Addax Reports Results of Ongoing Appraisal Drilling in Kurdistan

Addax Petroleum Corp. on Monday announced flow test results for theTT-06 well, the third appraisal well recently drilled on the Taq Taq field by Taq Taq Operating Co., the joint venture company formed by Genel Enerji A.S. and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.

Three reservoir intervals were tested separately and flowed at an aggregate rate of 18,900 bbl/d of light oil, measured gravity of 48 degrees API with low gas oil ratio. The intervals tested were a 105 meter perforated interval in the Shiranish formation which flowed at a rate of 15,380 bbl/d, a 51 meter interval in the Kometan formation which flowed at a rate of 2,020 bbl/d and a 10 meter interval in the Qamchuga formation which flowed at a rate of 1,500 bbl/d. Oil flow rates from the Shiranish, Kometan and Qamchuga intervals were restricted by 128/64", 40/64" and 32/64" choke sizes respectively. Evaluation of these flow test results is ongoing.

Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "The successful testing of our third appraisal and development well at Taq Taq is very encouraging and provides additional information to better our understanding of the field. We also anticipate that the recent constructive efforts of the Kurdistan Region and Iraq towards finalizing a legal framework will enable the Corporation to generate a full development plan for the Taq Taq field. We believe that the development of the Taq Taq field can deliver excellent value to the people of the Kurdistan Region, to the people of Iraq and to our shareholders."

The TT-06 well is a step-out located approximately 3.6 kilometers north-northwest of the TT-05 well along the length-wise axis of the Taq Taq field. It is the first attempt to define the areal extent of the Taq Taq structure. The TT-06 well was spudded in early January and completed drilling in April at a total depth of 2,085 meters. Testing of TT-06 commenced in mid May, 2007.

Interpretation of data acquired from TT-06, including wireline and core data, confirms the presence of a significant and extensive fracture system as observed in the TT-04 and TT-05 wells in the Shiranish formation. Although restricted to a 40/64" choke size, the Kometan formation tested in the TT-06 well appears to have a lower fracture density and smaller fracture apertures, as compared to the TT-04 and TT-05 wells. In addition, the Kometan formation tested in the TT-06 well may have experienced formation damage that may have further restricted its test flow rate. The flow rate in the Qamchuga formation was limited by a 32/64" choke size to restrict the coning of water due to the proximity of the tested interval to the oil water contact. None of the tested intervals in the TT-06 well were stimulated.

The TT-06 well is the third of a six well drilling program by Genel and Addax Petroleum. The drilling of the fourth appraisal and development well, TT-07, is now in progress. The TT-07 well was spudded in late April and is located approximately 2.2 kilometers southeast of the TT-05 well along the length-wise axis of the Taq Taq field.

The Taq Taq field is located in the Kurdistan Region of Iraq some 60 kilometers northeast of Kirkuk, 55 kilometers southwest of Erbil and 120 kilometers northwest of Sulaimaniyah.

Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 124,000 bbl/d for April 2007.