Kurdistan Region of Iraq License Areas
Licence areas overview
Sangaw North
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The license area covered by the Sangaw North PSC is located in the Kurdistan Region of Iraq, 80 km south-east of the Taq Taq field.
Description
- Covers an area of approximately 121,600 acres (492 km2)
- Contains a large surface anticline and a number of surface oil seeps
To date, exploration activity includes field studies and the acquisition of 310 km of 2D seismic, expected to be completed in November 2008. The Corporation holds a 26.67% working interest in the Sangaw North PSC. The operator, Sterling Energy plc, is targeting the spudding of an exploration well in mid-2009.
Addax Petroleum's original 33.33% working interest was reduced to 26.67% following an assignment to Korean National Oil Corporation in December 2008. In addition, the KRG has the right to require that at a future date a government nominated entity is assigned 25% which, if exercised, will further reduce Addax Petroleum’s interest to 20%.
For more information, please check our press release of October 9, 2008