Key Company Milestones

2009

Addax Petroleum is successfully acquired by China Petrochemical Corporation ("Sinopec Group")
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Exports crude oil from Taq Taq licence area to international markets (Addax Petroleum and Genel Enerji)
Announces agreement to fund an exploration well in the Ogueyi licence area, onshore Gabon
TT-10 appraisal well in the Taq Taq field generates record aggregate rate of 44,240 bbl/d
Secures Pathfinder drillship to commence deepwater exploration in JDZ during 2009
Discovers the Njaba 2 well in the OML124 licence area, onshore Nigeria
Announces successful appraisal and development of the Ebouri field (Etame Marin), offshore Gabon

Increases participating interest in Gryphon Marin licence area to 68.75%
Agrees to acquire a 50% working interest and operatorship of Gryphon Marin licence area, offshore Gabon
Forms an international consortium, with Nigerian CHROME and South Korean KOGAS, which will take responsibility for the development of an integrated gas utilization project
Increases participating interest in JDZ Block 4 to 45.5%
Achieves historic milestone production: 200 million barrels from OML123, offshore Nigeria
Signs new PSC with the Republic of Cameroon on the Iroko exploration licence area. Addax Petroleum has a 100% interest and is the operator
TT-08 in the Taq Taq field flow tests at an aggregate rate of 35,750 bbl/d
TT-09 in the Taq Taq field flow tests at an aggregate rate of 16,170 bbl/d

Registers the Addax Petroleum Foundation in Geneva in Switzerland
Wins the DuPont Safety Award for the category "Cultural Evolution" for the HSSE project entitled "Redefining Stability"
Agrees to acquire a 40% working interest in JDZ Block 1
TT-06 in the Taq Taq field flow tests at an aggregate rate of 18,900 bbl/d
Begins trading on the Main Market of the London Stock Exchange (LSE)
Agrees to acquire a 50% interest in the Epaemeno licence area in Gabon from BowLeven PLC

Addax Petroleum lists its shares on the Toronto Stock Exchange (TSX)
Signs three new PSCs on JDZ Blocks 2, 3 and 4
Increases participating interest in JDZ Block 4 to 38.3%
Addax Petroleum's daily oil production reaches a level in excess of 85,000 bbl/d
Spuds first appraisal well in the Taq Taq field
Acquires Pan-Ocean Energy business in Gabon
Signs new PSC with Starcrest and NNPC on OPL291 deepwater offshore Nigeria. Addax Petroleum has a 72.5% participating interest and is the operator
Increases equity position in the Taq Taq field to 45%
Commissions new production and exporting system from the Maghena property, onshore Gabon

Produces first oil from the Okwori field
Implements early production scheme for the Nda field
Addax Petroleum’s production reaches 75,000 bbl/d
Signs a participation agreement in November with ERHC Energy Inc. to acquire 33.3% participating interest in JDZ Block 4 of the Joint development Zone of Nigeria and São Tomé & Principe (JDZ). Operatorship of Block 4
Signs Farm-In-Agreement with Genel Enerji on the Taq Taq field, Kurdistan Region of Iraq

Completes farm-in to the Kiarsseny permit, offshore Gabon
Discovers the Nda field in OPL90: 26 million barrels reserves (proved + probable)
Develops the Okwori, Oron West and North Oron fields

Discovers and confirms Oron West and North Oron fields in OML123: 37 million barrels reserves
Approves Okwori FDP in OPL90
Launches onshore drilling campaign in OML124

Discovers Adanga South in OML123: 43 million barrels reserves (proved + probable)
Addax Petroleum sells its Ivory Coast assets

Launches second drilling campaign in OML123 and discovers Ebughu Northeast: 26 million barrels reserves

Signs two new PSCs on Oil Mining Licence (OML) 123/124 and Oil Mining Licence (OML) 126/137 (former OPL90/225) with the Nigerian National Petroleum Corporation (NNPC) in Nigeria
Addax Petroleum’s average annual production reaches 8,800 barrels per day (bbl/d)