Addax Petroleum has announced the acquisition of a 33.33% interest in Kurdistan’s Sangaw North Production Sharing Contract (PSC).
As part of the agreement, Addax will reimburse the field’s operator Sterling for past costs as well as funding the seismic campaign and the drilling of the first exploration well.
The Sangaw North license covers a gross area of approximately 493 kilometres squared and is located approximately 80 kilometres southeast of the Addax’s existing Taq Taq field.
“Given our successful drilling campaign at Taq Taq, we now 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,” said Addax president and chief executive, Jean Claude Gandur.
Exploration activity to date includes field studies and the acquisition of 310 km2 of 2D seismic that is expected to be completed in November 2008.
The license area contains a large surface anticline, a number of surface oil seeps and the operator is targeting to spud an exploration well in mid-2009.
Addax Petroleum Corporation has also revealed the opening of a new office in Dubai, United Arab Emirates. The office will support Addax’s expansion plan across the Middle East.
