Nigeria: Addax Petroleums Year-End Reserves Hits 353.7m Barrels
ADDAX Petroleum Corporation announces that its Board of Directors has accepted a reserve report prepared by Netherland, Sewell & Associates Inc. (NSAI), independent oil and natural gas reservoir engineers that evaluates all of the corporation’s petroleum reserves.
As at December 31, 2006, NSAI estimates gross working interest proved, plus probable reserves for the corporation to be 353.7 MMbbl, representing an increase of approximately 80 per cent over the quantities estimated by NSAI at the prior year-end. In addition, the corporation produced an average of 90,050 bbl/d of oil during 2006, representing an increase of 38 per cent over 2005.
Average oil production for 2006 included 86,300 bbl/d from Nigeria, which exceeded the target production level of 85,000 bbl/d, and 3,750 bbl/d from Gabon.
Commenting, Addax Petroleum’s President and Chief Executive Officer, Jean Claude Gandur, said: “2006 has been Addax Petroleum’s most active year to date and I am delighted that our efforts continue to strengthen significantly our existing reserves base. This excellent performance reflects continued reserves growth in Nigeria, our major producing area, combined with the acquisition of significant reserves in Gabon and drilling in the Kurdistan Region of Iraq.
Growth in production and reserves are core to Addax Petroleum’s value creation strategy. I believe our exceptional 2006 success in growing our production, adding to our reserves base and extending our reserve life represents a major accomplishment that Addax Petroleum has achieved for its shareholders and stakeholders.
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