- Shallow Water Offshore Exploration Campaign at Ngosso and Iroko LicenseAreas

Addax Petroleum Corporation (TSX: AXC and LSE: AXC) ("Addax Petroleum" orthe "Corporation") announces the initial results of its Cameroon explorationcampaign where the Corporation has recently completed drilling its firstexploration wells in the Ngosso and Iroko license areas. As part of thecampaign, Addax Petroleum drilled two wells plus a sidetrack at Ngosso andone well at Iroko.

The sidetrack drilled as part of the Ngosso drilling campaign establisheda gross hydrocarbon column of 79 feet while the two Ngosso exploration wellswere plugged and abandoned as dry holes. The Corporation believes thesidetrack discovery may be developed in the future together with existing oildiscoveries in an overall field development. The Iroko well encounteredhydrocarbons in the main objective interval and the Corporation is currentlyevaluating core, pressure and wireline data obtained during the drilling ofthe well.

Commenting, Jean Claude Gandur, President and Chief Executive Officer ofAddax Petroleum said: "While the initial results of the Cameroon explorationcampaign were less encouraging than anticipated, we will continue explorationactivities on the license areas where there still exist several qualityprospects. Addax Petroleum's exciting 2008 exploration campaign continuesthis quarter with the drilling of the Charlie prospect in the Iris Marinlicense area offshore Gabon as well as the Taq Taq Deep exploration well inthe Kurdistan Region of Iraq. In total, Addax Petroleum will be drilling upto 25 exploration and appraisal wells in 2008 in every major area of itsproperty portfolio."

At Ngosso, the Odiong and Tali prospects on the south-west part of thelicense area were drilled to depths of 1,680 metres and 2,900 metres,respectively. The sidetrack at Tali encountered a gross hydrocarbon column of79 feet comprising 62 feet of oil overlain by 17 feet of gas, confirming theTali accumulation. The Corporation has completed its work commitment for thecurrent period with the drilling of the two Ngosso wells. The Corporationplans to enter the next exploration period, including a commitment to drillone exploration well, and to acquire additional 3D seismic data on theprospective northern part of the license area in the late 2008 and early 2009.

The Iroko prospect on the east part of the Iroko license area was drilledto a total depth of 1,120 metres. The results of the core, pressure andwireline data are currently under evaluation by the Corporation and arenecessary before determining the future drilling plans for the license area.

The drilling rig contracted by Addax Petroleum for the Cameroonexploration campaign is currently moving to the Iris Marin license area,offshore Gabon, where it will drill Addax Petroleum's first exploration wellat Iris Marin.

About Addax Petroleum

Addax Petroleum is an international oil and gas exploration andproduction company with a strategic focus on West Africa and the Middle East.Addax Petroleum is one of the largest independent oil producers in WestAfrica and has increased its crude oil production from an average of 8,800bbl/d for 1998 to an average of approximately 139,100 bbl/d for the firstquarter of 2008. Further information about Addax Petroleum is available athttp://www.sedar.com, http://www.londonstockexchange.com or the Corporation'swebsite, http://www.addaxpetroleum.com.

Legal Notice - Forward-Looking Statements

Certain statements in this news release constitute forward-lookingstatements under applicable securities legislation. Such statements aregenerally identifiable by the terminology used, such as "anticipate","believe", "intend", "expect", "plan", "estimate", "budget", "outlook","may", "will", "should", "could", "would" or other similar wording.Forward-looking information in this news release includes, but is not limitedto, reference to statements with respect to the Corporation's businessstrategy and goals, future capital and other expenditures, reserves andresources estimates, the submission of development plans, seismic activity,production levels and the sources of growth thereof, project developmentschedules and results, results of exploration activities and dates by whichcertain areas may be developed or may come on-stream, financing and capitalactivities, contingent liabilities and government approvals. By its verynature, such forward-looking information requires Addax Petroleum to makeassumptions that may not materialize or that may not be accurate. Thisforward-looking information is subject to known and unknown risks anduncertainties and other factors, which may cause actual results, levels ofactivity and achievements to differ materially from those expressed orimplied by such information. Such factors include, but are not limited to:imprecision of reserves and resources estimates; ultimate recovery ofreserves; volatility of prices of oil and natural gas; general economic,market and business conditions; industry capacity; competitive action byother companies; refining and marketing margins; the ability to produce andtransport crude oil and natural gas to markets; the results of explorationand development drilling and related activities; fluctuation in interestrates and foreign currency exchange rates; the ability of suppliers to meetcommitments; actions by governmental authorities, including increases intaxes; decisions or approvals of administrative tribunals; changes inenvironmental and other regulations; risks attendant with oil and gasoperations, both domestic and international; international political events;expected rates of return; and other factors, many of which are beyond thecontrol of Addax Petroleum. More specifically, production may be affected bysuch factors as exploration success, start-up timing and success, facilityreliability, reservoir performance and natural decline rates, water handling,and drilling progress. Capital expenditures may be affected by cost pressuresassociated with new capital projects, including labour and material supply,project management, drilling rig rates and availability, and seismic costs.These factors are discussed in greater detail in filings made by AddaxPetroleum with the Canadian provincial securities commissions.

Readers are cautioned that the foregoing list of important factorsaffecting forward-looking information is not exhaustive. Furthermore, theforward-looking information contained in this news release is made as of thedate of this news release and, except as required by applicable law, AddaxPetroleum does not undertake any obligation to update publicly or to reviseany of the included forward-looking information, whether as a result of newinformation, future events or otherwise. The forward-looking informationcontained in this news release is expressly qualified by this cautionarystatement.

For further information: Mr. Patrick Spollen, Investor Relations, Tel.: +41(0)22-702-95-47, patrick.spollen@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-8011, nick.cowling@cossette.com; Mr. James Henderson, Press Relations, Tel.: +44(0)20-7743-6673, james.henderson@pelhampr.com; Mr. Alisdair Haythornthwaite, Press Relations, Tel.: +44(0)20-7743-6676, alisdair.haythornthwaite@pelhampr.comSOURCE Addax Petroleum Corporation