Addax Petroleum Secures Deep Water Drillship in the Gulf of Guinea

Addax Petroleum Corporation has entered into an agreement with Aban Abraham Pte Ltd , a wholly owned subsidiary of Aban Offshore Limited for the provision of the Aban Abraham deep water drillship to start drilling operations as early as the second quarter of 2008.

The contract, which has been entered into jointly by Addax Petroleum and Sinopec, requires Aban to drill up to ten wells in total comprising five firm well slots and five optional well slots. Well slots will be allocated under a separate agreement between Addax Petroleum and Sinopec. It is intended that firm well slots will be allocated to Addax Petroleum to satisfy its minimum work commitments on operated blocks in the deep water Gulf of Guinea. The Aban contract anticipates that the Aban Abraham will start drilling operations as early as the second quarter of 2008 once it has completed a drilling campaign for a third party operator. Payments under the contract are based on a day rate charging structure and a maximum day rate of $410,000, to be allocated appropriately to Addax Petroleum and its relevant co-venturers.

• Odfjell Drilling to Provide Platform Drilling on Mariner 
• GSP to Provide Offshore Drilling for Dolginskoye Field 
• Drilling of Appraisal Well No.3 Begins at Sakhalin-3 
• TNK-BP Completes Offshore Drilling Project in Vietnam 
• Noble has a Discovery in Offshore Israel 
• TNK-BP Starts 1st Offshore Drilling Operations in Vietnam 
• Energy Searcher Selected for Drilling Program 
• Atwood Oceanics Orders Ultra-Deepwater Drillship 
• Hyundai Heavy Wins $1.03 Billion Drillship Order 
• Diamond Announces Order for Ultra-Deepwater Drillship 

• GulfOilandGas - Regional E-Market Place serving the Middle East and North Africa 
• EMARAT MISR - a new palyer in the marketing side 
• U.S. oil demand rises in January 
• PA Resources Spuds Sidetrack to Elyssa-3, Tunisia