taq Taq field and the excellent cooperation amongst the Taq Taq field
partners. I believe that this operational momentum, alongside the constructive
efforts of the Kurdistan Region and Iraq towards finalising a legal framework,
will expedite the development of the Taq Taq field. We believe that the
development of the Taq Taq field can deliver excellent value to the people of
the Kurdistan Region, to the people of Iraq and to our shareholders."
    The TT-05 well is located on the crest of the Taq Taq field and was
drilled approximately 580 metres north-northeast of the TT-04 well. The TT-05
well was spudded in late October, 2006 and completed drilling in late
December, 2006 at a total depth of 2,070 metres. Testing commenced in
mid-February, 2007.
    Interpretation of data acquired, including wireline and core data,
confirm the presence of a significant and extensive fracture system as
observed in the TT-04 well. The TT-05 well was the second of an initial three
well drilling program by Genel and Addax Petroleum. The drilling of the third
appraisal and development well, TT-06, is now in progress. The TT-06 well
location is approximately 3.6 kilometres north-northwest of the TT-05 well.
    The Taq Taq field is located in the Kurdistan Region of Iraq some 60
kilometres northeast of Kirkuk, 85 kilometres northeast of Erbil and 120
kilometres northwest of Sulaimaniyah.

    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 barrels per
day for 1998 to an average of approximately 90,000 barrels per day for 2006.
Further information about Addax Petroleum is available at
www.addaxpetroleum.com or at www.sedar.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" or
other similar wording. Forward-looking information includes, but is not
limited to, reference to business strategy and goals, future capital and other
expenditures, reserves and resources estimates, drilling plans, construction
and repair activities, the submission of development plans, seismic activity,
production levels and the sources of growth thereof, project development
schedules and results, results of exploration activities and dates by which
certain areas may be developed or may come on-stream, royalties payable,
financing and capital activities, contingent liabilities, and environmental
matters. 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:
imprecision of reserves and resources estimates, ultimate recovery of
reserves, 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.


    %SEDAR: 00023043E




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; Mr. Mac Penney, Press Relations, Tel.: (416)
934 80 11, mac.penney@cossette.com; Ms. Marie-Gabrielle Cajoly, Press
Relations, Tel.: +41(0) 22 702 94 44,
marie-gabrielle.cajoly@addaxpetroleum.com

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