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Tuesday, July 8, 2008
Addax Petroleum announced yesterday that it had produced 200 million barrels of crude oil from its offshore Nigeria license OML 123. OML123 is the company’s first Nigerian license and largest license by production and reserves volumes. Addax Petroleum is currently producing just under 60 million bpd from 51 wells in 7 producing fields.
The 367 sq-km OML 123 license is located offshore in the shallow water of the Niger Delta Basin, about 60 km south of Calabar in south-eastern Nigeria.
On the production milestone, President and CEO of Addax Petroleum Jean Claude Gandur, said: “I am extremely proud of this recent accomplishment given Addax Petroleum acquired OML123 in 1998 with a fraction of the reserves we have there today. Achieving this 200 million barrel production milestone, along with celebrating 10 successful years of operating in Nigeria, highlights the quality of our Nigerian assets and our track record of delivering results that enhance shareholder value. We believe that OML123 will continue to be a major production hub for us in the coming years, given the new fields we will be bringing on stream and the substantial exploration potential still contained within the block as demonstrated by our plans to drill up to 6 exploration wells by the end of Q1 2009.”
In December 2007 Netherland, Sewell & Associates Inc. (NSAI) estimates that the gross proved plus probable reserves for OML123 to be 161.4 MMbbl and gross proved plus probable plus possible reserved to be 220.6 MMbbl. In addition, as at December 31, 2007, NSAI estimated the corporation’s best estimate contingent resources for OML123 for gas to be 999.9 Bcf and for associated liquids to be 27.9 MMbbl, and gross best estimate unrisked prospective oil resources for identified prospects on OML123 to be 401.2 MMbbl (110.3 MMbbl risked).
Addax Petroleum has increased its crude oil production from an average of 8,800 bpd in 1998 to an average of approximately 139,100 bpd for the first quarter of 2008. The company’s increasing production and technical achievements in
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