Addax Petroleum announces update to Gabon drilling program



    Successful appraisal and development wells in Etame Marin license area

    CALGARY, Jan. 9 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or
the "Corporation") (TSX:AXC and LSE:AXC) today announces the successful
appraisal and development of the Ebouri field in the Etame Marin license area
offshore Gabon. Addax Petroleum has a 31.36 per cent non-operated interest in
the Etame Marin license area.
    Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "We are very pleased with the successful results from
the recently drilled Ebouri and North Ebouri wells as this campaign has
continued to demonstrate the high quality of the Etame Marin acreage. We are
equally encouraged to continue our Gabon exploration program and we plan
additional drilling of the Gamba sandstone trend in the Etame Marin field and
in the adjacent Gryphon Marin license area."
    The Ebouri field was discovered in 2003 and is approximately 18
kilometres northwest of the Corporation's producing Etame field in the Etame
Marin license area. Two pilot holes were drilled with the Adriatic VI jack-up
rig in the main area of the Ebouri field, one to the south of the original
Ebouri discovery and a second to the northwest, approximately 100 metres from
the lease line of the Gryphon Marin license area, in which the Corporation
holds a 68.75 per cent operated interest. Both pilot holes were successful in
delineating the Gamba sandstone formation above the oil water contact, thereby
expanding the areal extent of the Ebouri field. A horizontal development well
on the same orientation as the second pilot hole is currently being completed,
with initial production expected in early 2009. The Adriatic VI will then
drill another pilot hole in the southern portion of the Ebouri field before
continuing the Corporation's exploration program in the Gryphon Marin license
area.
    The North Ebouri appraisal well was drilled with the Pride Cabinda
jack-up rig approximately 2.5 kilometres to the northeast of the Ebouri
platform. The well encountered and successfully appraised a gross oil column
of 21 feet in the Gamba formation. A deviated sidetrack well is currently
being drilled to optimize the location for a potential second horizontal
development well. The Pride Cabinda will then continue the Corporation's
exploration program in the Etame Marin license area with the planned drilling
of two exploration wells, targeting two newly mapped structures in North Etame
and Southeast Etame respectively.

    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 134,000 bbl/d for the first nine months 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, drilling
plans, reference to business strategy and goals, results of exploration
activities and dates by which certain areas may be developed or may come
on-stream. By its very nature, such forward-looking information requires Addax
Petroleum to make assumptions that may not materialize or that may not be
accurate. 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 and assumptions include, but are not limited
to: the results of exploration and development drilling and related
activities; 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; 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. Craig Kelly, Investor Relations, Tel.: +41
(0) 22 702 95 68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor
Relations, Tel.: +41 (0) 22 702 94 10, chad.o'hare@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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