Addax Petroleum announces update to continued appraisal program at Taq Taq



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

    Second step-out appraisal well TT-07 flows at an aggregate rate of
    37,560 barrels per day

    CALGARY, Sept. 6 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX/LSE:AXC) today announced flow test results for the
TT-07 well, the fourth 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") 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 37,560 bbl/d of light oil, measured gravity of 48 degrees
API with low gas oil ratio. The intervals tested were a 232 meter bare foot
completion interval in the Shiranish formation which flowed at a rate of
10,240 bbl/d, a 111 meter interval in the Kometan formation which flowed at a
rate of 10,250 bbl/d and a 53 meter interval in the Qamchuqa formation which
flowed at a rate of 17,070 bbl/d. Oil flow rates from the Shiranish, Kometan
and Qamchuqa intervals were restricted by 128/64", 76/64" and 128/64" choke
sizes respectively. Evaluation of these flow test results is ongoing.
    Commenting on the well results, Dr. Ashti Hawrami, the Minister of
Natural Resources for the Kurdistan Regional Government said: "We are
delighted by these results, as they demonstrate the high production potential
of the Taq Taq field. We congratulate our Turkish partners (Genel Enerji) and
Canadian partners (Addax Petroleum) on these excellent results. We also
congratulate the people of the Kurdistan Region and all of Iraq. With this
good news, Taq Taq will become the first major contributor in the Kurdistan
Region to the increase of revenues for all Iraqi people. The KRG will continue
its efforts in the development of the Region's oil resources to meet our
stated target of 1,000,000 barrels per day within the next five years."
    Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "The success of our appraisal program at Taq Taq
continues to be very encouraging. The TT-07 well is significant because, in
addition to being another successful step-out appraisal well, it tested at the
highest aggregate flow rate of any Taq Taq well to date including having the
highest single formation flow rate. We are integrating these additional
results, together with the ongoing 3D seismic campaign, into a full
development program for the Taq Taq field. We are also encouraged that recent
constructive efforts of the Kurdistan Region and Iraq could result in a legal
framework that will enable the Corporation to commence implementing this full
field development in 2008."
    TT-07 is a step-out well located approximately 2.9 kilometres southeast
of the TT-04 well, which was located on the crest of the Taq Taq field. It is
the second well which is attempting to define the length-wise areal extent of
the Taq Taq structure approximately 6 kilometres in the opposite direction of
the crest of the field from TT-06. The TT-07 well was spudded in late April
and completed drilling in early July at a total depth of 2,187 metres. Testing
of TT-07 commenced in mid August, 2007.
    Interpretation of data acquired from TT-07, including wireline and
36 metres of core, confirmed the presence of a significant and extensive
fracture system as observed in the TT-04, TT-05 and TT-06 wells in the tested
formations. The Shiranish interval in the TT-07 well was acid stimulated.
    The TT-07 well is the fourth of a six well drilling and seismic appraisal
program by Genel and Addax Petroleum. The drilling of the fifth and sixth
appraisal and development wells, TT-08 and TT-09, are now in progress. The
TT-08 well was spudded in mid-July and is located approximately 1.7 kilometres
east of the TT-04 well along the width-wise axis of the Taq Taq field. In
addition to the ongoing drilling program, Genel and Addax Petroleum have
commenced shooting 290 square kilometres of 3D seismic over the Taq Taq field
and expect to complete the acquisition early in the fourth quarter of 2007.
The results of the drilling and seismic appraisal program will be integrated
into a full field development plan which Genel and Addax Petroleum expect to
commence implementing in 2008. Genel and Addax Petroleum also are finalizing
the acquisition of 175 kilometres of 2D seismic over the Kewa Chirmila
prospect and surrounding area, which is in the same license area as 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 123,000 bbl/d for the second quarter of
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",
"could", "should", "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, 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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