Addax Petroleum commences exploration campaign in joint development zone

    Drilling first deepwater well at Kina Prospect in JDZ Block 4 licence

    CALGARY, Aug. 26 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX:AXC and LSE:AXC) today announced receipt of
Transocean's Deepwater Pathfinder drillship and commencement of its
exploration drilling campaign in the deepwater Gulf of Guinea with the
spudding of the "Kina" prospect in Block 4 of the Nigeria Sao Tome and
Principe Joint Development Zone ("JDZ").
    Commenting, Addax Petroleum's Vice-Chairman, Jean Claude Gandur, said:
"The commencement of Addax Petroleum's deepwater exploration campaign is a
very exciting time for our organization due to our extensive portfolio of
prospects which, if successful, have the potential to significantly enhance
the Corporation's recoverable reserves. In addition, Addax Petroleum has
recently acquired an additional 51% interest in Block 3 of the JDZ and will be
the Operator. The acquisition of this additional interest in the JDZ
intensifies our foothold in this world class exploration region and
significantly enhances the economics of our position in JDZ Block 3 as it
allows Addax Petroleum to aggressively explore this prolific region with a
sustained drilling strategy."
    The Corporation plans to drill the "Kina" and "Lemba" prospects in JDZ
Blocks 4 and 3, respectively, with the first two slots on the Deepwater
Pathfinder drillship. In addition, Sinopec JDZ Block 2 Limited has notified
the Nigeria Sao Tome and Principe Joint Development Authority of its intent to
commence its exploration drilling in August 2009 on JDZ Block 2 where Addax
Petroleum holds an interest.
    Addax Petroleum has a deepwater exploration portfolio that consists of
interests in five licence areas comprised of OPL291, offshore Nigeria, and
Blocks 1, 2, 3 and 4 in the JDZ. As at December 31, 2008, total best estimate
unrisked prospective oil resources for identified prospects in the deepwater
Gulf of Guinea are 3,042 MMbbl (1,146 MMbbl risked), of which the
Corporation's working interest was 1,359 MMbbl (493 MMbbl risked). When
adjusted for the additional 51% interest acquired in JDZ Block 3 the
Corporation's working interest increases to 1,498 MMbbl (538 MMbbl risked).

    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.
Further information about Addax Petroleum is available at or at

    Reader Advisory Regarding Forward-Looking Information

    Certain statements contained in this news release, including statements
related to drilling timetables, business strategy and goals, development plans
and schedules and dates that areas may come on-stream, government and partner
approvals and statements that contain words such as "may", "will", "would",
"could", "should", "anticipate", "believe", "intend", "expect", "plan",
"estimate", "budget", "outlook", "propose", "project", and statements relating
to matters that are not historical fact constitute forward-looking information
within the meaning of applicable Canadian securities legislation.
    Forward-looking information in this news release is subject to known and
unknown risks and uncertainties attendant with oil and gas operations, and
other factors, which include, but are not limited to: imprecision in resources
estimates; discovery of prospective resources and their ultimate
classification as reserves and recovery of said reserves; commodity prices;
general economic, market and business conditions; industry capacity;
competitive action by other companies; refining and market margins; the
ability to produce and transport crude oil to markets; weather and climate
conditions; results of exploration and development drilling and other related
activities; the ability of suppliers to meet commitments; actions by
governmental authorities, including increases in taxes; changes in
environmental and other regulations; international political events; and
expected rates of return. More specifically, production may be affected by
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.

    In this news release the Corporation has made assumptions with respect to
the following:

    -   estimates of prospective oil resources;
    -   timing and amount of future production, forecasts of capital
        expenditures and the sources of financing thereof;
    -   the amount, nature, timing and effects of capital expenditures;
    -   plans for drilling wells and the timing and location thereof;
    -   expectations regarding the negotiation and performance of contractual
    -   operating and other costs;
    -   business strategies and plans of management; and
    -   anticipated benefits and enhanced shareholder value resulting from
        prospect development.

    The Corporation's actual results could differ materially from those
anticipated in these forward-looking statements if the assumptions underlying
them prove incorrect, or if one or more of the uncertainties or risks
described above materializes. Risk factors are discussed in greater detail in
filings made by Addax Petroleum with the Canadian provincial securities
    Readers are strongly cautioned that the above list of factors affecting
forward-looking information is not exhaustive. Further, forward-looking
statements are made as at the date they are given and, except as required by
applicable law, Addax Petroleum does not intend, and does not assume any
obligation, to update any forward-looking statements, whether as a result of
new information or otherwise. The forward-looking statements contained in this
news release are expressly qualified by this advisory.

    Reader Advisory Regarding Prospective Oil Resources

    Estimates of prospective oil resources in this news release are as at
December 31, 2008, as set out in Addax Petroleum's Annual Information Form
dated March 4, 2009 (AIF) which can be found at or The adjusted figure for best estimate prospective oil
resources is as at December 31, 2008, based on the increased working interest
described above.
    Prospective oil resources are those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from undiscovered accumulations
by application of future development projects. The prospective oil resources
indicate exploration opportunities and development potential in the event a
commercial discovery is made and should not be construed as reserves or
contingent resources. There is no certainty that any portion of the resources
will be discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the resources.
    All resource quantities disclosed in this news release are based on "best
estimate". Further information on high and low estimates for prospective
resources can be found in Addax Petroleum's AIF.

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) 934-8011,; Mr. Mark Antelme, Press
Relations, Tel.: +44 (0) 20 3178 6242,

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