Production
Addax produced an average of 125,940 bbl/d of oil during 2007, representing an increase of approximately 40 per cent over 2006 and close to the 2007 target of 127,000 bbl/day. Average oil production for 2007 included 104,510 bbl/d from Nigeria and 21,430 bbl/d from Gabon.
Addax produced an average of 90,050 bbl/d of oil during 2006, representing an increase of 38% 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.
Reserves
As at December 31, 2007, NSAI estimates gross working interest proved plus probable reserves for Addax to be 446.7 MMbbl, representing an increase of approximately 26 per cent over the quantities estimated by NSAI at the prior year-end.
• 2007 Reserve Replacement Ratio of 302 per cent and Reserve Life Index of 9.7 years
• Year end 2007 Proved plus Probable oil reserves increase 26 per cent to 446.7 MMbbl
• Year end 2007 unrisked prospective oil resources of 2,246 MMbbl (risked 738 MMbbl)
• Year end 2007 contingent gas resources of 2,415 Bcf and 77.2 MMbbl of liquids