Nigeria Licence Areas

Offshore licence areas

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OPL227

In June 2008, Addax Petroleum Corporation has been awarded a 40% interest in OPL227, offshore Nigeria. Addax Petroleum’s co-participants in the OPL227 licence area are Express Petroleum & Gas Company Ltd (“Express”) and Petroleum Prospects International Ltd (“PPI”), both of which are indigenous Nigerian oil companies. The OPL227 licence 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 340 km2 (84,100 acres) and is adjacent to and to the north-east of the Shell-operated OML79 licence 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
• Express is the operator and Addax Petroleum will conduct technical operations in its capacity as technical advisor

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