In 2001, Nigeria and the Democratic Republic of São Tomé and Principe signed a formal treaty for the joint development of petroleum and other resources in the overlapping area of their respective maritime boundary claims. The treaty established the Joint Development Zone (JDZ) and an administrative body, the Joint Development Authority, (JDA), to oversee the implementation of the treaty and underlying licence areas. The JDZ lies approximately 180 km south of Nigeria in the Gulf of Guinea, one of the most prolific hydrocarbon regions in the world. Intensive exploration efforts over the last 35 years in and around the Niger Delta Basin, in particular, have led to a succession of large discoveries, notably the Bonga, Agbami and Akpo discoveries in Nigeria and the Zafiro and Alba discoveries in Equatorial Guinea.
Addax Petroleum made an addition to its high quality asset base between 2005 and 2007 when it acquired substantial positions in several prospective exploration blocks in the Joint Development Zone (JDZ). At present, the Company holds interests in one block, JDZ-1.
- The area of JDZ Block 1 is approximately 150,000 acres ( 600 km2) with water depths ranging from approximately 1,600 m in the northern part of Block 1 to over 1900m at its south western sector
- The first licensing round for the JDZ was announced in April 2003 from which the first Production Sharing Contract (PSC) was signed in February 2005 for Block 1
Map of our assets
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In the Joint Development Zone, Addax Petroleum's holdings together with its minimum work obligations are as follows:
|Block||Net Acres||Working interest %||Operator|
A 42.37% working interest - Block 1 is located approximately 300 km offshore Nigeria and it covers an area of 174,000 acres (704.5 km2). The water depth ranges from approximately 1,600 m to 1,900 m. 2 exploration wells have been drilled in 2012.