Addax Petroleum Increases Production in Gabon

Addax Petroleum says that one year after the acquisition of the operations of Pan Ocean Energy, it has increased production more than three-fold to in excess of 30,000 barrels per day. In addition to this strong production growth, the Corporation announced in January 2007 a 45 per cent increase in its gross working interest proved plus probable reserves as at December 31, 2006. This substantial growth has been achieved primarily by increasing organizational capabilities, operating an intensive drilling campaign and constructing related production and export facilities.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "We are extremely pleased with the results of our first year of operations in Gabon during which we have significantly increased production, booked a large increase in reserves and have become an integral operator in the country. We were confident that our additional investment and results based approach would facilitate this growth and are pleased to demonstrate our achievements to shareholders. Our property portfolio in Gabon has been a large contributor to achieving daily production in excess of 140,000 barrels per day, continues to be a good complement to our operations in Nigeria and has become a vital component of Addax Petroleum's future."