Addax Petroleum Corporation has acquired a 50% interest in the Gryphon Marin license area subject to final Government of Gabon approval. Addax Petroleum will become Operator of the Gryphon Marin license area which is immediately west of the Corporation's Iris Marin and Ibekelia license areas and immediately north of the Corporation's Etame Marin license, offshore Gabon.
Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said, "We are pleased to acquire a significant interest in this vast license area which increases the total net acreage held by Addax Petroleum by almost fifty percent. The addition of the Gryphon Marin license area to our first-class exploration portfolio in Gabon is consistent with our strategy of expanding our existing properties and operating
The Gryphon Marin license area is subject to two separate options held by a third party to obtain a 53% interest in two specified areas in the central and northern end of the Gryphon Marin license covering 1,550 km(2) and 2,725 km(2), respectively. In order to exercise their options, the third party is required to fund and acquire 3D seismic covering the option area and participate pro rata in the drilling of an exploration well within the option area. If the options are exercised by the third party Addax Petroleum's interest in the respective option areas would be reduced to 23.5%, although the Corporation would continue as operator of the respective option area through the exploration phase. The Gryphon Marin license area is also subject to a 10% back-in right held by the Government of Gabon for any development areas.
The Gryphon Marin license area covers a gross area of approximately 2,409,200 acres (9,750 km(2)) and lies immediately west of the Iris Marin and Ibekelia license areas, and immediately north of the Corporation's Etame Marin license, offshore Gabon. Addax Petroleum holds a 51.33% interest in the Iris Marin license area and a 31.36% interest in the Etame Marin license area. The Gryphon Marin license area is in an exploration period ending in November 2009 and carries a commitment to drill two wells. As part of the acquisition, the Corporation is inheriting a full suite of seismic data including approximately 3,900 km(2) of modern 3D seismic and 2,100 km of 2D seismic.
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