ADDAS Finds Success At Oil Mining Lease 123

A Canadian quoted oil firm, with active presence in Nigeria, Addax Petroleum Corporation has announced the successful appraisal of oil mining lease (OML) an addition to the Kita Marine discovery. The recently completed KTM-6 well encountered an aggregate gross oil column of 173 feet over four zones. Commenting, Jean Claude Gabdur, president/ 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”. According to him, the expansion in the Kita Marine area would open up the very real possibility to initiate development and production from 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,” he said.

The KTM-6 appraisal well was drilled two kilometers to the southwest of the successful KTM-2ST1 exploration well. Both wells according to a statement by the company penetrated separate but adjacent faults blocks. Besides, the company said 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. Giving a comprehensive analysis of the expansion, addax said the flow tests were not performed but pressure and fluid sample data indicated that medium gravity of oil was present, consistent with the approximately 30 degrees API Antan blend produced from OML123. The KTM-2ST1 well was drilled in the 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 discovery lies in the northern part of the prolific OKL123 block offshore Nigeria in an area that has not previously had production. Besides, it lies in a water depth of approximately 10 meters and is approximately 10 kilometers 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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