Addax Petroleum commences exploration campaign in joint development zone

8/31/2009

Addax Petroleum commences exploration campaign in joint development zone

Addax Petroleum Corp. has commenced its exploration drilling campaign in the deepwater Gulf of Guinea with the spudding of the Kina prospect in Block 4 of the Nigeria/Sao Tome and Principe Joint Development Zone (JDZ). Addax is conducting its campaign using Transocean’s Deepwater Pathfinder drillship.

The company plans to drill the Kina and Lemba prospects in JDZ Blocks 4 and 3, respectively, with the drillship’s first two slots.
In addition, Sinopec JDZ Block 2 Ltd. has notified the Nigeria Sao Tome and Principe Joint Development Authority of its intent to commence its own exploration drilling program in August 2009 on JDZ Block 2, where Addax Petroleum holds an interest.

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