Addax Petroleum announces update to appraisal and development program at Taq Taq



    TT-08 appraisal well flows at an aggregate rate of 35,750 barrels per day

    CALGARY, March 6 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX:AXC and LSE:AXC) today announced flow test results
for the TT-08 well, the sixth appraisal and development well recently drilled
on the Taq Taq field by Taq Taq Operating Company, the joint venture company
formed by Genel Enerji A.S. ("Genel Enerji") 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 35,750 bbl/d of light oil, measured gravity of 48 degrees API with low
gas oil ratio. The intervals tested were a 298 meter completion interval in
the Shiranish formation which flowed at a rate of 19,180 bbl/d and a 135 meter
interval in the Kometan formation which flowed at a rate of 16,570 bbl/d. Oil
flow rates from the Shiranish and Kometan intervals were restricted by a
128/64" choke size. The third formation, the Qamchuqa formation, was
encountered as expected below the oil-water contact and was tested to obtain
additional information on aquifer strength and fracture connectivity.
Evaluation of these flow test results is ongoing.
    Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "We are extremely pleased with the very high test rates
achieved from the most recently tested flank well at Taq Taq which included
the single highest flow rate from one formation in the program to date. We
have now successfully completed the first appraisal phase for the Taq Taq
field and have acquired a great deal of knowledge about the field in the
process. The ongoing success of our appraisal program at Taq Taq continues to
be very encouraging and is a significant further step towards our goal of
producing first commercial oil in the second half of 2008."
    The TT-08 well is a step-out well located approximately 1.7 kilometres
east of the TT-04 well, which was located near the crest of the Taq Taq field,
and is the second of two wells designed to appraise the flanks of the Taq Taq
structure. The TT-08 well was spudded in mid-July and completed drilling in
mid-December, after the rig returned from drilling TT-09, at a total depth of
2,366 metres. Testing of the TT-08 well commenced in mid-February, 2008.
Interpretation of data acquired from the TT-08 well, including wireline and
five metres of core, confirmed the presence of a significant and extensive
fracture system in the tested formations as observed in the TT-04, TT-05,
TT-06, TT-07 and TT-09 wells.
    The TT-08 well is the sixth and final well in the first phase drilling
and seismic appraisal program by Addax Petroleum and Genel Enerji. The second
phase appraisal program will commence with the drilling of the next appraisal
and development well, TT-10. The TT-10 well is also intended to test the
shallower Pilaspi formation as well as the potential of the deeper Jurassic
and Triassic. A second, larger drilling rig has been contracted by Addax
Petroleum and Genel Enerji and is expected to be mobilized during the second
quarter of 2008. The new rig will first spud the first exploration well at
Kewa Chirmila before drilling the TT-10 well.
    The results of the drilling and seismic appraisal programs are being
integrated into a full field development plan which Addax Petroleum and Genel
Enerji expect to commence implementing in 2008. The first stage of a full
field development plan is expected to include an early production system with
the goal of producing approximately 10 Mbbl/d during the second half of 2008
from the Taq Taq field.

    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 126,000 bbl/d for 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", "may",
"will", "should", "could", "would" 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, environmental matters, 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: 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 ability to market and sell natural
gas under its production sharing contracts; the effects of weather and climate
conditions; the results of exploration and development drilling and related
activities; fluctuations 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. Nick Cowling,
Press Relations, Tel.: (416) 934-8011, nick.cowling@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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