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21:th March
15:00
Mazher Xaleqi
xaleqi.com
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News |
Addax buys one third of Kurdistan Oil License
Kurdistannetwork - October 9, 2008
Erbil, South Kurdistan. A third of the Sangaw North Production Sharing Contract has been acquired by the Addax Petrolem Coperation. The area is located 80 kilometers southeast of the Taq Taq field wich is operated by Sterling.
The Addax petroleum’s president said -We are pleased to expand our activities in the Kurdistan Region of Iraq to include the highly prospective Sangaw North license area. Given our successful drilling campaign at Taq Taq, we intend to assist our partner to expedite exploration drilling. We believe that exploration success at Sangaw North would offer attractive synergies with the development of Taq Taq for the benefit of all the people of Iraq and our shareholders.
The gross area that Sangaw North PSC covers is 121,600 acres or (492 km2).
About Addax Petroleum:
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 136,000 bbl/d for the first half of 2008. Further information about Addax Petroleum is available at www.sedar.com, www.londonstockexchange.com or the Corporation’s website, www.addaxpetroleum.com.
Source: Addax Petroleum
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