Addax Petroleum announces Cameroon exploration results

    Shallow water offshore exploration campaign at Ngosso and Iroko license

    CALGARY, July 4 /CNW/ - Addax Petroleum Corporation (TSX: AXC and LSE:
AXC) ("Addax Petroleum" or the "Corporation") announces the initial results of
its Cameroon exploration campaign where the Corporation has recently completed
drilling its first exploration wells in the Ngosso and Iroko license areas. As
part of the campaign, Addax Petroleum drilled two wells plus a sidetrack at
Ngosso and one well at Iroko.
    The sidetrack drilled as part of the Ngosso drilling campaign established
a gross hydrocarbon column of 79 feet while the two Ngosso exploration wells
were plugged and abandoned as dry holes. The Corporation believes the
sidetrack discovery may be developed in the future together with existing oil
discoveries in an overall field development. The Iroko well encountered
hydrocarbons in the main objective interval and the Corporation is currently
evaluating core, pressure and wireline data obtained during the drilling of
the well.
    Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "While the initial results of the Cameroon exploration
campaign were less encouraging than anticipated, we will continue exploration
activities on the license areas where there still exist several quality
prospects. Addax Petroleum's exciting 2008 exploration campaign continues this
quarter with the drilling of the Charlie prospect in the Iris Marin license
area offshore Gabon as well as the Taq Taq Deep exploration well in the
Kurdistan Region of Iraq. In total, Addax Petroleum will be drilling up to 25
exploration and appraisal wells in 2008 in every major area of its property
    At Ngosso, the Odiong and Tali prospects on the south-west part of the
license area were drilled to depths of 1,680 metres and 2,900 metres,
respectively. The sidetrack at Tali encountered a gross hydrocarbon column of
79 feet comprising 62 feet of oil overlain by 17 feet of gas, confirming the
Tali accumulation. The Corporation has completed its work commitment for the
current period with the drilling of the two Ngosso wells. The Corporation
plans to enter the next exploration period, including a commitment to drill
one exploration well, and to acquire additional 3D seismic data on the
prospective northern part of the license area in the late 2008 and early 2009.
    The Iroko prospect on the east part of the Iroko license area was drilled
to a total depth of 1,120 metres. The results of the core, pressure and
wireline data are currently under evaluation by the Corporation and are
necessary before determining the future drilling plans for the license area.
    The drilling rig contracted by Addax Petroleum for the Cameroon
exploration campaign is currently moving to the Iris Marin license area,
offshore Gabon, where it will drill Addax Petroleum's first exploration well
at Iris Marin.

    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, reference to
statements with respect to the Corporation's business strategy and goals,
future capital and other expenditures, reserves and resources estimates, 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, financing and capital activities, contingent liabilities
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; volatility of prices of oil and natural gas; 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 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 news release is made as of the
date of this news 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 news 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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