Addax Adds to Interest in Gryphon Marin License Offshore Gabon


Gabon Concession Blocks
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Addax Petroleum has acquired an additional 18.75% interest in the Gryphon Marin license area bringing its total interest in the license area to 68.75%, prior to third party back-in options. Addax Petroleum is the operator of the Gryphon Marin license area.

Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: “We are pleased to build on our position in this promising and vast license area. This additional interest in the Gryphon Marin license area enhances our first-class exploration portfolio in Gabon and demonstrates our commitment to strategic expansion in our core operating regions. We plan to commence our exploration activities in Gryphon Marin with the spudding of the Ajomba North and Pompano North prospect wells during the first half of 2009."

The Gryphon Marin license area covers a gross area of approximately 2,409,200 acres (9,750 km2) 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. Addax Petroleum has budgeted to drill the Ajomba North and Pompano North prospects in the Gryphon Marin license area in the first half of 2009.

 

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