Addax Petroleum announces successful oil appraisal offshore Nigeria

    Successful appraisal at OML123 expands Kita Marine area

    CALGARY, March 11 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX:AXC and LSE:AXC) announced today the successful
appraisal of and addition to the Kita Marine discovery. The recently completed
KTM-6 well encountered an aggregate gross oil column of 173 feet over four
zones. The Kita Marine discoveries lie in the northern part of the prolific
OML123 block offshore Nigeria in an area which has not previously had
    Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "I am very pleased to report an encouraging start to
2008 with these promising appraisal well results from OML123. The expansion
the Kita Marine area opens up the very real possibility to initiate
development and production for the first time in the northern part of OML123.
Our track record of production and reserves growth in Nigeria and on OML123 in
particular has been reliable and first rate. I believe that Kita Marine, along
with the considerable remaining potential on OML123, will continue to underpin
our strong and consistent operational performance."
    The KTM-6 appraisal well was drilled two kilometres to the southwest of
the successful KTM-2ST1 exploration well. Both wells penetrated separate but
adjacent fault blocks. The KTM-6 well encountered an aggregate gross oil
column of 173 feet including individual gross oil columns of 94 feet and
52 feet at depths of between 5,350 and 6,300 feet subsea. Flow tests were not
performed but pressure and fluid sample data indicate medium gravity oil to be
present, consistent with the approximately 30 degrees API Antan blend produced
from OML123. The KTM-2ST1 well was drilled in late 2005 and encountered an
aggregate gross oil column of 100 feet over three main zones and flow tested
at 1,000 bbl/day of 28 degrees API oil.
    The Kita Marine area lies in a water depth of approximately 10 metres and
is approximately 10 kilometres northeast of the North Oron / Oron West
producing facility. OML123 is Addax Petroleum's largest license area,
currently producing approximately 60,000 bbl/day.

    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 126,000 bbl/d for 2007. 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", "may",
"will", "should", "could", "would" 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, environmental matters 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; 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 ability to market and sell natural
gas under its production sharing contracts; 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
    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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