Addax Petroleum completes FPSO replacement ahead of schedule

Addax Petroleum Corporation (TSX: AXC) (“Addax
Petroleum” or the “Corporation”) today announced that it has successfully
replaced the floating production storage and offloading vessel (“FPSO”) on the
OML123 property offshore Nigeria, with an upgraded FPSO contracted from
Fred Olsen Production AS (“Fred Olsen”) and that production on OML123 has
returned substantially to pre-replacement levels.