Addax Petroleum Corporation announces that its Board of Directors has accepted a reserve report prepared by Netherland, Sewell & Associates Inc., independent oil and natural gas reservoir engineers, that evaluates all of the Corporation's petroleum reserves and certain resources.
Addax Petorleum announced that the company experienced a 20% increase in Proved plus Probable oil reserves to 536.7 MMbbl, as well as a 23% increase in unrisked prospective oil resources to 2,772 MMbbl.
Additionally, the company reported a17% increase in contingent gas resources to 2,820 Bcf -- a 281 %Reserve Replacement Ratio. In this, Addax has extended its Reserve Life Index to 10.8 years.
The corporation produced an average of 136.5 thousand barrels per day (Mbbl/d) of oil during 2008, representing an increase of 8% over 2007 and in line with previous guidance. Production for the fourth quarter of 2008 averaged 142.5 Mbbl/d.
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