Q3 2007 & 2008 Capital Budget

1. Q3 2007 & 2008 Capital Budget November 12, 2007

2. Disclaimer • Certain statements in this presentation constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “may”, “will”, “could”, “should”, “would”, “anticipate'', “believe'', “intend”, “expect”, “plan”, “estimate”, “budget'', “outlook'' or other similar wording. Forward-looking information includes, but is not limited to, reference to business strategy and goals, future capital and other expenditures, reserves and resources estimates, drilling plans, construction and repair activities, the submission of development plans, seismic activity, production levels and the sources of growth thereof, project development schedules and results, results of exploration activities and dates by which certain areas may be developed or may come on-stream, royalties payable, financing and capital activities, contingent liabilities, environmental matters, government approvals and completion of current negotiations. By its very nature, such forward-looking information requires Addax Petroleum to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors include, but are not limited to: imprecision of reserves and resources estimates, ultimate recovery of reserves, prices of oil and natural gas, general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil prices; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; the ability to market and sell natural gas under its production sharing contracts; the effects of weather and climate conditions; the results of exploration and development drilling and related activities; fluctuations in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of Addax Petroleum. More specifically, production may be affected by such factors as exploration success, production start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling, and drilling progress. Capital expenditures may be affected by cost pressures associated 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 Addax Petroleum with the Canadian provincial securities commissions. Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this presentation is made as of the date of this presentation and, except as required by applicable law, Addax Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this presentation is expressly qualified by this cautionary statement.

3. Q3 2007 Highlights • Best quarterly performance, operationally and financially, to date • Continued production growth in strong oil price environment driving strong financial performance • Step-change improvement in performance in Gabon • Attractive acquisition of Deepwater JDZ Block 1 enhancing significantly Deepwater portfolio • Encouraging exploration success on OML137, offshore Nigeria • Most prolific step-out appraisal well to date at Taq Taq • Confident and aggressive outlook for 2008

4. Q3 2007 Operating Performance Q3 2007 Exploration & Appraisal Q3 Production & Development • Production • Development • Seven drilling rigs dedicated to development activity in Q3 • Ongoing facilities construction offshore Nigeria (OML123) and onshore and offshore Gabon • Shallow Water Gulf Of Guinea (Nigeria & Cameroon) • Udele West gas discovery on OML137, offshore Nigeria • Preparatory work ahead of exploration drilling offshore Cameroon • Gabon • Onshore 3D seismic acquisition ongoing • Deepwater Gulf Of Guinea (Nigeria & JDZ) • Acquisition of 40% interest in JDZ Block 1 • JDZ Block 1 contains the Obo discovery, first discovery in Addax Petroleum’s Deepwater portfolio • Aggressively seeking to accelerate exploration drilling program • Kurdistan Region Of Iraq • Successful step-out appraisal well, TT-07, flowed at highest aggregate rate to date – 37,560 bbl/day • Drilling flank appraisal wells TT-08 and TT-09 • Exploration 2D seismic surveys completed

5. Q3 2007 Financial Performance $ million $ / share, basic $ / bbl

6. Summary & Highlights Full Year 2007 Full Year 2008 Year-end 2007 Reserves and Resources reporting planned for mid-January, 2008

7. Investment Outlook • Addax Petroleum’s 2008 investment outlook is driven by: • economic re-investment of internally generated funds, balanced between production and exploration • conservative oil price scenario assumed for budget funding ($55 per barrel Brent) • retaining financial flexibility to expand the portfolio • inventory of contingent spending and projects • Focus of our 2008 investment in production and development: • in Nigeria, building and maintaining production to plateau levels through a continued intense drilling campaign and upgrading of infrastructure • in Gabon, continued production growth, in particular through ongoing development of our onshore fields, including expanding export infrastructure • in the Kurdistan Region of Iraq, initiating an early production development at Taq Taq • maintaining and growing robust cash flow generation capability to invest in reserves additions – in particular from exploration and appraisal on the existing portfolio • Pursue accelerated reserves and resources growth through exploration and appraisal: • 2008 E&A budget of $330 million • 15 E&A wells planned in 2008, including 2 near Taq Taq and 1 Deepwater well • E&A drilling scheduled in all regions in 2008

8. Capital Budget Breakdown • 2008 capital budget of $1,509 million represents a 41% increase over 2007 budget levels • Increased service sector costs, in combination with increased activity, account for the majority of the increase • Drilling (development, exploration and appraisal) remains the largest investment item, over 60%, through the utilisation of up to 11 drilling rigs 2007 Capex Forecast 2008 Capex Budget

9. Production Outlook 2007 production guidance expected to be achieved – another year of strong operational performance 2008 production growth range influenced by: • modest growth and plateau production in Nigeria license areas • production growth in Gabon constrained by export infrastructure, expected to be alleviated in H2, 2008 • excludes potential production start-up at Taq Taq in H2, 2008 2008: 140 to 145 Mbbl/d guidance 2007: 127 Mbbl/d forecast

10. Q4-2007 / 2008 Exploration & Appraisal Drilling Outlook Onshore Nigeria • Okaka • JamJam Kurdistan Region of Iraq • Kewa Chirmila-1 • Kewa Chirmila-2 • Taq Taq 8 • Taq Taq 9 Offshore Cameroon • Odiong • Tali Shallow Water Nigeria OML123 • Adanga North Graben • Ibeno-E • Ukpam-B OML137 • Ofrima North-3 • Ofrima North-4 Onshore Gabon • Tsiengui Deep Offshore Gabon • Admiral • Charlie 1X • Charlie 2A • Etame Shallow E&A Drilling Q4-2007 wells : 4 2008 wells : 15 Joint Development Zone • JDZ Block 4 Large scale exploration program; High success rate to date

11. Balanced Portfolio – Four Key Regions Kurdistan Region Of Iraq 1 licence 150,800 acres Shallow Water Gulf Of Guinea 6 licences 632,200 acres Gabon (onshore & offshore) 10 licences 1,456,000 acres Deepwater Gulf Of Guinea 5 licences 430,500 acres Attractive balance of cash flow producing properties and high impact projects

12. 2008 Nigeria, Cameroon & JDZ 2008 Exploration - Shallow Water/Onshore 2008 Production & Development • 2008 production guidance for Nigeria: 106 to 111 Mbbl/d • 2008 Development projects on OML123 ($554 mm): • Adanga North Horst (11 wells + facilities) • Oron West (13 wells + facilities) • Adanga South Water Injection (3 wells + facilities) • Integrated Field Project - gas and water management • development planning for Kita Marine (1 well ) and Antan • 2008 Development projects on OML126 ($260 mm): • Okwori/Nda Phase 3 (4 wells + work-overs + facilities) • 2008 E&A budget of $175 mm • Two 3-D seismic surveys – OML126 & Ngosso • 8 E&A wells in 2008 - OML123, OML124, OML137, Ngosso: 2008 Exploration - Deepwater • 2008 E&A budget of $90 mm • One 3-D seismic survey - OPL291 • 1 E&A well in 2008 - JDZ Block 4 in late 2008

13. 2008 Gabon 2008 Exploration 2008 Production & Development • 2008 production guidance for Gabon: 31 to 36 Mbbl/d • 2008 onshore development projects ($238 mm): • Tsiengui field (10 wells + facilities) • Obangue field (12 wells + facilities) • Koula field (2 wells + facilities) • Southern export pipeline • development planning for Autour • 2008 offshore development projects ($27 mm): • Etame & Ebouri (2 wells + facilities) • 2008 E&A budget of $42 mm • 2-D onshore seismic survey over Maghena and Awoun • 4 E&A wells in 2008 – 3 offshore, 1 onshore

14. 2008 Kurdistan Region Of Iraq 2008 Exploration 2008 Production & Development • 2008 E&A budget of $23 mm • Mobilize second “heavier duty” drilling rig • Commence drilling in Q2, 2008 • 2 E&A wells planned at Kewa Chirmila • Taq Taq Early Production Plan ($51 mm): • goal to achieve First Oil in H2 • 10 Mbbl/d, trucked (4 Mbbl/d to Addax Petroleum) • at least 2 development wells • processing and truck-loading facilities • Taq Taq full field development planning ongoing: • completion of export pipeline studies

15. Building a Leading International E&P Company

16. Investor Relations Contacts • 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 www.addaxpetroleum.com

17. Q3 2007 & 2008 Capital Budget November 12, 2007