Addax Petroleum of Calgary buys one-third stake in Kurdistan licence
CALGARY — Addax Petroleum Corp. (TSX:AXC) has taken a one-third interest in the Sangaw North production sharing contract in the Kurdistan region of Iraq.
The Calgary-based company, focused on East Africa and the Middle East, did not disclose the dollar value Thursday of its interest in the licence area operated by Sterling Energy PLC.
The purchase price "comprises the reimbursement of Sterling's past costs as well as funding the seismic campaign and the drilling of the first exploration well," Addax stated.
The area is about 80 kilometres southeast of the Taq Taq field, a joint venture between Addax and the Turkish Cukurova Group.
"We believe that exploration success at Sangaw North would offer attractive synergies with the development of Taq Taq for the benefit of all the people of Iraq and our shareholders," stated Addax CEO Jean Claude Gandur...
Full story: http://canadianpress.google.com/article/ALeqM5gHoSLWLsFhfSWinI29ARCHPoAXag
