Addax Hoping for a Double at Cameroon Wells

Addax Petroleum Corporation announced the initial results of its Cameroon exploration campaign where the Corporation has recently completed drilling its first exploration wells in the Ngosso and Iroko license areas. As part of the campaign, Addax Petroleum drilled two wells plus a sidetrack at Ngosso and one well at Iroko.
The sidetrack drilled as part of the Ngosso drilling campaign established a gross hydrocarbon column of 79 feet while the two Ngosso exploration wells were plugged and abandoned as dry holes. The Corporation believes the sidetrack discovery may be developed in the future together with existing oil discoveries in an overall field development. The Iroko well encountered hydrocarbons in the main objective interval and the Corporation is currently evaluating core, pressure and wireline data obtained during the drilling of the well.

"While the initial results of the Cameroon exploration campaign were less encouraging than anticipated, we will continue exploration activities on the license areas where there still exist several quality prospects," said President and CEO Jean Claude Gandur. "Addax Petroleum’s exciting 2008 exploration campaign continues this quarter with the drilling of the Charlie prospect in the Iris Marin license area offshore Gabon as well as the Taq Taq Deep exploration well in the Kurdistan Region of Iraq. In total, Addax Petroleum will be drilling up to 25 exploration and appraisal wells in 2008 in every major area of its property portfolio.”

At Ngosso, the Odiong and Tali prospects on the south-west part of the license area were drilled to depths of 1,680 meters and 2,900 metres, respectively. The sidetrack at Tali encountered a gross hydrocarbon column of 79 feet comprising 62 feet of oil overlain by 17 feet of gas, confirming the Tali accumulation. The Corporation has completed its work commitment for the current period with the drilling of the two Ngosso wells. The Corporation plans to enter the next exploration period, including a commitment to drill one exploration well, and to acquire additional 3D seismic data on the prospective northern part of the license area in the late 2008 and early 2009.

The Iroko prospect on the east part of the Iroko license area was drilled to a total depth of 1,120 meters. The results of the core, pressure and wireline data are currently under evaluation by the Corporation and are necessary before determining the future drilling plans for the license area.

The drilling rig contracted by Addax Petroleum for the Cameroon exploration campaign is currently moving to the Iris Marin license area, offshore Gabon, where it will drill Addax Petroleum’s first exploration well at Iris Marin.