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Thursday, February 5, 2009
Addax Petroleum Corp. saw its production and reserves increase over 2008. According to a reserves report prepared by Netherland, Sewell & Associates Inc.(NSAI), as of December 31, 2008 Addax’s gross working interest proved plus probable reserves were estimated at 536.7 million barrels, which represents an increase of 20% over the quantities estimated by NSAI at the end of 2007. The company also saw a reserves replacement ratio of 281%. On the production end Addax produced at an average rate of 136,500 bpd, and exited Q4 with an average production rate of 142,500 bpd.
The company’s CEO, Jean Claude Gandur said, “I am very pleased to report excellent operational results for a tenth consecutive year. Our accomplishments in 2008 continue Addax Petroleum’s successful track record of simultaneously growing both production and reserves. During 2008, we met our revised targets for production levels and exceeded our expectations for reserves growth by adding close to three times the amount we produced during the year, primarily through new discoveries and extensions of previous discoveries. We also significantly increased our prospective oil resource inventory despite having drilled thirteen exploration and appraisal wells during the year. Further, we continue to invest wisely to develop our existing fields while expanding our reserves and resources base with a dynamic exploration program. We are proud of the success we have delivered in 2008 to Addax Petroleum’s shareholders and stakeholders and look forward to continuing this successful trend this year and beyond.”
Over Q4 the company was busy in Nigeria and Gabon. In Nigeria Addax completed the successful appraisal of the Ossu North on OML 124. The well was drilled with the DWC 20 drilling rig and encountered a gross hydrocarbon column of 25 feet; 12 feet of which is oil bearing. While drilling the Adanga North Graben prospect on OML 123 gas was encountered. The well was drilled to a total depth of 1,620 meters by the Tommy Craighead rig and encountered two gas bearing intervals with individual columns of approximately 16 feet each at depths ranging from 1,440 to 1,560 meters.
In Gabon on the Maghena License area, the company drilled the Andok prospect. During drilling hydrocarbon shows were encountered in the main objective interval and in an up-dip sidetrack of the Andok prospect. The Andok well is located approximately five km east of the Tsiengui field and was drilled to a total depth of 1,746 meters.
Over 2009 Addax plans to drill one exploration well in each of the Maghena and Epaemeno license areas.
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