Addax Petroleum And Genel Energy Commence International Export From Kurdistan Region Of Iraq

CALGARY, Canada, June 1 /PRNewswire/ --

- Crude Oil From Taq Taq License Area Exported to International Markets

Addax Petroleum Corporation (Addax Petroleum or the Corporation) (TSX: AXC and LSE: AXC) today announced that, together with partner Genel Energy International Ltd. (Genel Energy), it has commenced the international export of oil from the Taq Taq license area. The crude oil is being trucked to the Khurmala station and is then exported to international markets via the Iraq-Turkey main export pipeline which runs to the Mediterranean port city of Ceyhan.

Commenting, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: The international export of oil from the Taq Taq field is an important achievement for Addax Petroleum and a significant occasion for the Kurdistan Region and all of Iraq. Since our entry into the Kurdistan Region of Iraq four short years ago, we have been confident that crude oil exports would ultimately flow into world markets. We are very pleased to have commenced export as this area is poised to be a sizeable contributor to production and reserve growth for Addax Petroleum.

Earlier in 2009, the Kurdistan Regional Government approved a full field development plan submitted by Addax Petroleum and Genel Energy for the Taq Taq field which contemplates peak production of up to 180,000 bbl/d. Existing facilities at the Taq Taq field provide for production capacity of up to 40,000 bbl/d and the Corporation is in the process of expanding the facilities to 70,000 bbl/d of capacity. Following the successful exports by truck, a pipeline is expected to be constructed in support of the full field development.

About Addax Petroleum

Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8.8 Mbbl/d for 1998 to an average of 134.7 Mbbl/d for the first quarter of 2009. Further information about Addax Petroleum is available at http://www.addaxpetroleum.com or at http://www.sedar.com.

Reader Advisory Regarding Forward-Looking Information

Certain statements contained in this news release, including statements related to business strategy and goals, development plans and schedules and dates that areas may come on-stream, government and partner approvals and statements that contain words such as may, will, would, could, should, anticipate, believe, intend, expect, plan, estimate, budget, outlook, propose, project, and statements relating to matters that are not historical fact constitute forward-looking information within the meaning of applicable Canadian securities legislation.

Forward-looking information in this news release is subject to known and unknown risks and uncertainties attendant with oil and gas operations, and other factors, which include, but are not limited to: imprecision in resources estimates; discovery of prospective resources and their ultimate classification as reserves and recovery of said reserves; commodity prices; general economic, market and business conditions; industry capacity; competitive action by other companies; refining and market margins; the ability to produce and transport crude oil to markets; weather and climate conditions; results of exploration and development drilling and other related activities; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; changes in environmental and other regulations; international political events; and expected rates of return. More specifically, production may be affected by exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability and seismic costs.

In this news release the Corporation has made assumptions with respect to the following:

- estimates of prospective oil resources; - timing and amount of future production, forecasts of capital expenditures and the sources of financing thereof; - the amount, nature, timing and effects of capital expenditures; - plans for drilling wells and the timing and location thereof; - expectations regarding the negotiation and performance of contractual rights; - operating and other costs; - business strategies and plans of management; and - anticipated benefits and enhanced shareholder value resulting from prospect development.

The Corporation's actual results could differ materially from those anticipated in these forward-looking statements if the assumptions underlying them prove incorrect, or if one or more of the uncertainties or risks described above materializes. Risk factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.

Readers are strongly cautioned that the above list of factors affecting forward-looking information is not exhaustive. Further, forward-looking statements are made as at the date they are given and, except as required by applicable law, Addax Petroleum does not intend, and does not assume any obligation, to update any forward-looking statements, whether as a result of new information or otherwise. The forward-looking statements contained in this news release are expressly qualified by this advisory.

For further information: Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-8011, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-7337-1500, mark.antelme@pelhampr.com

Related articles

Comments

Know Science And Want To Write?

Donate or Buy SWAG