Addax Petroleum Pleased with Results from Taq Taq Appraisal Well

Taq Taq Well
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Addax Petroleum reported flow test results for the TT-07 well, the fourth appraisal and development well recently drilled on the Taq Taq field by Taq Taq Operating Company, 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.

Three reservoir intervals were tested separately and flowed at an aggregate rate of 37,560 bbl/d of light oil, measured gravity of 48 degrees API with low gas oil ratio. The intervals tested were a 232 meter bare foot completion interval in the Shiranish formation which flowed at a rate of 10,240 bbl/d, a 111 meter interval in the Kometan formation which flowed at a rate of 10,250 bbl/d and a 53 meter interval in the Qamchuqa formation which flowed at a rate of 17,070 bbl/d. Oil flow rates from the Shiranish, Kometan and Qamchuqa intervals were restricted by 128/64", 76/64" and 128/64" choke sizes respectively. Evaluation of these flow test results is ongoing.

Commenting on the well results, Dr. Ashti Hawrami, the Minister of Natural Resources for the Kurdistan Regional Government said: "We are delighted by these results, as they demonstrate the high production potential of the Taq Taq field. We congratulate our Turkish partners (Genel Enerji) and Canadian partners (Addax Petroleum) on these excellent results. We also congratulate the people of the Kurdistan Region and all of Iraq. With this good news, Taq Taq will become the first major contributor in the Kurdistan Region to the increase of revenues for all Iraqi people. The KRG will continue its efforts in the development of the Region's oil resources to meet our stated target of 1,000,000 barrels per day within the next five years."

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "The success of our appraisal program at Taq Taq continues to be very encouraging. The TT-07 well is significant because, in addition to being another successful step-out appraisal well, it tested at the highest aggregate flow rate of any Taq Taq well to date including having the highest single formation flow rate. We are integrating these additional results, together with the ongoing 3D seismic campaign, into a full development program for the Taq Taq field. We are also encouraged that recent constructive efforts of the Kurdistan Region and Iraq could result in a legal framework that will enable the Corporation to commence implementing this full field development in 2008."

TT-07 is a step-out well located approximately 2.9 kilometers southeast of the TT-04 well, which was located on the crest of the Taq Taq field. It is the second well which is attempting to define the length-wise areal extent of the Taq Taq structure approximately 6 kilometers in the opposite direction of the crest of the field from TT-06. The TT-07 well was spudded in late April and completed drilling in early July at a total depth of 2,187 metres. Testing of TT-07 commenced in mid August 2007.

Interpretation of data acquired from TT-07, including wireline and 36 metres of core, confirmed the presence of a significant and extensive fracture system as observed in the TT-04, TT-05 and TT-06 wells in the tested formations. The Shiranish interval in the TT-07 well was acid stimulated.

The TT-07 well is the fourth of a six well drilling and seismic appraisal program by Genel and Addax Petroleum. The drilling of the fifth and sixth appraisal and development wells, TT-08 and TT-09, are now in progress. The TT-08 well was spudded in mid-July and is located approximately 1.7 kilometers east of the TT-04 well along the width-wise axis of the Taq Taq field. In addition to the ongoing drilling program, Genel and Addax Petroleum have commenced shooting 290 square kilometers of 3D seismic over the Taq Taq field and expect to complete the acquisition early in the fourth quarter of 2007. The results of the drilling and seismic appraisal program will be integrated into a full field development plan, which Genel and Addax Petroleum expect to commence implementing in 2008. Genel and Addax Petroleum also are finalizing the acquisition of 175 kilometers of 2D seismic over the Kewa Chirmila prospect and surrounding area, which is in the same license area as the Taq Taq field.

The Taq Taq field is located in the Kurdistan Region of Iraq some 60 kilometers northeast of Kirkuk, 55 kilometers southwest 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 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 123,000 bbl/d for the second quarter of 2007.


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