Uchenna Izundu OGJ International Editor LONDON, May 14 -- Addax Petroleum Corp., Calgary, will farm into the Ogueyi license area onshore Gabon and fund an exploration well drilling the Azango prospect that will reach a TD of 1,685 m in June. Addax will acquire a 50% interest in the license and join Perenco, the operator, to follow up several prospects and leads on the block that has 2,551 km of 2D seismic data. The Azango prospect in the Ogueyi license area was spudded in early May and is expected to reach a total depth of 1,685 m in June. The Ogueyi license, which spans 1,339 sq km, is on the eastern edge of the Port Gentil basin, and this produces mainly offshore from post salt formations of late Cretaceous age. Perenco's transfer of the 50% interest to Addax Petroleum requires the approval of the government of Gabon, which has a 10% back-in right in the event of a commercial development.