Addax Petroleum announces significant new discovery in Nigeria

    Exploration success with Njaba discovery in onshore OML124 license area

    CALGARY, Jan. 28 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX:AXC and LSE:AXC) today announces a significant
onshore oil discovery from the Njaba 2 well (formally Okaka) currently
drilling in the eastern part of the OML124 license area in Nigeria. Addax
Petroleum has a 100 per cent working interest under a Production Sharing
Contract covering the OML124 license area, whereby the Nigeria National
Petroleum Corporation is the concessionaire. Addax Petroleum currently
produces approximately six thousand barrels per day from the Ossu and Izombe
fields in OML124, which is located within the stable and peaceful Imo State.
    Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "I am extremely proud to report an excellent start to
2009 with this successful exploration result in Nigeria as it is a leading
discovery that has the potential to be one of our largest fields in Nigeria.
The Njaba discovery is the first exploration well to be drilled in OML124
since the mid-80's and these results will increase the production potential of
the license area considerably, as well as significantly upgrade the remaining
undrilled prospects. This onshore discovery is a further example of Addax
Petroleum's commitment to development in Nigeria. In addition, this recent
success represents yet another highlight for our highly prolific Nigerian
operations as it will strengthen our record of growth in Nigeria and it
underpins our robust and consistent operational performance."
    The Njaba discovery was consistent with pre-drill estimates having
encountered four oil bearing reservoirs totaling 289 feet of gross oil column,
including the two main individual gross columns of 149 feet and 115 feet of
between 20 degrees and 28 degrees API at depths from 990 to 1,050 metres.
Production from the Njaba discovery can be readily tied in as the Corporation
has existing production facilities and infrastructure in the OML124 license
area. Addax Petroleum continues to drill into secondary, lower sections
relative to the newly discovered oil bearing intervals and plans to carry out
a test of the main reservoirs. The Corporation also plans to drill an
additional appraisal well down-dip of the discovery which may further enhance
the recoverable reserves from Njaba.

    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, 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, drilling
plans, including testing of previously drilled wells, 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; 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; 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. Craig Kelly, Investor Relations, Tel.: +41
(0) 22 702 95 68,; Mr. Chad O'Hare, Investor
Relations, Tel.: +41 (0) 22 702 94 10, chad.o'; Ms.
Marie-Gabrielle Cajoly, Press Relations, Tel.: +41 (0) 22 702 94 44,; Mr. Nick Cowling, Press Relations,
Tel.: (416) 934 80 11,; Mr. James Henderson, Press
Relations, Tel.: +44 (0) 20 7743 6673,; Mr. Mark
Antelme, Press Relations, Tel.: +44 (0) 20 3178 6242,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890