Addax Petroleum, Genel Kick Off Exports from Taq Taq License

Addax Petroleum announced that, together with partner Genel Energy International Ltd., it has commenced the international export of oil from the Taq Taq license area. The crude oil is being trucked to the Khurmala station and is then exported to international markets via the Iraq-Turkey main export pipeline which runs to the Mediterranean port city of Ceyhan.

Commenting, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said, "The international export of oil from the Taq Taq field is an important achievement for Addax Petroleum and a significant occasion for the Kurdistan Region and all of Iraq. Since our entry into the Kurdistan Region of Iraq four short years ago, we have been confident that crude oil exports would ultimately flow into world markets. We are very pleased to have commenced export as this area is poised to be a sizeable contributor to production and reserve growth for Addax Petroleum."

Earlier in 2009, the Kurdistan Regional Government approved a full field development plan submitted by Addax Petroleum and Genel Energy for the Taq Taq field which contemplates peak production of up to 180,000 bbl/d. Existing facilities at the Taq Taq field provide for production capacity of up to 40,000 bbl/d and the Corporation is in the process of expanding the facilities to 70,000 bbl/d of capacity. Following the successful exports by truck, a pipeline is expected to be constructed in support of the full field development.