Addax Makes Two Discoveries in OML 137 Offshore Nigeria

Addax Petroleum has discovered oil and gas in the Ofrima North structure and gas in the Udele West structure. Both structures are located in OML137, offshore Nigeria.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "I am very pleased that the exploration focus we initiated last year has already started to produce positive results. So far in 2007 we have made three discoveries offshore Nigeria, including the Antan oil discovery in OML123, and achieved a perfect technical exploration success record. Appraisal and development planning is underway for all three discoveries. I am particularly excited at the potential demonstrated by our exploration results in OML137, including the potential for significant gas exports."

The Ofrima-2 exploration well, drilled on the Ofrima North structure, discovered a 140 feet gross oil bearing interval at a depth of approximately 7,000 feet subsea. Based on static pressure data measurements, the Corporation anticipates the presence of a light oil of approximately 39 degrees API, similar to the crude oil produced from the Okwori and Nda fields in the Corporation's adjacent OML126. In addition, the well encountered three gas bearing intervals with individual gross gas columns of 29, 43 and 158 feet at shallower and deeper depths relative to the oil bearing interval. The Ofrima-2 well was spudded on April 6, 2007 and suspended on May 31, 2007.

A second exploration well, Udele-2, was drilled on the Udele West structure immediately following the suspension of the Ofrima North discovery well. The Udele-2 well discovered seven gas bearing intervals with individual gross gas columns of between 41 and 113 feet, 542 feet in aggregate, at depths ranging from 2,700 to 5,900 feet subsea. The Udele-2 well was suspended on July 2, 2007.

Both wells were drilled using Saipem's Scarabeo-3 semi-submersible drilling rig in water depths of approximately 75 meters at Ofrima North and 170 meters at Udele West. Currently, the Scarabeo-3 is undertaking a well workover on the Okwori field and thereafter will go offsite for approximately three months for routine inspection before returning to OML126 and OML137. In anticipation of the Scarabeo-3 inspection, the Ofrima-2 and Udele-2 wells were suspended. The Corporation intends to re-enter each well to carry out flow tests over selected intervals when the Scarabeo-3 returns.

The Ofrima-2 well is located approximately 80 kilometers west of the Corporation's Okwori field and approximately 15 kilometers from the Agip operated Agbara field The Udele-2 well is located approximately 32 kilometers southeast of the Ofrima-2 well. OML137 lies approximately 50 kilometers from the planned Brass LNG terminal.

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