Addax Petroleum's Flow Rate at Taq Taq Brings the Black at 16,000 bbl/d

Taq Taq Field
(Click to Enlarge)

Addax Petroleum Corporation reported that flow test results for the TT-09 well, the fifth 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.

Two reservoir intervals were tested separately and flowed at an aggregate rate of 16,170 bbl/d of light oil, measured gravity of 48 degrees API with low gas oil ratio. The intervals tested were a 231 meter completion interval in the Shiranish formation which flowed at a rate of 2,580 bbl/d and a 104 meter interval in the Kometan formation which flowed at a rate of 13,590 bbl/d. The testing of the third formation, the Qamchuqa formation, experienced completion problems and produced test results which the Corporation believes are not representative of the formation. Oil flow rates from the Shiranish and Kometan intervals were restricted by 40/64 inch and 128/64 inch choke sizes respectively. Evaluation of these flow test results is ongoing.

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 and is a significant further step towards our goal of producing first commercial oil in the second half of 2008. We are pleased with the positive and proactive nature of our partners in the Kurdistan Regional Government and we are delighted that Addax Petroleum has been and continues to be at the forefront of the development of this fast emerging oil region."

TT-09 is a step-out well located approximately 1.7 kilometers southwest of the TT-04 well, which was located near the crest of the Taq Taq field. TT-09 is the first of two wells designed to appraise the flanks of the Taq Taq structure. The TT-09 well was spudded the last day of August and completed drilling in the end of October at a total depth of 2,444 meters. Testing of TT-09 commenced in mid-December, 2007. Interpretation of data acquired from TT-09, including wireline and 27 meters of core, confirmed the presence of a significant and extensive fracture system in the tested formations as observed in the TT-04, TT-05, TT-06 and TT-07 wells.

The TT-09 well is the fifth of a six well drilling and seismic appraisal program by Addax Petroleum and Genel. The drilling of the sixth appraisal well, TT-08, has been completed and is being prepared for flow testing. The TT-08 well is located approximately 1.7 kilometers east of the TT-04 well along the minor axis of the Taq Taq field. In addition to the ongoing drilling program, Addax Petroleum and Genel have recently completed shooting 290 square kilometers of 3D seismic over the Taq Taq field. The results of the drilling and seismic appraisal program are being integrated into a full field development plan which Addax Petroleum and Genel expect to commence implementing in 2008. The first stage of a full field development plan is expected to include an early production system with the goal of producing approximately 10 Mbbl/d during the second half of 2008 from the Taq Taq field.

Addax Petroleum and Genel have also recently finalized 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. A second, larger drilling rig has been contracted by Addax Petroleum and Genel and is expected to be mobilized for spudding the first exploration well at Kewa Chirmila during the second quarter of 2008.


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