Addax Petroleum announces results of continued appraisal drilling at Taq Taq



    /NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
    STATES, AUSTRALIA OR JAPAN/

    Step-out appraisal well TT-06 flows at an aggregate rate of 18,900
    barrels per day

    CALGARY, June 4 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum")
(TSX/LSE:AXC) today announced flow test results for the TT-06 well, the third
appraisal well recently drilled on the Taq Taq field by Taq Taq Operating
Company, 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.
    Three reservoir intervals were tested separately and flowed at an
aggregate rate of 18,900 bbl/d of light oil, measured gravity of 48 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 15,380 bbl/d, a
51 meter interval in the Kometan formation which flowed at a rate of
2,020 bbl/d and a 10 meter interval in the Qamchuga formation which flowed at
a rate of 1,500 bbl/d. Oil flow rates from the Shiranish, Kometan and Qamchuga
intervals were restricted by 128/64", 40/64" and 32/64" choke sizes
respectively. Evaluation of these flow test results is ongoing.
    Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "The successful testing of our third appraisal and
development well at Taq Taq is very encouraging and provides additional
information to better our understanding of the field. We also anticipate that
the recent constructive efforts of the Kurdistan Region and Iraq towards
finalising a legal framework will enable the Corporation to generate a full
development plan for 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-06 well is a step-out located approximately 3.6 kilometres
north-northwest of the TT-05 well along the length-wise axis of the Taq Taq
field. It is the first attempt to define the areal extent of the Taq Taq
structure. The TT-06 well was spudded in early January and completed drilling
in April at a total depth of 2,085 metres. Testing of TT-06 commenced in mid
May, 2007.
    Interpretation of data acquired from TT-06, including wireline and core
data, confirms the presence of a significant and extensive fracture system as
observed in the TT-04 and TT-05 wells in the Shiranish formation. Although
restricted to a 40/64" choke size, the Kometan formation tested in the TT-06
well appears to have a lower fracture density and smaller fracture apertures,
as compared to the TT-04 and TT-05 wells. In addition, the Kometan formation
tested in the TT-06 well may have experienced formation damage which may have
further restricted its test flow rate. The flow rate in the Qamchuga formation
was limited by a 32/64" choke size to restrict the coning of water due to the
proximity of the tested interval to the oil water contact. None of the tested
intervals in the TT-06 well were stimulated.
    The TT-06 well is the third of a six well drilling program by Genel and
Addax Petroleum. The drilling of the fourth appraisal and development well,
TT-07, is now in progress. The TT-07 well was spudded in late April and is
located approximately 2.2 kilometres southeast of the TT-05 well along the
length-wise axis of the Taq Taq field.
    The Taq Taq field is located in the Kurdistan Region of Iraq some 60
kilometres northeast of Kirkuk, 55 kilometres southwest 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 West 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 124,000 bbl/d for April, 2007. 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.





For further information:

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