Two Successful Delineation Wells Extend Ebouri Field Offshore Gabon

Addax has announced the successful appraisal and development of the Ebouri field in the Etame Marin license area offshore Gabon. The Etame field is Addax Petroleum's principal offshore producing license area in Gabon.

The Etame Marin license covers an area of approximately 759,600 acres (3,074 km2) in the Gabon Basin, offshore southern Gabon. Addax Petroleum holds a 31.36% interest in the Etame Marin license area, which is operated by VAALCO, a US-based independent oil and gas company. The field is in water depths of approximately 75 to 80 m and currently has four wells producing from the Gamba reservoir.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said, "We are very pleased with the successful results from the recently drilled Ebouri and North Ebouri wells as this campaign has continued to demonstrate the high quality of the Etame Marin acreage. We are equally encouraged to continue our Gabon exploration program and we plan additional drilling of the Gamba sandstone trend in the Etame Marin field and in the adjacent Gryphon Marin license area."

The Ebouri field was discovered in 2003 and is approximately 18 kilometers northwest of the Corporation's producing Etame field in the Etame Marin license area. Two pilot holes were drilled with the Adriatic VI jackup rig in the main area of the Ebouri field, one to the south of the original Ebouri discovery and a second to the northwest, approximately 100 meters from the lease line of the Gryphon Marin license area, in which the Corporation holds a 68.75% operated interest. Both pilot holes were successful in delineating the Gamba sandstone formation above the oil water contact, thereby expanding the areal extent of the Ebouri field.

A horizontal development well on the same orientation as the second pilot hole is currently being completed, with initial production expected in early 2009. The Adriatic VI will then drill another pilot hole in the southern portion of the Ebouri field before continuing the Corporation's exploration program in the Gryphon Marin license area.

The North Ebouri appraisal well was drilled with the Pride Cabinda jackup rig approximately 2.5 kilometers to the northeast of the Ebouri platform. The well encountered and successfully appraised a gross oil column of 21 feet in the Gamba formation. A deviated sidetrack well is currently being drilled to optimize the location for a potential second horizontal development well. The Pride Cabinda will then continue the Corporation's exploration program in the Etame Marin license area with the planned drilling of two exploration wells, targeting two newly mapped structures in North Etame and Southeast Etame respectively.