Addax noted that the KTM-6 well encountered an aggregate gross oil column of 173 feet over four zones. The appraisal well was drilled 2km to the southwest of the successful KTM-2ST1 exploration well.
Addax said that, while flow tests were not performed, pressure and fluid sample data indicate medium gravity oil to be present, consistent with the Antan blend produced from OML123.
The Kita Marine area lies in a water depth of approximately 10m and is approximately 10km northeast of the North Oron-Oron West producing facility. OML123 is Addax’s largest license area, producing approximately 60,000 barrels per day.
Jean Claude Gandur, president and CEO of Addax Petroleum, said: I am very pleased to report an encouraging start to 2008 with these promising appraisal well results from OML123. The expansion of the Kita Marine area opens up the very real possibility to initiate development and production for the first time in the northern part of OML123.
