Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC) announced today the successful appraisal of and addition to the Kita Marine discovery. The recently completed KTM-6 well encountered an aggregate gross oil column of 173 feet over four zones. The Kita Marine discoveries lie in the northern part of the prolific OML123 block offshore Nigeria in an area which has not previously had production.
Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "I am very pleased to report an encouraging start to 2008 with these promising appraisal well results from OML123. The expansion the Kita Marine area opens up the very real possibility to initiate development and production for the first time in the northern part of OML123. Our track record of production and reserves growth in Nigeria and on OML123 in particular has been reliable and first rate. I believe that Kita Marine, along with the considerable remaining potential on OML123, will continue to underpin our strong and consistent operational performance."
The KTM-6 appraisal well was drilled two kilometres to the southwest of the successful KTM-2ST1 exploration well. Both wells penetrated separate but adjacent fault blocks. The KTM-6 well encountered an aggregate gross oil column of 173 feet including individual gross oil columns of 94 feet and 52 feet at depths of between 5,350 and 6,300 feet subsea. Flow tests were not performed but pressure and fluid sample data indicate medium gravity oil to be present, consistent with the approximately 30 degrees API Antan blend produced from OML123. The KTM-2ST1 well was drilled in late 2005 and encountered an aggregate gross oil column of 100 feet over three main zones and flow tested at 1,000 bbl/day of 28 degrees API oil.
The Kita Marine area lies in a water depth of approximately 10 metres and is approximately 10 kilometres northeast of the North Oron / Oron West producing facility. OML123 is Addax Petroleum's largest license area, currently producing approximately 60,000 bbl/day.
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