Addax Reports Northern Iraq Discovery

Addax Petroleum Corp. on Thursday announced flow test results for the TT-05 well, the second appraisal well recently drilled on the Taq Taq field by Taq Taq Operating Company (TTOPCO), the joint venture company formed by Genel Enerji A.S. (Genel) and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.

Two reservoir intervals were tested separately and flowed at an aggregate rate of 26,550 bbl/d of light oil, measured gravity ranging from 44 to 50 degrees API with low gas oil ratio. The intervals tested were a 105 meter perforated interval in the Shiranish formation which flowed at a rate of 12,890 bbl/d and a 82 meter interval in the Qamchuga formation which flowed at a rate of 13,660 bbl/d. Oil flow rates from the Shiranish and Qamchuga intervals were restricted by 56/64" and 64/64" choke size respectively, and in each instance, limited by the capacity of the surface testing facilities. Evaluation of these flow test results is ongoing.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "I am delighted at the continued successful appraisal of the Taq Taq field and the excellent cooperation amongst the Taq Taq field partners. I believe that this operational momentum, alongside the constructive efforts of the Kurdistan Region and Iraq towards finalizing a legal framework, will expedite the development of the Taq Taq field. We believe that the development of the Taq Taq field can deliver excellent value to the people of the Kurdistan Region, to the people of Iraq and to our shareholders."

The TT-05 well is located on the crest of the Taq Taq field and was drilled approximately 580 meters north-northeast of the TT-04 well. The TT-05 well was spudded in late October, 2006 and completed drilling in late December, 2006 at a total depth of 2,070 meters. Testing commenced in mid-February, 2007.

Interpretation of data acquired, including wireline and core data, confirm the presence of a significant and extensive fracture system as observed in the TT-04 well. The TT-05 well was the second of an initial three well drilling program by Genel and Addax Petroleum. The drilling of the third appraisal and development well, TT-06, is now in progress. The TT-06 well location is approximately 3.6 kilometers north-northwest of the TT-05 well.

The Taq Taq field is located in the Kurdistan Region of Iraq some 60 kilometers northeast of Kirkuk, 85 kilometers northeast of Erbil and 120 kilometers northwest of Sulaimaniyah.

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 barrels per day for 1998 to an average of approximately 90,000 barrels per day for 2006.


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