First Nda Development Well Commences Production And Addax Petroleum’s Daily Oil Production Exceeds 100,000 Bbls/Day For The First TimeCalgary, Alberta, August 1st, 2006 – Addax Petroleum Corporation (TSX: AXC):
Addax Petroleum today announced that first production from the approved Nda Field development programme started on July 30. The addition of this Nda Field production has raised Addax Petroleum’s gross daily oil production to 102,200 bbls/day, the first time that Addax Petroleum’s production has exceeded the 100,000 bbls/day milestone.
Commenting on the development Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said, “We are delighted and proud of these two concurrent achievements which underline our commitment to growth through the development of our resources. In the growth cycle of any E&P company, exceeding 100,000 bbls/day marks a coming of age.”
The Nda Field lies in OPL90, was discovered by Addax Petroleum in July 2004 and is adjacent to the Okwori field. The field is being developed as a subsea tie-back to the Okwori FPSO on OPL90 following an extended well test. The Corporation received approval for the Nda Field Development Plan in February of this year.
About Addax Petroleum:
Addax Petroleum is an international oil and gas exploration and production company focused on Africa and the Middle East. Addax Petroleum is the largest independent oil producer in Nigeria and has increased its crude oil production from an average of 8,800 barrels per day for 1998 to an average to date of approximately 80,000 barrels per day in the first quarter of 2006. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
NB: Nda field development wells are drilled by Saipem's Scarabeo-3 Rig.
