Addax Petroleum acquires additional interest in shallow water exploration license in Gabon

    Additional 18 per cent interest in and operatorship of Iris Marin license

    CALGARY, June 5 /CNW/ - Addax Petroleum Corporation (TSX: AXC and LSE:
AXC) ("Addax Petroleum" or the "Corporation") announces today that it has,
subject to partial partner pre-emption rights, acquired an additional 18 per
cent working interest in the Iris Marin license area offshore Gabon by the
acquisition of a subsidiary of Sterling Energy plc ("Sterling"). Addax
Petroleum will hold up to a 51.33 per cent working interest in the Iris Marin
license area and, subject to Government approval, intends to become the
    Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "We are pleased to expand our exploration portfolio in
Gabon, a region we know well and consider to be highly prospective. As the new
operator of the license area, Addax Petroleum will plan to commence the
drilling of our first exploration well on the Charlie prospect during the
early part of the third quarter of this year."
    Under the terms of the acquisition, Addax Petroleum will reimburse
Sterling $3.3 million for past costs and will carry 18 per cent of Sterling's
costs associated with their remaining 32 per cent working interest in the
upcoming exploration well and, subject to a cost cap, a second well.
    The Iris Marin license area covers a shallow water exploration permit of
approximately 99,600 gross acres (403 km2) of the southern Gabon basin and is
adjacent to the producing, Shell-operated Gamba 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 139,100 bbl/d for the first quarter of
2008. Further information about Addax Petroleum is available at, or the Corporation's website,

    Legal Notice - Forward-Looking Statements

    Certain statements in this news 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, change in
operatorship of the subject license area, reference to business strategy and
goals, future capital and other expenditures, including payment and carry
terms, drilling plans, the submission of development plans, 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 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: risk of
partial partner pre-emption, prices of oil and natural gas, including price
fluctuations; general economic, market and business conditions; industry
capacity; competitive action by other companies; 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 and drilling rig rates and availability. 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

For further information:

For further information: Mr. Patrick Spollen, Investor Relations, Tel.:
+41 (0) 22 702 95 47,; Mr. Craig Kelly,
Investor Relations, Tel.: +41 (0) 22 702 95 68,; Ms. Marie-Gabrielle Cajoly, Press Relations,
Tel.: +41 (0) 22 702 94 44,; Mr.
Nick Cowling, Press Relations, Tel.: (416) 934-8011,; Mr. James Henderson, Press Relations, Tel.: +44 (0)
20 7743 6673,; Mr. Alisdair Haythornthwaite,
Press Relations, Tel.: +44 (0) 20 7743 6676,

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