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  • Addax Petroleum Acquires Additional Interest in Shallow Water Exploration License in Gabon
    édité le 09/06/2008 - Plus de news de "Addax Petroleum" -

Addax Petroleum Acquires Additional Interest in Shallow Water Exploration License in Gabon
Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) announces today that it has, subject to partial partner pre-emption rights, acquired an additional 18 per cent working interest in the Iris Marin license area offshore Gabon by the acquisition of a subsidiary of Sterling Energy plc (“Sterling”). Addax Petroleum will hold up to a 51.33 per cent working interest in the Iris Marin license area and, subject to Government approval, intends to become the operator.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "We are pleased to expand our exploration portfolio in Gabon, a region we know well and consider to be highly prospective. As the new operator of the license area, Addax Petroleum will plan to commence the drilling of our first exploration well on the Charlie prospect during the early part of the third quarter of this year.”

Under the terms of the acquisition, Addax Petroleum will reimburse Sterling $3.3 million for past costs and will carry 18 per cent of Sterling’s costs associated with their remaining 32 per cent working interest in the upcoming exploration well and, subject to a cost cap, a second well.

The Iris Marin license area covers a shallow water exploration permit of approximately 99,600 gross acres (403 km²) of the southern Gabon basin and is adjacent to the producing, Shell-operated Gamba field.

Origine : Communiqué Addax Petroleum

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