2009-08-17-2008-08-01-2008-08-01

Acquired additional 7.2% participating interest in Block 4 of Nigeria/Sao Tome and Principe JDZ.

Addax Petroleum Corp., Calgary, (Toronto, London: AXC) has acquired an additional 7.2% participating interest in Block 4 of the Nigeria/Sao Tome and Principe joint development zone. Addax's interest in the license area is now 45.5%. Addax is the operator. Addax president and chief executive Jean Claude Gandur says, "This award further enhances our leading position in this world-class exploration region. I am very excited about the prospective oil resources of Addax Petroleum's entire deepwater portfolio and I am looking forward to launching our high-impact drilling campaign. Due to our interests across four JDZ license areas, a focused drilling strategy will be undertaken to include a consecutive exploration campaign of up to 10 wells across the region to demonstrate the full potential of these assets." Addax and ERHC Energy Inc. entered arbitration proceedings in respect of a 9% participating interest in JDZ Block 4 that had been committed to a third party. The party failed to fulfill its obligations and the 9%t reverted to Addax Petroleum and ERHC. Under arbitration proceedings, Addax claimed entitlement to 7.2% of the interest and the London Court of International Arbitration confirmed that Addax was entitled to additional interest for no additional monetary consideration beyond the US$18 million previously paid by Addax Petroleum to ERHC. Addax will continue to carry the costs associated with ERHC's 19.5% interest in JDZ Block 4. The JDZ is approximately 200 kilometers offshore Nigeria and adjacent to deepwater areas where several large petroleum discoveries have been made.