Gabon License Areas
Offshore license areas
The Gabon offshore license areas are a combination of production, development and exploration properties offshore Gabon that are all operated by companies other than Addax Petroleum. They cumulatively cover a gross area of approximately 2,596,000 acres (10,506 km2) and contain two producing oil fields (Etame Marin and Avouma/South Tchibala) and one undeveloped oil field (Ebouri), all within the Etame Marin license area. There are also several unappraised oil discoveries and identified prospects.
Etame field (Etame Marin license area):
The Etame field is Addax Petroleum’s principal offshore producing license area in Gabon. It was discovered in 1998 and started production in 2002. The Etame Marin license covers an area of approximately 759,600 acres (3,074 km2) in the Gabon Basin, offshore southern Gabon. Addax Petroleum holds a 31.36% interest in the Etame Marin license area, which is operated by VAALCO, a US-based independent oil and gas company. The field is in water depths of approximately 75 to 80 m and currently has four wells producing from the Gamba reservoir.
Avouma and South Tchibala fields (Etame Marin license area):
The Avouma field and the adjacent South Tchibala field have been producing since early 2007. The Avouma field was discovered in 2004 and is approximately 17 km southeast of the Etame field. The Avouma and South Tchibala fields are operated as a common production area.
Ebouri field (Etame Marin license area):
The Ebouri field was discovered in 2003 and is approximately 18 km northwest of the Etame field. Approval for the development of the Ebouri field was received from the Gabonese authorities in September 2006. Installation of a jacket and a pipeline from the Ebouri field to the Etame Marin FPSO is planned for 2008 with the drilling of one production well.
Kiarsseny license area:
In January 2004, Addax Petroleum signed an agreement with Tullow Oil for the acquisition of 42.5% in the Kiarsseny property, which is located offshore in the Port Gentil Basin, in water depths up to 800 m and which covers an area of approximately 1,344,900 acres (5,443 km2). The property is operated by Tullow Oil. The Kiarsseny PSC is currently in its second exploration phase of three years, ending March 2010, and has a one well commitment.
Iris Marin license area:
Addax Petroleum holds a 25.71% interest in the Iris Marin exploration license area, which is operated by Sterling Energy. The Iris Marin license area covers a shallow water exploration permit of approximately 99,600 acres (403 km2). The first exploration well in the Iris Marin PSC was drilled in August 2005 to a depth of 2,035 m, reaching a sub-salt Gamba sandstone target where it penetrated over 30 m of reservoir-quality sandstones that were water bearing. The well was plugged and abandoned as a dry hole. The Corporation plans to drill the Charlie prospect and potentially one other prospect in the Iris Marin license area in 2008. The Corporation has exercised pre-emption rights along with its partners on an offer for the Iris Marin and the Themis Marin licenses, and will increase its interest from 25.71% to 33.33% upon completion of the transaction, which is ongoing.
Ibekelia Technical Evaluation Agreement:
Addax Petroleum holds a 40% gross interest in this exploration property operated by Sterling Energy. The Ibelekia technical evaluation agreement covers an area of approximately 167,500 acres (678 km2). In 2007, there was no activity on the Ibekelia technical evaluation agreement and the Corporation does not expect any activity in 2008. The operator is currently negotiating a new PSC to replace the technical evaluation agreement.
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