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Thursday, 08 January, 2009, 23:50 GMT | more >>

Addax adds to Gabon play



By Upstream staff 

Addax Petroleum is set to take a 50% stake and operatorship of ithe Epaemeno licence, in Gabon.

The deal with BowLeven, which will retain a 50% interest in the licence, is subject to governmental approval.

Under the terms of the deal, Addax will pay the first $10 million of BowLeven's share of exploration costs and, in the event a commercial development, the first $8 million of BowLeven's share of development costs.

The Epaemeno licence covers about 331,100 acres and lies north of the Maghena and Awoun licences, in with Addax has stakes.


Tuesday, 10 April, 2007, 11:10 GMT  | last updated: Tuesday, 10 April, 2007, 11:10 GMT

On the road: in Gabon
 

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