Addax Petroleum announces Gabon acquisition


    50 per cent interest and operator of Epaemeno license area, adjacent to
    existing operations

    CALGARY, April 10 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX:AXC), an international oil and gas exploration and
production company with a strategic focus on West Africa and the Middle East,
today announced that it has entered into an agreement to acquire a 50 per cent
interest in the Epaemeno license area from BowLeven plc ("BowLeven") who
retains a 50 per cent interest. Addax Petroleum will become operator of the
Epaemeno license area which is immediately north of the Corporation's Maghena
and Awoun license areas, onshore Gabon. The acquisition is subject to the
consent of the Government of Gabon.
    Commenting today, Addax Petroleum's President and Chief Executive
Officer, Jean Claude Gandur, said: "The addition of the Epaemeno license area
to our exploration portfolio in Gabon is in line with our strategy of building
out from our existing properties and operating infrastructure. We are
delighted to partner with BowLeven and, as the intended operator of Epaemeno,
believe that exploration activity can be integrated effectively with our
ongoing development and exploration activities in Gabon."
    Under the terms of the acquisition, Addax Petroleum, in return for a 50
per cent interest in the Epaemeno license area, is obligated to pay the first
US$10 million of BowLeven's share of exploration costs and, in the event a
commercial development, the first US$8 million of BowLeven's share of
development costs.
    The Epaemeno license area covers approximately 331,100 acres (gross) and
lies immediately north of the Maghena and Awoun license areas, onshore Gabon.
Addax Petroleum holds a 92.5 per cent interest in the Maghena license area and
a 40 per cent interest in the Awoun license area. The Maghena license area is
operated by Addax Petroleum and contains the producing Tsiengui oil field. The
Epaemeno license area production sharing agreement was awarded in late 2004.
Limited exploration activity by previous companies has taken place on the
Epaemeno license area including drilling of four unsuccessful wells between
1976 and 1991 and the acquisition of approximately 1,000 kilometres of 2D
seismic data. Work is currently being undertaken to re-process and
re-interpret the 2D seismic data ahead of further seismic acquisition and/or
exploration drilling.

    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 108,000 bbl/d for the fourth quarter of 2006.
Further information about Addax Petroleum is available at or at

    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'' 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

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,; Mr. Mac Penney, Press Relations, Tel.: +1
(416) 934 80 11,; Ms. Marie-Gabrielle Cajoly, Press
Relations, Tel.: +41(0) 22 702 94 44,

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