Addax to explore Kina prospect in Gulf of Guinea

Addax Petroleum Corp., Calgary, is using Transocean’s Deepwater Pathfinder drillship to explore the Kina prospect on Block 4, which lies in 1,800-2,200 m of water in the Gulf of Guinea 180 km south of Nigeria.

Uchenna Izundu
OGJ International Editor

LONDON, Sept. 1 -- Addax Petroleum Corp., Calgary, is using Transocean’s Deepwater Pathfinder drillship to explore the Kina prospect on Block 4, which lies in 1,800-2,200 m of water in the Gulf of Guinea 180 km south of Nigeria.

Addax also operates Block 3 in the Nigeria Sao Tome and Principe Joint Development Zone (JDZ) with a 51% allowing the company to aggressively explore the prolific region. It will spud the Lemba well on Block 3, which lies in 1,700-2,100 m of water. Addax is obliged to drill at least one exploration well or spend $30 million.

Addax has a deepwater exploration portfolio that consists of interests in five license areas comprised of OPL291 off Nigeria, and Blocks 1, 2, 3, and 4 in the JDZ.

The company estimates that the there are unrisked prospective oil resources in the deepwater Gulf of Guinea at 3,042 million bbl (1,146 million bbl risked), of which it is entitled to 1,498 million bbl (538 million bbl risked).

Contact Uchenna Izundu at uchennai@pennwell.com.

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