1 Dead, 4 Injured in Attack on Nigerian Navy Protecting Addax OML 126

Addax Petroleum reported the death of a Nigerian Navy personnel member following the defense of a vessel which had been contracted by the Corporation to provide security services on OML126, offshore Nigeria. During the incident four other Navy personnel and crew were injured. Addax Petroleum extended its sympathy and condolences to the family of the deceased over this regrettable loss and extended its support for a full and speedy recovery for the injured.

OML126 is located approximately 90 kilometers offshore south of Port Harcourt, and approximately 40 kilometers from the Nigerian coastline, in water depths averaging 130 meters. At approximately 11:45 pm on Sunday, June 8, 2008, the Navy vessel on OML126 was approached and attacked by unknown assailants in two speedboats. The two speedboats departed without any adverse effect on the Corporation's operations or technical infrastructure in OML126. The Navy personnel and vessel have been taken to LNG Bonny Island where the injured personnel are receiving medical attention.

"We are deeply saddened by this incident and our thoughts and prayers are with the victim's family and those of the injured personnel," said Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum. "Since commencing operations in Nigeria a decade ago, Addax Petroleum has established a practice to proactively build excellent relationships with the local communities and has fostered a climate of open dialogue and mutual respect. We strongly believe that this unfortunate incident was a pre-meditated act by criminal elements seeking personal benefit and is inconsistent with the socially responsible relationship that exists between Addax Petroleum and the local communities."

Full investigations into this criminal incident are underway by local and federal security and government agencies and by Addax Petroleum.