Nigeria License Areas

Offshore license areas

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OPL227

In June 2008, Addax Petroleum Corporation has been awarded a 40 per cent interest in OPL227, offshore Nigeria. Addax Petroleum’s co-participants in the OPL227 license area are Express Petroleum & Gas Company Ltd (“Express”) and Petroleum Prospects International Ltd (“PPI”), both of which are indigenous Nigerian oil companies. The OPL227 license area is located in the shallow water offshore of the western Niger Delta Basin, one of the most prolific petroleum basins in the world.

Description

• Covers approximately 851 km2 (210,300 acres) and is adjacent to (north-east) of the Shell-operated OML79 license area
• Four wells drilled between 1974 and 1988, all of which encountered hydrocarbons (in non-commercial quantities or shows)
• Minimal 2D seismic and no 3D seismic data acquired to date
• Addax Petroleum received a 40 per cent interest in OPL227
• Express is the operator and Addax Petroleum will conduct technical operations in its capacity as technical advisor

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