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Red for the last 7+ years we have been able to load up at cheap prices
LOL
I'm with you that a big big pay day is coming down the road
Its a great story [except for the pps]
hoping the pps eventually will catch up to the story
About What?
Re: S. Freed or anyone re: current share price (.24)
Art, did you expect the share price to treble and stay there? Getting
rid of Offor is the start of the process to allow the board to clean
things up. Offor's presence was a hinderance. As stated previously,
the longer the investigations went on the more the focus moved from the
company to Offor himself. The company had no choice but to distance
itself from Offor's independent activities, lest it be thought to
approve of them.
Addax has now made the JDZ the main focus of its exploration
activities. It has an enourmous stake in its success, so they
absolutely must find oil in significant amounts. They also have a
significant cost in carrying us. Expect them to do the rational thing
once oil is found - eliminate a cost that has no associated benefit.
Addax needs the investigations to go away before this can be done -
what would you think, as a shareholder of Addax, if your company bought
out another that had investigations such as ours? They are in no real
hurry, however.
That may not answer your question, but it should help.
--- In theelephantfields@yahoogroups.com, "art4k42002" <art4k4@...>
wrote:
>
> It had been reported unofficially that E.Offor had received offers of
> over $2.00 a share for a buy in or buy out that he turned down.
>
> Could a large buyer be dumping shares now to keep an eventual buy in-
> buy out price low to or to make the earlier offers to Offor look like
> gold? For example a Chevron or even an Addax or even a Texas group?
>
> In any event, the predicted pop up of the SP after Offor resigned as
> COB has definitely not occured.
our parter/operator Addax has committed over $1 Billion to securing a Rig which will start drilling next year - confirmed
there is no turning back
even the STP President in a public speech to his residents said that they signed a bad deal w/ERHC and others as they were new to the O&G industry
- but basically now have to live with it...
What's done is done not to be UNDONE
Addax / ERHC Trouble Is My Business
Yahoo News 10/05/2007
http://members.forbes.com/global/2007/1015/036.html?partner=yahoomag
Billionaire Jean-Claude Gandur has braved war and corruption to build an oil empire on the cheap.
Recently a huge explosion shook northern Iraq. Not the usual kind. This blazing fire and billowing black smoke came from a test drill at Taq Taq, an oilfield 30 miles southwest of Irbil in the Kurdish region. With no pipeline or storage tanks in place, Addax Petroleum had little choice but to burn off the oil rather than let it soak into the rocky ground. Opening the well for a few minutes revealed a true gusher: a flow rate of 37,500 barrels per day. Considering the results from three other wells already completed, engineers figure that Taq Taq holds more than 2.7 billion barrels of high-quality crude and could produce as much as 200,000 bpd for ten years.
One small problem: Iraq's parliament still hasn't signed off on a federal oil law, putting the entire $500 million gamble in jeopardy. Jean-Claude Gandur, Addax's chief executive, is pushing ahead anyway. "It is absolutely unbelievable, the quality of oilfields untapped in Iraq," he says. Gandur would prefer to have a law and an export license in place. But in a pinch he figures he can sell oil--up to 20,000 barrels a day--to a refinery he'll help build for the Kurds, or hawk it straight out of the ground. "Peace has no value to our assets."
Gandur knows his way around trouble. Most of his business is in restive Nigeria, where Addax produces 100,000 bpd--overshadowed by only Shell, ExxonMobil (nyse: XOM - news - people ), Chevron (nyse: CVX - news - people ), Total and Agip.
The company is also pursuing prospects in Cameroon and Gabon. Wherever it ventures, Addax does very well. Over the last 12 months it netted $300 million on revenue of $2.5 billion. Run out of Geneva, Switzerland, Addax is listed on the Toronto and London exchanges; Gandur's 24% stake is worth $1.5 billion. His m.o. has long been buying assets on the cheap--and making nice with strongmen. "Jean-Claude is able to open the doors and negotiate on his feet," says Martin Molyneaux, an analyst at FirstEnergy (nyse: FE - news - people ) Capital, a Canadian investment bank in Calgary, Alberta and an Addax underwriter. "He is very good at interacting with people." People close to Sani Abacha, the late dictator of Nigeria, for example. Gandur has also been dubbed Commander of the National Order in Benin, has a diplomatic passport from Senegal, and for ten years was the honorary consul in Geneva for the civil-war-riven Republic of Congo.
The son of a Swiss pediatrician, Gandur, now 58, grew up in Alexandria, Egypt, where he learned Arabic, fell in love with history and began a lifelong devotion to Egyptian antiquities. He studied law and political science at the University of Lausanne.
In 1976 he went to work at the Philipp Brothers trading house in Zug, Switzerland: "the best school in the world," he says. There he became a successor to infamous trader Marc Rich, who had left the company in 1973. Early on Gandur gravitated to francophone Africa and became manager of Philbros' African oil trading operations. After stints at rival trading houses, in 1987 he and three partners set up their own west African trading operation, Addax & Oryx Group, named after two members of the African antelope family.
Soon AOG began acquiring physical assets to backstop trading positions, picking up oil storage tanks, petroleum depots, liquefied petroleum gas and oilfields. The company even branched out into gold mines (Gandur is chairman of Toronto-listed Axmin). In 1996 Gandur made the salmon leap from the downstream activities of oil trading and marketing, which provide thin margins by moving huge volumes of other people's oil, into the upstream, which entails more risk and upfront investment but offers fatter returns. aog inked its first production-sharing contract with the oil minister of Ivory Coast to overhaul the abandoned offshore Espoir oilfield. That was followed up in 1997 with concessions in offshore Benin.
Gandur came into the money a year later, in Nigeria, where U.S. oil company Ashland (nyse: ASH - news - people ) and the French major Total were in a 50/50 venture developing four offshore oil blocks. Ashland, in the process of refocusing its business on mining, made a deal to sell its interest to a small French operator.
But the Nigerians, insisting change in ownership required government approval, threatened to repossess the assets. Ashland should have known better, jokes Gandur: "I think it was sabotage by some of the executives of Ashland because they wanted to keep it. Otherwise I don't understand why they messed up so much."
Their screwup; his payday. Addax explained to Dan Etete, then Nigeria's oil minister, that killing a contract with a U.S. company would be lousy p.r. and persuaded him to let Gandur negotiate with Ashland for the assets. Events played into his hands. opec had boosted output just months before the Asian financial crisis eroded demand for fuel; oil prices plunged from $20 to $12 a barrel. Gandur convinced Ashland and Total to sell the four blocks, with 8,000 bpd of production and 30 million barrels of reserves, for less than $50 million. After investing $1 billion, Addax now produces 100,000 bpd there.
Did charm alone win the day? In 2000 two former Addax & Oryx Group employees were convicted in Switzerland and fined for money laundering of embezzled funds tied to President Abacha. (Abacha, who died in office in 1998, is suspected of stealing more than $3 billion from Nigeria.) Etete is on trial in France on charges of money laundering and receiving kickbacks from Elf Aquitaine (now part of Total). A French trader and former Addax executive, Richard Granier-Deferre, is being tried as an accessory. Etete reportedly bought $19.5 million of luxury properties in France.
Nigeria continues to be a contentious but profitable play for Gandur. In March 2006 Addax signed production-sharing contracts on three blocks in an offshore area shared by Nigeria and tiny São Tome. Its partner is ERHC Energy, a publicly traded company headquartered in Houston but controlled by Nigerian businessman Emeka Offor, a close associate of former Nigerian president Olusegun Obasanjo (Offor says otherwise). Offor and ERHC reportedly got a sweetheart deal on its blocks, despite limited operating experience and insufficient access to the necessary capital. "We are good friends," Gandur says of Offor. "We have checked him out through several channels." The pals cut another deal last November, Addax partnering with Offor's little-known company called Starcrest to develop Nigerian offshore block 291, a very promising prospect in the same geologic trend as Chevron's giant Agbami field and Shell's Bonga. Addax paid Starcrest $35 million for a 72.5% stake, forking over $55 million to Nigeria as a signature bonus and pledging another $75 million in development costs.
When the deal was announced, the Nigerian media exploded with allegations of corruption. The block had been previously awarded to Transcorp, which, according to Addax Chief Financial Officer Michael Ebsary, hadn't come up with either the money or the required international partner within 90 days, as stipulated by Nigerian authorities. Critics claimed Starcrest got the block only through cronyism. The Nigerian feds have been investigating, and in August the press reported that new President Umar Musa Yar'Adua was considering the revocation of some recently granted licenses. Gandur says his request to meet the president in person was recently turned down.
Shareholders of ERHC, meanwhile, are wondering why Offor didn't steer the block 291 deal their way. In August Offor resigned his ERHC chairmanship. "Nigeria has not in the past been particularly good at enforcing rules on oil companies with political ties," says Ebsary. "Now they are really trying to apply the rules." Still, he adds, "In these parts of the world you are invariably going to be dealing with people connected to someone powerful in the ruling elite. That's just the way it is."
In that respect Addax shareholders have little to worry about. Gandur is buddies with powerful Nigerian Oil Minister Edmund Dakouru, having negotiated deals with him for 20 years. Also helping to smooth things out is Addax board member Afolabi Oladele, who handled relations with oil majors for the Nigerian National Petroleum Co. in the 1990s and receives $9,000 a month from Addax for consulting work. Gandur has also recruited Brian Anderson, formerly Shell's leading guy in Nigeria, and James Pearce, who ran Chevron's deepwater operations there.
Gandur is making friends lower down the social scale, as well. Addax hires community representatives from regional tribes and has spent $10 million in the past decade building roads, schools and water projects. The rule in Nigeria, Iraq or anywhere Addax goes is to "make sure the chief of the village knows what you do next," Gandur explains. "Don't move the rig without him knowing." The strategy has worked pretty well, so far. In contrast with Shell--Nigerian civil unrest has disrupted one-quarter of its output for the past 18 months--Addax has had no outages, but several contractors have been taken hostage, and last February one was killed trying to escape.
Security is increasingly in the fore of Gandur's mind, especially as his empire and fortune have grown large enough to make him a target. In Iraq the Taq Taq field is protected by U.S. security outfit Vance, which hires peshmerga, armed Kurdish fighters. The Kurdish Regional Government has a huge incentive to protect both Gandur and his investments. After Saddam's fall the KRG began to assert its rights to the oil in the territory under its control; in 2004 it signed a deal with Genel Enerji, a division of Turkey's Cukorova Group, to explore Taq Taq.
Addax began talks with Genel, but months passed, and any hope of a deal seemed bogged down as other suitors tried to woo the Turks. "They were aware they had a nice asset," says Ebsary. Gandur, sensing it was time to close the deal, stepped in. He went to Ankara, met with Mehmet Sepil, chairman of Genel, and poked fun at his larger oil competitors, saying they would try to sideline the Turkish energy giant and take total control of the field. In July 2005 Genel dealt Addax 30%; last year Addax paid $85 million to up it to 45%.
Addax and Genel are also underwriters of Kurdish independence--a scalding potato, politically. They are footing $90 million for drilling this year and expect to invest $1 billion to develop Taq Taq and the adjacent Kewa Chirmila prospect. Yet when Taq Taq starts producing, 90% of the oil will go to the KRG as a royalty. If Taq Taq flows 200,000 bpd and Kewa Chirmila 50,000 bpd, that's more than $15 million into KRG coffers each day.
That also assumes that the fractious parliament in Baghdad will pass a federal oil law. It doesn't help that the U.S. State Department opposes Kurdish oil deals as too much too soon, while the Iraqi oil ministry, led by Shiite Husayn al-Shahristani, condemns any deals as illegal. Until there's a law, Addax cannot build the pipeline that would probably move oil to the Turkish port of Ceyhan. Meantime, Gandur and Genel will likely start construction of a refinery near Taq Taq that would take 20,000 barrels a day and provide a vital supply of indigenous gasoline to the Kurds.
In a visit to Irbil earlier this year Gandur gave his two Serbian bodyguards the slip to visit the ancient citadel there. Built on a hill said to be inhabited continuously for 7,000 years, it houses a small museum where Gandur, an avid collector of antiquities, studied a collection of ancient Sumerian tablets. He reflected on the myriad powers that have come and gone in the Fertile Crescent: Assyrians, Babylonians, Romans, Europeans, Saddam's Baathists. Gandur intends to stay.
By the Numbers
Simply Gushing
West Africa is a black gold mine for Gandur's company. Up next: Iraq.
$1.2 billion Addax Petroleum's capital expenditure this year.
480 million Addax's total reserves in barrels.
$9 Addax's net income on every barrel of oil produced.
Source: Addax Petroleum.
Oilphant ???? Come on man - Spill ...
This is a the chatter board central
What Chatter ?
ERHE - ERHC ENERGY INC VOLUME SEPT.
Total Share Volume 5,301,250
September 2007
UBSS.. UBS Securities LLC.. 1,382,675
BOFA.. BANC OF AMERICA SECURITIES.. 1,189,400
SBSH.. CITIGROUP GLOBAL MARKETS INC.. 927,301
NITE.. KNIGHT EQUITY MARKETS, .. 658,150
ETRD.. E*TRADE CAPITAL MARKETS.. 386,013
ABLE.. NATIXIS BLEICHROEDER INC.. 341,115
DOMS.. DOMESTIC SECURITIES, INC.. 131,086
yes interesting blocks .... a big seller or big buyer ?
1:15:28 PM Trade 0.23 138000 **
1:15:20 PM Trade 0.2325 5000
1:15:18 PM Trade 0.23 220000
1:15:14 PM Trade 0.235 2000
1:15:06 PM Trade 0.235 3000
1:15:06 PM Trade 0.235 4100
1:15:04 PM Trade 0.2325 5000
1:14:56 PM Ask 0.235 5000
1:14:56 PM Trade 0.24 10000
1:14:52 PM Trade 0.24 25000
1:14:52 PM Trade 0.24 480
1:14:52 PM Bid 0.23 5000
1:14:22 PM Trade 0.245 5000
1:14:22 PM Ask 0.245 5000
1:14:20 PM Trade 0.245 5000
1:14:20 PM Bid 0.24 5000
1:13:56 PM Trade 0.24 3800
1:13:54 PM Trade 0.24 50000 **
1:13:28 PM Ask 0.25 5000
1:13:18 PM Trade 0.244 4835
1:12:50 PM Trade 0.25 20000
1:12:50 PM Trade 0.25 10000
1:12:50 PM Bid 0.245 5000
1:12:18 PM Ask 0.26 5000
12:39:08 PM Trade 0.26 25000
12:39:08 PM Ask 0.27 5000
12:36:22 PM Ask 0.26 5000
12:36:14 PM Trade 0.255 20000
12:33:10 PM Bid 0.25 5000
12:32:32 PM Trade 0.25 25000
12:32:28 PM Trade 0.25 4000
12:32:28 PM Ask 0.255 5000
12:32:16 PM Trade 0.245 144000 **
12:31:40 PM Trade 0.245 50000 **
undervalued & oversold is your reason
Red impossible to tell but MERI came in for close to 500-1 Million shares - it's hard to tell because of all the double printing
Either way 12 months from now we should all be in better shape
these bargain prices wont last forever
simple new MM MERI was aggressive on the buy side today and seemed to be done bargain shopping around 2:30pm
good news that BOFA is gone
any up day is a good day - however would be nice to see a string of 20-30 updays in a row compared to all the BS down ones we have seen
ADDAX / [ERHC] - Trouble Is My Business
Christopher Helman 10.15.07, 12:00 AM ET
http://www.forbes.com/free_forbes/2007/1015/099.html?partner=yahoomag
Billionaire Jean-Claude Gandur has braved war and corruption to build an oil empire on the cheap.
Recently a huge explosion shook northern Iraq. Not the usual kind. This blazing fire and billowing black smoke came from a test drill at Taq Taq, an oilfield 30 miles southwest of Irbil in the Kurdish region. With no pipeline or storage tanks in place, Addax Petroleum had little choice but to burn off the oil rather than let it soak into the rocky ground. Opening the well for a few minutes revealed a true gusher: a flow rate of 37,500 barrels per day. Considering the results from three other wells already completed, engineers figure that Taq Taq holds more than 2.7 billion barrels of high-quality crude and could produce as much as 200,000 bpd for ten years.
One small problem: Iraq's parliament still hasn't signed off on a federal oil law, putting the entire $500 million gamble in jeopardy. Jean-Claude Gandur, Addax's chief executive, is pushing ahead anyway. "It is absolutely unbelievable the quality of oilfields untapped in Iraq," he says. Gandur would prefer to have a law and an export license in place. But in a pinch he figures he can sell oil--up to 20,000 barrels a day--to a refinery he'll help build for the Kurds, or hawk it straight out of the ground. "Peace has no value to our assets."
Gandur knows his way around trouble. Most of his business is in restive Nigeria, where Addax produces 100,000 bpd--overshadowed by only Shell, ExxonMobil (nyse: XOM - news - people ), Chevron (nyse: CVX - news - people ), Total and Agip. The company is also pursuing prospects in Cameroon and Gabon. Wherever it ventures, Addax does very well. Over the last 12 months it netted $300 million on revenue of $2.5 billion. Run out of Geneva, Switzerland, Addax is listed on the Toronto and London exchanges; Gandur's 24% stake is worth $1.5 billion. His m.o. has long been buying assets on the cheap--and making nice with strongmen. "Jean-Claude is able to open the doors and negotiate on his feet," says Martin Molyneaux, an analyst at FirstEnergy (nyse: FE - news - people ) Capital, a Canadian investment bank in Calgary, Alta. and an Addax underwriter. "He is very good at interacting with people." People close to Sani Abacha, the late dictator of Nigeria, for example. Gandur has also been dubbed Commander of the National Order in Benin, has a diplomatic passport from Senegal, and for ten years was the honorary consul in Geneva for the civil-war-riven Republic of Congo.
The son of a Swiss pediatrician, Gandur, now 58, grew up in Alexandria, Egypt, where he learned Arabic, fell in love with history and began a lifelong devotion to Egyptian antiquities. He studied law and political science at the University of Lausanne. In 1976 he went to work at the Philipp Brothers trading house in Zug, Switzerland: "the best school in the world," he says. There he became a successor to infamous trader Marc Rich, who had left the company in 1973. Early on Gandur gravitated to francophone Africa and became manager of Philbros' African oil trading operations. After stints at rival trading houses, in 1987 he and three partners set up their own west African trading operation, Addax & Oryx Group, named after two members of the African antelope family.
Soon AOG began acquiring physical assets to backstop trading positions, picking up oil storage tanks, petroleum depots, liquefied petroleum gas and oilfields. The company even branched out into gold mines (Gandur is chairman of Toronto-listed Axmin). In 1996 Gandur made the salmon leap from the downstream activities of oil trading and marketing, which provide thin margins by moving huge volumes of other people's oil, into the upstream, which entails more risk and upfront investment but offers fatter returns. AOG inked its first production-sharing contract with the oil minister of Ivory Coast to overhaul the abandoned offshore Espoir oilfield. That was followed up in 1997 with concessions in offshore Benin.
Gandur came into the money a year later, in Nigeria, where U.S. oil company Ashland (nyse: ASH - news - people ) and the French major Total were in a 50/50 venture developing four offshore oil blocks. Ashland, in the process of refocusing its business on mining, made a deal to sell its interest to a small French operator. But the Nigerians, insisting change in ownership required government approval, threatened to repossess the assets. Ashland should have known better, jokes Gandur: "I think it was sabotage by some of the executives of Ashland because they wanted to keep it. Otherwise I don't understand why they messed up so much."
Their screwup; his payday. Addax explained to Dan Etete, then Nigeria's oil minister, that killing a contract with a U.S. company would be lousy p.r. and persuaded him to let Gandur negotiate with Ashland for the assets. Events played into his hands. OPEC had boosted output just months before the Asian financial crisis eroded demand for fuel; oil prices plunged from $20 to $12 a barrel. Gandur convinced Ashland and Total to sell the four blocks, with 8,000 bpd of production and 30 million barrels of reserves, for less than $50 million. After investing $1 billion, Addax now produces 100,000 bpd there.
Did charm alone win the day? In 2000 two former Addax & Oryx Group employees were convicted in Switzerland and fined for money laundering of embezzled funds tied to President Abacha. (Abacha, who died in office in 1998, is suspected of stealing more than $3 billion from Nigeria.) Etete is on trial in France on charges of money laundering and receiving kickbacks from Elf Aquitaine (now part of Total). A French trader and former Addax executive, Richard Granier-Deferre, is being tried as an accessory. Etete reportedly bought $19.5 million of luxury properties in France.
Nigeria continues to be a contentious but profitable play for Gandur. In March 2006 Addax signed production-sharing contracts on three blocks in an offshore area shared by Nigeria and tiny São Tome. Its partner is ERHC Energy, a publicly traded company headquartered in Houston but controlled by Nigerian businessman Emeka Offor, a close associate of former Nigerian president Olusegun Obasanjo (Offor says otherwise). Offor and ERHC reportedly got a sweetheart deal on its blocks, despite limited operating experience and insufficient access to the necessary capital. "We are good friends," Gandur says of Offor. "We have checked him out through several channels." The pals cut another deal last November, Addax partnering with Offor's little-known company called Starcrest to develop Nigerian offshore block 291, a very promising prospect in the same geologic trend as Chevron's giant Agbami field and Shell's Bonga. Addax paid Starcrest $35 million for a 72.5% stake, forking over $55 million to Nigeria as a signature bonus and pledging another $75 million in development costs.
When the deal was announced, the Nigerian media exploded with allegations of corruption. The block had been previously awarded to Transcorp, which, according to Addax Chief Financial Officer Michael Ebsary, hadn't come up with either the money or the required international partner within 90 days, as stipulated by Nigerian authorities. Critics claimed Starcrest got the block only through cronyism. The Nigerian feds have been investigating, and in August the press reported that new President Umar Musa Yar'Adua was considering the revocation of some recently granted licenses. Gandur says his request to meet the president in person was recently turned down.
Shareholders of ERHC, meanwhile, are wondering why Offor didn't steer the block 291 deal their way. In August Offor resigned his ERHC chairmanship. "Nigeria has not in the past been particularly good at enforcing rules on oil companies with political ties," says Ebsary. "Now they are really trying to apply the rules." Still, he adds, "In these parts of the world you are invariably going to be dealing with people connected to someone powerful in the ruling elite. That's just the way it is."
In that respect Addax shareholders have little to worry about. Gandur is buddies with powerful Nigerian Oil Minister Edmund Dakouru, having negotiated deals with him for 20 years. Also helping to smooth things out is Addax board member Afolabi Oladele, who handled relations with oil majors for the Nigerian National Petroleum Co. in the 1990s and receives $9,000 a month from Addax for consulting work. Gandur has also recruited Brian Anderson, formerly Shell's leading guy in Nigeria, and James Pearce, who ran Chevron's deepwater operations there.
Gandur is making friends lower down the social scale, as well. Addax hires community representatives from regional tribes and has spent $10 million in the past decade building roads, schools and water projects. The rule in Nigeria, Iraq or anywhere Addax goes is to "make sure the chief of the village knows what you do next," Gandur explains. "Don't move the rig without him knowing." The strategy has worked pretty well, so far. In contrast with Shell--Nigerian civil unrest has disrupted one-quarter of its output for the past 18 months--Addax has had no outages, but several contractors have been taken hostage, and last February one was killed trying to escape.
Security is increasingly in the fore of Gandur's mind, especially as his empire and fortune have grown large enough to make him a target. In Iraq the Taq Taq field is protected by U.S. security outfit Vance, which hires peshmerga, armed Kurdish fighters. The Kurdish Regional Government has a huge incentive to protect both Gandur and his investments. After Saddam's fall the KRG began to assert its rights to the oil in the territory under its control; in 2004 it signed a deal with Genel Enerji, a division of Turkey's Cukorova Group, to explore Taq Taq.
Addax began talks with Genel, but months passed, and any hope of a deal seemed bogged down as other suitors tried to woo the Turks. "They were aware they had a nice asset," says Ebsary. Gandur, sensing it was time to close the deal, stepped in. He went to Ankara, met with Mehmet Sepil, chairman of Genel, and poked fun at his larger oil competitors, saying they would try to sideline the Turkish energy giant and take total control of the field. In July 2005 Genel dealt Addax 30%; last year Addax paid $85 million to up it to 45%.
Addax and Genel are also underwriters of Kurdish independence--a scalding potato, politically. They are footing $90 million for drilling this year and expect to invest $1 billion to develop Taq Taq and the adjacent Kewa Chirmila prospect. Yet when Taq Taq starts producing, 90% of the oil will go to the KRG as a royalty. If Taq Taq flows 200,000 bpd and Kewa Chirmila 50,000 bpd, that's more than $15 million into KRG coffers each day.
That also assumes that the fractious parliament in Baghdad will pass a federal oil law. It doesn't help that the U.S. State Department opposes Kurdish oil deals as too much too soon, while the Iraqi oil ministry, led by Shiite Husayn al-Shahristani, condemns any deals as illegal. Until there's a law, Addax cannot build the pipeline that would probably move oil to the Turkish port of Ceyhan. Meantime, Gandur and Genel will likely start construction of a refinery near Taq Taq that would take 20,000 barrels a day and provide a vital supply of indigenous gasoline to the Kurds.
In a visit to Irbil earlier this year Gandur gave his two Serbian bodyguards the slip to visit the ancient citadel there. Built on a hill said to be inhabited continuously for 7,000 years, it houses a small museum where Gandur, an avid collector of antiquities, studied a collection of ancient Sumerian tablets. He reflected on the myriad powers that have come and gone in the Fertile Crescent. Assyrians, Babylonians, Romans, Europeans, Saddam's Baathists. Gandur intends to stay.
By the Numbers
Simply Gushing
West Africa is a black gold mine for Gandur's company. Up next: Iraq.
$1.2 billion Addax Petroleum's capital expenditure this year.
480 million Addax's total reserves in barrels.
$9 Addax's net income on every barrel of oil produced.
Source: Addax Petroleum.
Addax updated site ... http://www.addaxpetroleum.com/operations/jdz
You may be right !!! That would mean 1.5 BB in JDZ 2-3-4
so we get 300 MM or 150 conservatively
according to Addax ERHC should see around 100 Million Barrels from JDZ BL 2,3,4 with unrisked + risked
for those conservatives ERHC should see around 56 Million Barrels from JDZ BL 2,3,4 with unrisked only
Can some one figure out what our appropriate market cap should be !!!!!
NSAI reviewed 18 prospects on Blocks 2, 3 and 4 and estimated unrisked and risked prospective oil resources respectively to be 286 MMbbl and 225 MMbbl attributable to Addax Petroleum's working interest as at December 31, 2006.
Figure 286+225 = 511 MM Bbls
Addax has 22.44% ave. of BL 2-3-4 = 115 MM Bbls
ERHC has 19.56% ave. of BL 2-3-4 = 100 MM Bbls
UPDATE 1-Addax to pay $77.6 mln for Gulf of Guinea oil block
Wed Sep 26, 2007
LAGOS, Sept 26 (Reuters) - Canada's Addax Petroleum Corp. (AXC.TO: Quote, Profile, Research) has agreed to buy a 40 percent stake in block one of Nigeria and Sao Tome and Principe's Joint Development Zone (JDZ) in the Gulf of Guinea for $77.6 million, the company said on Wednesday.
Esso Exploration and Production Nigeria-Sao Tome Ltd, which holds the interest, will also receive 2 percent of Addax's share of profit oil produced from the block, Addax said in a statement.
The completion of the sale and purchase agreement is subject to the approval of the JDZ, the company said.
Addax Chief Executive Jean Laude Gandur said the acquisition will expand and strengthen the company's position in the Gulf of Guinea which is rated as one of the most prolific hydrocarbons regions in the world.
"I believe this acquisition to be an important building block in our broader deepwater Gulf of Guinea portfolio that will deliver value to our shareholders and stakeholders," Gandur said in the statement.
Block one, which was one of the most sought after acreages during a 2004 licensing round, is operated by U.S. energy giant Chevron (CVX.N: Quote, Profile, Research) with a 45.9 percent working interest.
these Addax numbers MUST be conservative in order to PR them ....... one would think
The oil prospectivity of JDZ Blocks 2, 3 and 4, but not Block 1, as announced by Addax Petroleum on May 22, 2007, was previously assessed by the Corporation's independent reservoir engineers, Netherland, Sewell and Associates ("NSAI").
NSAI reviewed 18 prospects on JDZ Blocks 2, 3 and 4 and estimated unrisked and risked prospective oil resources respectively to be 286 MMbbl and 225 MMbbl attributable to Addax Petroleum's working interest as at December 31, 2006.
ERHC web site updated with new pics and the revision to reflect Q4 drilling
http://www.erhc.com/
http://www.erhc.com/en/cms/?83
Everyone benefits this way as all JDZ data will be shared
OILPHANT ? post 105284 any update
new Addax Investor Presentation 09/25
http://www.addaxpetroleum.com/investors/management_presentations
http://www.addaxpetroleum.com/_media/September_2007_Investor_Presentation.pdf
JDZ
On Trend with World Class Oil Finds
Agbami 1B / Bonga 700 MM/ Akpo 500 MM bbls
JDZ + OPL 291
Unrisked = 742 MM Bbls / Risked 389 MM Bbls
JDZ 286 MM bbls Unrisked and 225 Risked
Experienced deepwater team
Rig contracted up to 10 wells Q4 2008
Multiple reservoir targets and Direct Hydrocarbon Indicators in many prospects
Press Release Addax JDZ BL 1
Could OILPHANT have been right - re. JDZ Chatter ??
Addax Petroleum announces agreement to acquire interest in deepwater Joint Development Zone
Tuesday September 25, 2:55 am ET
To acquire a 40 per cent working interest in JDZ Block 1
CALGARY, Sept. 25 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC), today announces that its has agreed to acquire Esso Exploration and Production Nigeria-Sao Tome (One) Limited's 40 per cent working interest in Block 1 of the Joint Development Zone (the "JDZ"). The JDZ lies in the deepwater between Nigeria and Sao Tome and Principe in the Gulf of Guinea which is one of the most prolific petroleum regions in the world.
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Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "This acquisition will expand and consolidate our leading position in this world class exploration region. The addition of Block 1 to our existing interests in JDZ Blocks 2, 3 and 4 is consistent with our strategy that a focused, JDZ-wide exploration campaign will demonstrate the full potential of the region and bring about its earliest development. In that respect, Block 1 is particularly important as it already contains a well which encountered hydrocarbons and has several further prospects. I believe this acquisition to be an important building block in our broader deepwater Gulf of Guinea portfolio that will deliver value to our shareholders and stakeholders."
Addax Petroleum and Esso Exploration and Production Nigeria-Sao Tome (One) Limited have entered into a sale and purchase agreement whereby Addax Petroleum has agreed to acquire Esso Exploration and Production Nigeria-Sao Tome (One) Limited's 40 per cent working interest in Block 1 and, as consideration, to pay US$77.6 million and 2 per cent of Addax Petroleum's share of profit oil produced from Block 1. Completion of the sale and purchase agreement is subject to the approval of the Joint Development Authority of the JDZ.
Block 1 is operated by Chevron, which holds a 45.9 per cent working interest. Block 1 is located approximately 300 kilometres offshore Nigeria in water depths ranging from 1,600 to 1,900 metres, directly west of JDZ Block 2 and directly north of JDZ Blocks 3 and 4. Block 1 contains the only well drilled to date in the JDZ, Obo-1, which is significant because it encountered hydrocarbons when drilled in 2006. There are no further exploration commitments on Block 1 during the current exploration period.
Addax Petroleum continues to hold the largest acreage position in the JDZ, as tabulated below.
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Addax Petroleum's working interest
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Block % Acres Operator
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Block 1 40.00% 69,600 Chevron
Block 2 14.33% 24,500 Sinopec
Block 3 15.00% 24,700 Anadarko
Block 4 38.30% 81,100 Addax Petroleum
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Total 199,900
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The oil prospectivity of Blocks 2, 3 and 4, but not Block 1, as announced by Addax Petroleum on May 22, 2007, was previously assessed by the Corporation's independent reservoir engineers, Netherland, Sewell and Associates ("NSAI"). NSAI reviewed 18 prospects on Blocks 2, 3 and 4 and estimated unrisked and risked prospective oil resources respectively to be 286 MMbbl and 225 MMbbl attributable to Addax Petroleum's working interest as at December 31, 2006.
The Corporation, along with Sinopec, has contracted the Aban Abraham deepwater drillship to drill up to ten exploration and appraisal wells, commencing during the fourth quarter of 2008, in the JDZ and at OPL291, the Corporation's other deepwater Gulf of Guinea license area.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 123,000 bbl/d for the second quarter of 2007. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
Addax Petroleum presents at upcoming global investor conferences
Monday September 24, 11:56 am ET
CALGARY, Sept. 24 /CNW/ - Addax Petroleum Corporation (TSX: AXC - LSE: AXC) ("Addax Petroleum" or the "Corporation") announces that various members of the Corporation's senior management will be presenting at the following upcoming investor conferences.
UBS Oil & Gas Conference
Mr. Jean Claude Gandur, President and Chief Executive Officer, will be
presenting at the UBS Oil & Gas Conference in Dubai, EAU on Tuesday,
September 25, 2007 at approximately 3:45 a.m. Eastern Time.
Herold's Pacesetters Energy Conference
Mr. Michael Ebsary, Chief Financial Officer, will be presenting at the
Herold's Pacesetters Energy Conference in Greenwich, NY, USA on
Wednesday, September 26, 2007 at approximately 11:00 a.m. Eastern Time.
Investors are invited to listen to the audio recording via the following
link: www.herold.com
Citi Benelux Resources Symposium
Mr. James Pearce, Chief Operating Officer, will be presenting at the Citi
Benelux Resources Symposium in The Hague on Thursday, September 27, 2007.
First Energy / Société Générale International Oil and Gas Conferences
Mr. Michael Ebsary, Chief Financial Officer, will be presenting at the
First Energy / Société Générale International Oil and Gas Conference in
Toronto, Canada on Friday, September 28, 2007 at approximately 9:50 a.m.
Eastern Time.
Investors are invited to listen to the live webcast via the following
link: http://firstenergy.com/conf/GEC_TO07/AXC.html
Additionally, Mr Ebsary will be presenting at the First Energy / Société
Générale International Oil and Gas Conference in London, UK on Monday,
October 1, 2007 at approximately 9:45 a.m. Eastern Time.
Investors are invited to listen to the live webcast via the following
link: http://firstenergy.com/conf/GEC_LON07/AXC.html
The presentation slides will be available on Addax Petroleum's website at
www.addaxpetroleum.com.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 123,000 bbl/d for the second quarter of 2007. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
ERHC News !! pre market too
ERHC Energy Inc. Interim CEO Issues Update for Shareholders
Monday September 24, 9:00 am ET
HOUSTON, TX--(MARKET WIRE)--Sep 24, 2007 -- The following update on Company activities was issued by Nicolae Luca, interim chief executive officer of ERHC Energy Inc. (OTC BB:ERHE.OB - News), prior to the market open on Monday, September 24, 2007.
"To ERHC Shareholders:
"I am pleased once again to provide the September 2007 update on the recent progress of ERHC Energy Inc.
"If you were not able to participate in our recent conference call, I hope you had an opportunity to listen to a replay. Corporate Secretary Peter Ntephe did an admirable job of briefly summarizing ERHC's financial position and its ongoing operations. It was also enlightening to hear from shareholders about their interests and concerns. As Mr. Ntephe described, we intend to offer similar opportunities for investors to ask questions in the future.
"We are pleased to report the resolution of our negotiations with Godsonic Oil Company Limited regarding its interest in Joint Development Zone Block 4. As stated in our latest quarterly disclosure, we took action on behalf of our consortium to reclaim Godsonic's 9.0 percent share of JDZ Block 4 because Godsonic failed to meet certain obligations. Our consortium partner in JDZ Block 4, Addax Petroleum (Nigeria Offshore 2) Limited, claims entitlement under the existing agreements to 7.2 percent out of the recovered 9 percent, leaving 1.8 percent remaining with ERHC. If finalized, this would increase ERHC's share of JDZ Block 4 from 17.7 percent to 19.5 percent. ERHC and Addax are currently exploring mutual recourse to arbitration or mediation, under amicability, to resolve whether or not additional consideration is due to ERHC from Addax for the 7.2 percent claimed by Addax under the terms of the existing agreements. We believe that the relationship between the two companies remains as good as ever.
"Progress continues toward eventual exploration in several JDZ Blocks in which ERHC has a stake. As a carried interest partner in each of JDZ Blocks 2, 3 and 4, ERHC is required to let the operator of each Block make announcements regarding when and where drilling will commence. ERHC Vice President Technical, Jim Ledbetter, is helping to evaluate initial exploration well locations in JDZ Blocks 2, 3 and 4 and we expect to reach agreement on specific locations with the Joint Development Authority and the consortium partners in each of the Blocks in approximately the next six months.
"Additionally, after the operators of each JDZ Block complete their review and approval of geological and operational efficiencies, we expect their decisions about drilling schedules at specific locations. It is important to keep in mind that the timeframes for drilling at various locations in all three JDZ Blocks will be based on their evaluations of cost-efficiency and not necessarily to prioritize the highest potential exploration locations.
"We are very proud that ERHC has signed on as a sponsor of Nigeria Oil & Gas 2008. The conference, scheduled from February 18-21, 2008, is the premier event on the Nigerian Oil & Gas calendar and is expected to attract more than 4,000 participants, including more than 600 senior delegates. ERHC representatives attended Nigeria Oil & Gas 2007 and were impressed with the quality of the programs and exhibitors, which contributed to our decision to sign on as a sponsor for next year's conference. Our sponsorship of Nigeria Oil & Gas 2008 is an example of the Company's efforts to raise awareness about our ongoing operations and the progress being made toward eventual drilling in the JDZ.
"Another element of our effort to showcase ERHC Energy's commitment to contributing positively to the quality of life in the communities in which we operate, is the implementation of a community outreach program in our host communities. Our first initiative was a visit by ERHC Corporate Secretary Peter Ntephe and the Company's special counsel in Nigeria, Steve Ahaneku, to the Jabi Orphanage Home, in Abuja, Nigeria. ERHC made a small contribution during the visit to help support the orphanage, which takes in abandoned children. It currently is home to 35 youngsters ranging in age from a few weeks to five years old. You can view photographs from the visit at www.erhc.com.
"ERHC's community outreach program is an important part of an integrated program to be more visibly involved with the communities in which we operate and to illustrate the positive things the Company is doing. The program will continue to build momentum with a planned trip by management representatives to Sao Tome and Principe in the fall.
"We have heard from a number of shareholders who are excited about attending ERHC's annual shareholders meeting. While we do not yet have details finalized on the date and location, we can tell you that the meeting will be held in Houston, Texas. We expect to provide the formal notice and documentation to shareholders in time for those coming from out of town to make travel arrangements.
"Finally, we would like to clarify that ERHC has agreed to pay its consortium partners in JDZ Blocks 2, 3 and 4 up to 100 percent of the allocation of cost oil plus up to 50 percent of the allocation of profit oil until all carried costs are recovered, subject to certain conditions. ERHC's Web site has been updated to reflect this clarification.
"ERHC Energy remains focused on building positive momentum and values your ongoing trust and support. The management and board look forward to getting together with you in due course at the shareholders meeting."
Sincerely,
Nicolae Luca
Acting Chief Executive Officer
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in the highly prospective Gulf of Guinea and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its shareholders, investors, and employees; sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, statements concerning ERHC Energy Inc.'s future operating milestones, future drilling operations, the planned exploration and appraisal program, future prospects, future investment opportunities and financing plans, future shareholders' meetings, response to the Senate Subcommittee investigation, developments in the SEC investigation of the Company and related proceedings, as well as other matters that are not historical facts or information. Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports and other filings with the Securities and Exchange Commission. These factors include, among others, those relating to the Company's ability to exploit its commercial interests in the JDZ and the exclusive territorial waters of Sao Tome and Principe, general economic and business conditions, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations and various other matters, many of which are beyond the Company's control. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
Contact:
Contact:
Dan Keeney, APR
DPK Public Relations
832-467-2904
Email Contact
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Source: ERHC Energy
Dadd, what part is new? it's all been there for 4 weeks
since the ERHC Energy Inc. Selects Tendenci® to Power Upgraded Web Site 23-Aug-07
What *Should* be updated is the small delay from "as early as Q3 2008" to as early as Q4
all subject to change but this is the current reality although Addax has not yet updated their public statements
maybe we get lucky and get moved up
also hope they drill OPL 291 last
Addax may have up to 45.5% in BL 4
Recall - they got 5% more from Overt Ventures
Addax Petroleum's interest in JDZ4 if and when we receive the [ERHC/Godsonic] transfer would be 45.5% - and not 40.5%. Their number of 40.5% is missing the 5% that we acquired from Overt Ventures Ltd. in April 2006 (ie: currently have an interest of 38.3%).
Kind regards,
Craig
Craig E. Kelly, C.A.
Finance Manager - Corporate Mergers & Acquisitions
Addax Petroleum Corporation
SEC filing on 8/9/2007
On March 15, 2006, an agreement to assign 9% in Block 4 to Godsonic was entered into between ERHC and Godsonic subject to Godsonic meeting stipulated financial and other conditions. By a further Amendment made on April 11, 2006 to the Participation Agreement, ERHC and Addax provisionally agreed that if Godsonic did not meet the obligations on the 9% interest to be transferred to Godsonic and was foreclosed from all claims to the 9% interest, ERHC would transfer 7.2% out of the 9% interest to Addax so that Addax’s participating interest would be 40.5% in aggregate and ERHC’s participating interest would be 19.5% in aggregate. See Note 7.
Under the Participation Agreement between ERHC and Addax, as variously amended, Addax will serve as operator and pay all of ERHC’s future costs in respect of all petroleum operations in Block 4. Addax is entitled to 100% of ERHC’s share of oil production until Addax recovers ERHC’s costs.
FISHDOG -when are the other shoe[s] gonna drop?
4th Day BOFA was *NOT* on the ASK
could this be the bottom ??
it's a love hate relationship
love the story / hate the pps
no & ERHE/ERHC has Never been halted
going back to 1999
watching BOFA - he has been up at .30 since thursday
lets keep our fingers crossed he is done
Nice - we can all say we invested in STP before the boom
seems everyone is getting ready for what many of us already knew years ago
it is odd the co has not yet PR'd this important event in the region and our participation in it,
http://www.cwcnog.com/content.php?page=welcome
IMO stay tuned - I'm sure they will
WD, we were comfy at $0.80 pre investigations
so considering we are much stronger [Rig Booked and in que / bigger Block % / Good cash on hand / PR team in place / SEO out]
Dont forget oil at $80
$0.40 is on the low end
A while back DK hinted IMO no major news while the investigations were on going - so once the other shoe[s] drops - new Management & BOD get in ,,,
its game on .....
Fish hope you are right - you had a feeling last time too
the ALL CLEAR Signal would be a load off many of our minds and I'm sure would start a tsunami of Buy in speculation again
AngryAsian - something on your mind ?
do share
MN it's certainly been a long road no doubt
Hoodwinked - NO! - or we'd be sub penny and broke years ago
1 more year [perhaps sooner] and I bet we will be in much better shape - as soon as the Rig leaves the dock
The powers to be want to get a pay off too
We have good cash / strong partners / great assets / I'd mention leadership but they are MIA - and with some good fortune the investigations go away or have no harsh impact
Bottom line we are an oil company with no oil yet
hang tough
WD, I asked Dan K about this and his reply was that they BOFA have sold less than 1% of the O/S [no significant impact]
http://www.otcbb.com/asp/tradeact_mv.asp?SearchBy=issue&SortBy=volume&Issue=erhe&Month=8....
that they may also be a buyer active on the buy side [IMO doesn't appear that way I dont think DK has access to L2]
that ER management is focused on running a company and not on the day to day trading
so i guess we have to wait till they cross the 5% threshold or 36 MM shares sold - for full disclosure
at the rate they are going that would take us till March '08
related - Addax Petroleum announces update to continued appraisal program at Taq Taq
Thursday September 6, 5:47 am ET
Second step-out appraisal well TT-07 flows at an aggregate rate of 37,560 barrels per day
CALGARY, Sept. 6 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX/LSE:AXC) today announced flow test results for the TT-07 well, the fourth appraisal and development well recently drilled on the Taq Taq field by Taq Taq Operating Company, the joint venture company formed by Genel Enerji A.S. ("Genel") and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.
Three reservoir intervals were tested separately and flowed at an aggregate rate of 37,560 bbl/d of light oil, measured gravity of 48 degrees API with low gas oil ratio. The intervals tested were a 232 meter bare foot completion interval in the Shiranish formation which flowed at a rate of 10,240 bbl/d, a 111 meter interval in the Kometan formation which flowed at a rate of 10,250 bbl/d and a 53 meter interval in the Qamchuqa formation which flowed at a rate of 17,070 bbl/d. Oil flow rates from the Shiranish, Kometan and Qamchuqa intervals were restricted by 128/64", 76/64" and 128/64" choke sizes respectively. Evaluation of these flow test results is ongoing.
Commenting on the well results, Dr. Ashti Hawrami, the Minister of Natural Resources for the Kurdistan Regional Government said: "We are delighted by these results, as they demonstrate the high production potential of the Taq Taq field. We congratulate our Turkish partners (Genel Enerji) and Canadian partners (Addax Petroleum) on these excellent results. We also congratulate the people of the Kurdistan Region and all of Iraq. With this good news, Taq Taq will become the first major contributor in the Kurdistan Region to the increase of revenues for all Iraqi people. The KRG will continue its efforts in the development of the Region's oil resources to meet our stated target of 1,000,000 barrels per day within the next five years."
Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "The success of our appraisal program at Taq Taq continues to be very encouraging. The TT-07 well is significant because, in addition to being another successful step-out appraisal well, it tested at the highest aggregate flow rate of any Taq Taq well to date including having the highest single formation flow rate. We are integrating these additional results, together with the ongoing 3D seismic campaign, into a full development program for the Taq Taq field. We are also encouraged that recent constructive efforts of the Kurdistan Region and Iraq could result in a legal framework that will enable the Corporation to commence implementing this full field development in 2008."
TT-07 is a step-out well located approximately 2.9 kilometres southeast of the TT-04 well, which was located on the crest of the Taq Taq field. It is the second well which is attempting to define the length-wise areal extent of the Taq Taq structure approximately 6 kilometres in the opposite direction of the crest of the field from TT-06. The TT-07 well was spudded in late April and completed drilling in early July at a total depth of 2,187 metres. Testing of TT-07 commenced in mid August, 2007.
Interpretation of data acquired from TT-07, including wireline and 36 metres of core, confirmed the presence of a significant and extensive fracture system as observed in the TT-04, TT-05 and TT-06 wells in the tested formations. The Shiranish interval in the TT-07 well was acid stimulated.
The TT-07 well is the fourth of a six well drilling and seismic appraisal program by Genel and Addax Petroleum. The drilling of the fifth and sixth appraisal and development wells, TT-08 and TT-09, are now in progress. The TT-08 well was spudded in mid-July and is located approximately 1.7 kilometres east of the TT-04 well along the width-wise axis of the Taq Taq field. In addition to the ongoing drilling program, Genel and Addax Petroleum have commenced shooting 290 square kilometres of 3D seismic over the Taq Taq field and expect to complete the acquisition early in the fourth quarter of 2007. The results of the drilling and seismic appraisal program will be integrated into a full field development plan which Genel and Addax Petroleum expect to commence implementing in 2008. Genel and Addax Petroleum also are finalizing the acquisition of 175 kilometres of 2D seismic over the Kewa Chirmila prospect and surrounding area, which is in the same license area as the Taq Taq field.
The Taq Taq field is located in the Kurdistan Region of Iraq some 60 kilometres northeast of Kirkuk, 55 kilometres southwest of Erbil and 120 kilometres northwest of Sulaimaniyah.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 123,000 bbl/d for the second quarter of 2007. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.