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Addax Petroleum increases interest in JDZ exploration Block
Thursday April 13, 7:23 am ET

/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
CALGARY, April 13 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum") (TSX: AXC - News) announces that it has increased its participating interest in Block 4 of the Nigeria/Sao Tome and Principe Joint Development Zone ("JDZ") from 33.3 per cent to 38.3 per cent by acquiring the 5 per cent participating interest held by Overt Ventures Ltd ("Overt"). The assignment of Overt's interest to Addax Petroleum has been approved by the Nigeria/Sao Tome and Principe Joint Development Authority ("JDA"). Addax Petroleum is the operator of Block 4.

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Commenting on the acquisition Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said, "We believe that the JDZ offers world-class exploration potential. This acquisition follows our strategy of investing in the JDZ as a core exploration area for Addax Petroleum."

In return for obtaining Overt's 5 per cent participating interest in Block 4, Addax Petroleum is obligated to pay:

- US$10 million to Overt as consideration for the interest, and

- US$5 million to the JDA comprised of a US$4.5 million signature bonus

associated with the acquisition of the 5 per cent participating

interest in Block 4 and an assignment administration fee of

US$0.5 million.

Block 4 covers a gross area of 857 square kilometers (211,773 acres) and the water depth ranges from approximately 1,800 to 2,200 meters. Seismic data acquired over Block 4 is presently being analyzed to delineate potential drilling locations.

Nigeria-Sao Tome & Principe JDZ

The JDZ is located approximately 200 kilometres offshore Nigeria and is adjacent to areas where several large petroleum discoveries have been made. The JDZ was established in 2001 following the ratification of a formal bilateral treaty between Nigeria and the island nation of Sao Tome and Principe. The JDZ is administered by the JDA.

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 2006. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.

This announcement does not constitute an offer of, or the solicitation of an offer to buy or subscribe for, common shares of Addax Petroleum to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful and, in particular, is not for release, publication or distribution in or into the United States, Australia or Japan.

The offer and sale of the common shares has not been and will not be registered under the US Securities Act of 1933, as amended, (the "Securities Act") and such shares may not be offered or sold in the United States unless registered under the Securities Act or an exemption from such registration is available. No public offering of common shares of Addax Petroleum is being made in the United States.

Certain statements in this announcement are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements.

For further information

Mr. Patrick Spollen, Investor Relations, Tel.: [phone], [e-mail]
Mr. Mac Penney, Press Relations, Tel.: [phone], [e-mail]
Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: [phone], [e-mail]