2009-08-19-2007-11-01

Acquired 40% WI in Block 1 of JDZ deepwater between Nigeria, Sao Tome, Principe.

Addax Petroleum Corp., Geneva, Switzerland, (Toronto: TSX) plans to buy working interest in the Gulf of Guinea from Esso Exploration and Production Nigeria-Sao Tome "One" Ltd., a subsidiary of ExxonMobil Corp., Irving, Texas, (NYSE: XOM) for US$77.6 million. Addax acquired a 40% working interest in Block 1 of the joint-development zone (JDZ) in deepwater between Nigeria and Sao Tome and Principe. Block 1 is operated by Chevron Corp., San Ramon, Calif., (NYSE: CVX) which holds a 45.9% working interest on 69,600 acres. Addax will pay an additional 2% of profit oil produced. Addax Petroleum president and chief executive Jean Claude Gandur says, "This acquisition will expand and consolidate our leading position in this world class exploration region. The addition of Block 1 to our existing interests in JDZ blocks 2, 3 and 4 is consistent with our strategy that a focused, JDZ-wide exploration campaign will demonstrate the full potential of the region and bring about its earliest development. In that respect, Block 1 is particularly important as it already contains a well which encountered hydrocarbons and has several further prospects."