The Africa-focused oil and gas explorer added that in the event of a commercial discovery, Addax has committed to spend the first US $16 million of development costs.
It is intended that Addax will become the operator of the block, and under a technical services agreement, BowLeven will carry out seismic interpretation and propose the location of exploration drilling.
BowLeven said currently the companies are re-interpreting old 2D seismic data to decide whether further seismic data is required before exploration drilling starts.
Addax Petroleum has interests in two adjoining blocks south of Epaemeno, both contain existing discoveries.
Under the terms of the PSC, the deal requires Gabon government consent.
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