Addax has received formal notification from the Kurdistan Regional Government ("KRG") of its decision to commence the export of crude oil. The notification requests that Addax Petroleum and Genel Energy International Ltd ("Genel Energy") prepare to truck oil from the Taq Taq field to the Khurmala export station on or soon after June 1, 2009.
The crude oil will be marketed by the State Oil Marketing Organization ("SOMO") and revenues will be directed to Addax Petroleum and Genel Energy through the coordination of the KRG on terms to be agreed under the framework of the production sharing contract. Crude oil delivered to the Khurmala station will be exported via the Iraq-Turkey main export pipeline to the Mediterranean port city of Ceyhan.
Earlier in 2009, Addax Petroleum and Genel Energy submitted a full field development plan for the Taq Taq field to the KRG which contemplates peak production of up to 180,000 bbl/d. Existing facilities at the Taq Taq field provide for production capacity of up to 40,000 bbl/d and the Corporation is in the process of expanding the facilities to 70,000 bbl/d of capacity. Following successful exports by truck, a pipeline is expected to be constructed in support of the full field development.
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