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JDZ News: Canadian firm 'very optimistic' about striking oil in JDZ

Lisbon, March 21 (Lusa) - Canada-headquartered Addax Petroleum said Wednesday that it was "very optimistic" over the possibility of striking oil in the Gulf of Guinea Joint Development Zone shared by Sao Tome and Principe and Nigeria.

"We are very optimistic in relation to the possibility of (oil's) existence in this region and we plan to begin drilling during the second half of 2008", Addax spokeswoman Marie-Gabrielle Cajoly told Lusa by telephone.

Cajoly said the company's interests in three JDZ blocks, one of which as operator, were "key portfolio assets" for Addax.

Earlier this month, Addax and China's Sinopec, the operator of JDZ Block 2, jointly signed a contract in Sao Tome for the drilling next year of five firm wells and options for five more.

Addax is operator of Block 4 and has interests in Block 2 and Block 3, which is operated by Canadian Anadarko.

US major Chevron announced earlier this year that it had struck oil and gas in JDZ Block 1 but that it had yet to determine its commercial value.