Genel Enerji A.S. ("Genel") and
Addax Petroleum Corporation ("Addax Petroleum" TSX : AXC) are proud
to announce the commencement of drilling activities in their first
jointly operated well in the Taq Taq License Area in the Kurdistan
Region of Northern Iraq.
Genel has entered into a Production Sharing Agreement (PSA) with the
Kurdistan Regional Government on 20th January 2004. This PSA
superseded an earlier document dated 17th July 2002 pertaining to
the exploration and exploitation of the Taq Taq License Area. Since
the handover on 25th February 2003, Genel has assumed operations in
the licensed area.
To supplement and support the technical and operational capacity of
Genel, a Technical Services Agreement and a farm in agreement were
signed by Genel and Addax Petroleum in July 2005. Since then, Genel
and Addax Petroleum have conducted a 2-D seismic data acquisition
campaign between December 2005 and April 2006 to define the extent
of the Taq Taq structure. The well now being spudded is scheduled to
reach a targeted depth of approximately 2,250 m in the oil bearing
Cretaceous Shiranish, Kometan and Qamchuga formations. |
Kurdistan oil fields and refineries
Photo: AFP |
Genel and Addax Petroleum have jointly established the Taq Taq
Operating Company (TTOPCO) as a special purpose entity to carry out
the petroleum operations in the license area. TTOPCO conducts its
operations through Ankara Operation Office and Taq Taq Field Office
with the support of parent companies, Genel and Addax Petroleum
This well is the first of a three well drilling program which Genel
and Addax have commenced in response to the urgent local energy
requirements of the Kurdish region in Northern Iraq, and in
fulfillment of a request from the regional authorities to
expeditiously satisfy these needs.
Commenting on this event, Mehmet Sepil, Chief Executive Officer of
Genel Enerji said: "This is a very important step and achievement
for Genel Enerji being a young independent international oil and gas
company. We have spent a lot of efforts together with the local
authorities for the realization of this project since the beginning.
The first objective of the Taq Taq project is to satisfy energy
needs of the region and meet its expectations in an efficient and
timely manner. We are confident that this project would be a world
class and Genel together with Addax will expeditiously develop the
field in accordance with the PSA and international standards by
putting suitable work and development programs in place".
Commenting on this event, Jean Claude Gandur, President and Chief
Executive Officer of Addax Petroleum said: "This is a significant
development milestone for Addax Petroleum. The Taq Taq field has the
potential to be a major source of reserve and production growth. The
joint drilling programme launched together with Genel will allow our
two companies to move forward with the development in a world class
oil province."
Genel Enerji A.S. is a Turkish registered company and owned by the
Turkish Cukurova Holdings Group. Further information about Genel
Enerji is available at www.genel-enerji.com
Addax Petroleum is an international oil and gas exploration and
production company focused on Africa and the Middle East. As a
Canadian registered company, Addax Petroleum trades on the Toronto
stock exchange under the trading symbol ("AXC"). Further information
about Addax Petroleum is available at www.addaxpetroleum.com or at
www.sedar.com
This press release contains forward-looking statements. These
statements are based on current expectations that involve a number
of risks and uncertainties, which could cause actual results to
differ materially from those anticipated. These risks include, but
are not limited to, risks associated with the oil and gas industry
(e.g. operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections in
relation to production, costs and expenses and health, safety and
environmental risks), the risk of commodity price and foreign
exchange rate fluctuations, the uncertainty associated with
negotiating with foreign governments and risk associated with
international activity. Due to the risks, uncertainties and
assumptions inherent in forward-looking statements, prospective
investors in the Addax Petroleum Corporation's securities should not
place undue reliance on these forward-looking statements.
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