Addax announced receipt of Transocean's Deepwater Pathfinder drillship and commencement of its exploration drilling campaign in the deepwater Gulf of Guinea with the spudding of the "Kina" prospect in Block 4 of the Nigeria Sao Tome and Principe Joint Development Zone ("JDZ").
Commenting, Addax Petroleum's Vice-Chairman, Jean Claude Gandur, said, "The commencement of Addax Petroleum's deepwater exploration campaign is a very exciting time for our organization due to our extensive portfolio of prospects which, if successful, have the potential to significantly enhance the Corporation's recoverable reserves. In addition, Addax Petroleum has recently acquired an additional 51% interest in Block 3 of the JDZ and will be the Operator. The acquisition of this additional interest in the JDZ intensifies our foothold in this world class exploration region and significantly enhances the economics of our position in JDZ Block 3 as it allows Addax Petroleum to aggressively explore this prolific region with a sustained drilling strategy."
The Corporation plans to drill the "Kina" and "Lemba" prospects in JDZ Blocks 4 and 3, respectively, with the first two slots on the Deepwater Pathfinder drillship. In addition, Sinopec JDZ Block 2 Limited has notified the Nigeria Sao Tome and Principe Joint Development Authority of its intent to commence its exploration drilling in August 2009 on JDZ Block 2 where Addax Petroleum holds an interest.
Addax Petroleum has a deepwater exploration portfolio that consists of interests in five licence areas comprised of OPL291, offshore Nigeria, and Blocks 1, 2, 3 and 4 in the JDZ. As at December 31, 2008, total best estimate unrisked prospective oil resources for identified prospects in the deepwater Gulf of Guinea are 3,042 MMbbl (1,146 MMbbl risked), of which the Corporation's working interest was 1,359 MMbbl (493 MMbbl risked). When adjusted for the additional 51% interest acquired in JDZ Block 3 the Corporation's working interest increases to 1,498 MMbbl (538 MMbbl risked).
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