Any Addax followers out there?
- Founded in 1994 by the Addax and Oryx Group Ltd (www.addax-oryx.com), Addax Petroleum is an international oil and gas exploration and production company focused on Africa and the Middle East and is the largest independent oil producer in West Africa.
- Addax Petroleum is a publicly traded company on both the Toronto (TSX:AXC) and London (LSE:AXC) Stock Exchanges.
- Addax Petroleum signed its first two Production Sharing Contracts (PSCs) in Nigeria in 1998. As at December 2008, there were 94 producing wells in Nigeria and 62 producing wells in Gabon. Addax Petroleum produced an average of approximately 136.5 Mbbl/d of oil during 2008 - 108.0 Mbbl/d from Nigeria and 28.5 bbl/d from Gabon. NSAI estimates gross working interest proved plus probable reserves for Addax Petroleumto be 536.7 MMbb.
- In addition to those within Addax Petroleum's asset base in Nigeria, Cameroon and Gabon, Addax Petroleum’s major opportunities include: i)Significant participating interests in four blocks of the highly prospective JDZ & a 72.5% interest in deepwater offshore Nigeria block OPL291, immediately adjacent to Chevron’s OML127 (Agbami); a 45% interest in the Taq Taq license area and 26.67% interest in the Sangaw North license area in the Kurdistan Region of Iraq
- Capital investment for 2009 is forecasted to total approximately US$1 billion, comprised of: i)$672 million development and infrastructure investment on planned projects in Nigeria, Gabon and Kurdistan Region of Iraq, ii) $374 million exploration and appraisal activity
- Exploration and appraisal activity for 2009 includes: i) Expenditures on the Nigeria, Gabon and Kurdistan Region of Iraq properties, including drilling up to 13 exploration and appraisal wells, and ii) Commencement of Gulf of Guinea deepwater drilling campaign targeting a portfolio of prospective oil resources totaling 1,358.6 MMbbl (unrisked)
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