2009-08-17-2008-07-01-2008-07-01

Acquired subsidiary, gaining addtl. 18% WI in Iris Marin license offshore.

Addax Petroleum Corp., Geneva, (Toronto: AXC) has acquired a Gabon-focused subsidiary of Sterling Energy Plc, London, (London: SEY) for US$3.3 million. The assets include 18% working interest in the Iris Marin license area offshore Gabon. The payment reimburses Sterling for past costs and Addax will carry 18% of Sterling's costs associated with its 32% working interest in the upcoming well and, subject to a cost cap, a second well. Addax now holds up to a 51.33% working interest in the license area and plans to become operator. Addax president and chief executive Jean Claude Gandur says, "We are pleased to expand our exploration portfolio in Gabon, a region we know well and consider to be highly prospective. As the new operator of the license area, Addax Petroleum will plan to commence the drilling of our first exploration well on the Charlie prospect during the early part of the third quarter of this year." The Iris Marin license area covers approximately 99,600 gross acres of the southern Gabon Basin.