Lagos — Addax Petroleum Development Company has declared a loss of about 2,000 barrels per day in its 2008 oil production in Nigeria.
President and Chief Executive Officer of the company Jean Claude Gandeur said the petroleum sales before royalties in the second quarter of 2009 amounted to S735million,representing a decrease of 51percent over petroleum sales before royalties of S1,493million in the second quarter of last year
According to him, the decrease in petroleum sales before royalties was primarily pushed by a 52 percent decrease in the average crude oil sales price in second quarter of 2009 to S59.45per barrel as compared to A123.17bbl realized in second quarter of last year.
The company said that it will start drilling JDZ Block 4 in the third quarter of the year 2009 starting with the Kina-IX well.
The company also said a total of 3 commitment wells are billed to be drilled at the close of the year.
Mr. Jean Claude Gandeur said the drilling campaign will be a deepwater campaign for Addax Petroleum.
He said: "Addax Petroleum's deepwater exploration campaign will be an exciting time for our organization and shareholders given that our deepwater inventory consists of numerous sizeable prospects which, if successful, will have the potential to significantly enhance the corporation's recoverable reserves".
Addax Petroleum had signed an agreement with a subsidiary of Transocean for the provision and operation of the Deepwater Pathfinder drill ship and drilling is to start courtesy of a rig assignment agreement with Korea National Oil Company to use their slot.
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