Calgary-based E&P outfit Addax Petroleum has bought up a stake in Northern Iraq’s Kurdish oil regions for an undisclosed sum.
Addax is understood to be taking up a stake in Sterling Energy’s Sangaw North Production Sharing Contract, where Kurdish regional authorities retain the right of backing into the license. Korean National Oil Corp. is understood to be shrinking its stake to let Addax in.
A “2D” survey over 310 kilometres of Sangaw is underway, egged on by “a large surface anticline, a number of surface oil seeps” a Sterling exploration well aimed for mid-2009.
Tags:
Addax Petroleum Corporation,
Sterling Resources
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