Addax reports Cameroon results

Addax Petroleum Corporation, an oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, announces the initial results of its Cameroon exploration campaign after completing drilling its first exploration wells in the Ngosso and Iroko license areas.

Addax Petroleum drilled two wells, along with a sidetrack at Ngosso and one well at Iroko.

The company said that 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 company hopes to develop sidetrack discovery in the future together with existing oil discoveries in an overall field development.

Jean Claude Gandur, President and CEO of Addax Petroleum, said 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.

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, he said.

In total, Addax Petroleum will be drilling up to 25 exploration and appraisal wells in 2008 in every major area of its property portfolio, concluded Mr Gandur.