Q3 2008 Financial and Operational Results & 2009 Capital Budget

1. Q3 2008 Financial and Operational Results& 2009 Capital Budget November 10, 2008

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 2008 Highlights • Strong quarterly performance, operationally and financially • Production performance on track to meet guidance of 136 to 140 Mbbl/d for 2008 • Active new ventures program to expand property portfolio • Preparation for an active exploration program in Q4 2008 • Continued capacity development in Kurdistan • Initiation of integrated gas utilization project in Nigeria • Prudent financial and operational management in challenging oil price environment • Confident and aggressive outlook for 2009

4. Q3 2008 Operating Performance Exploration & Appraisal Production & Development • Production: • Oron West South remains shut-in pending tie-in completion (partial production commenced early Q4) • Commenced gas lift and gas injection at Tsengui field • Development: • Seven primarily focused drilling rigs • Extensive workover activity in OML124 (3 wells) • Ongoing facilities construction offshore Nigeria and onshore and offshore Gabon • Shallow Water Gulf Of Guinea (Nigeria & Cameroon) • Successful appraisal wells at Adanga North Horst and Adanga South (OML123) • Preparation work for Okaka exploration well (OML124) • Initiated integrated gas utlilisation project • Gabon • Completed onshore 2D seismic acquisition at Maghena • Ongoing onshore 2D seismic acquisition at Epaemeno • Preparation work for Andok exploration well (Maghena) • Acquired 50% interest in offshore Gryphon Marin exploration license area • Deepwater Gulf Of Guinea (Nigeria & JDZ) • Increased interest in JDZ Block 4 to 45.5% • Kurdistan Region of Iraq • Commissioned first phase of early production facilities and commenced construction of second phase • Spudded TT-11 and TT-10 appraisal wells • Acquired 33.33% interest in Sangaw North license area

5. Q3 2008 Financial Performance $ million $ / share, basic $ / bbl

6. Q3 2008 Financial Position • Capital Management Objectives: • To safeguard Addax Petroleum’s financial capability and liquidity for future earnings in order to continue to provide an appropriate return to shareholders and other stakeholders; • To maintain a flexible capital structure which optimizes the cost of capital at an acceptable risk; and • To enable Addax Petroleum to maximize growth by meeting its capital expenditure budget and to expend its budget to accelerate projects, and take advantage of acquisition opportunities. • Credit Facilities:

7. 2009 Investment Outlook • Addax Petroleum’s 2009 investment outlook is driven by: • prudent operational and fiscal management in a volatile commodity price environment • capital investment program funded from internally generated cash flow (assuming $60/bbl Brent oil price plus receipt in early 2009 of certain expected year-end working capital items) • reducing drilling, service and operating costs (although for budget purposes minimal reduction assumed) • economic re-investment balanced between production and exploration • retaining financial flexibility to expand or contract the portfolio as necessary, inventory of $850 million in contingent projects • 2009 Production and Development investment focus: • in Nigeria, building and maintaining production to high levels through intensive drilling campaign and upgrading of infrastructure • in Gabon, continued production growth, in particular through ongoing development of our onshore fields • in the Kurdistan Region of Iraq, continuing 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 • 2009 Exploration and Appraisal investment focus: • continue to pursue accelerated reserves and resources growth throughout exploration portfolio • 12 E&A wells planned in 2009, including four in Nigeria, one in Cameroon, five in Gabon, one in Deepwater GOG and two in Kurdistan Region of Iraq

8. 2008 / 2009 Summary & Highlights Full Year 2008 (estimate) Full Year 2009 (budget)

9. Investor Relations Contacts • Mr Craig Kelly • Investor Relations • Tel +41 (0) 22 702 95 68 • craig.kelly@addaxpetroleum.com • Mr Chad O’Hare • Investor Relations • Tel +41 (0) 22 702 94 10 • chad.o’hare@addaxpetroleum.com www.addaxpetroleum.com

10. Appendices

11. 2009 Capital Budget Breakdown • 2009 capital budget of $1,600 million consistent with expected 2008 capital investment • Drilling (development, exploration and appraisal) remains the largest investment item, over 67%, through the utilisation of up to 11 drilling rigs 2008 Capex Forecast 2009 Capex Budget

12. Exploration & Appraisal Outlook 2008 & 2009 Budgeted (+Contingent) Wells • Kurdistan • 2008 : 4 wells • Taq Taq 8, 9 & 11 • Taq Taq TT-10 • 2009 : 2 wells • Kewa Chirmila • Sangaw North • Onshore Nigeria • 2008 : 1 well • Okaka • 2009 : 0 wells (+1) • Jam Jam • Shallow Water Nigeria • 2008 : 5 wells • Kita Marine • Ofrima N. 3 & 3A • Adanga North Graben • Okwori East • 2009 : 3 wells (+5) • Inhaga West • NE Okwori • Ofrima N-4 • Nkoro, Asanga, Oron East, Efiat, Ofrima N-5 • Offshore Cameroon • 2008 : 4 wells • X Odiong, Tali & Iroko 1 • Odiong 4 ST • 2009 : 1 well (+1) • Oongue (Ngosso) • Bilobo (Iroko) • Joint Development Zone • 2009 : 1 well (+2) • Kina (Block 4) • Tome (Block 2) • Lemba (Block 3) • Offshore Gabon • 2008 : 4 wells • X Admiral & Charlie • Ebouri N, Etame N • 2009 : 3 wells (+6) • SE Etame • Pompano N • Ajomba N • Kiarsenny-1X & 2X • Tango • Pompano S, Ajoma S, Crevalle • Onshore Gabon • 2008 : 1 well • Andok • 2009 : 2 wells (+1) • Maghena-1X • Epaemeno-1X • Alpha Total E&A Portfolio: 2008 : 19 wells 2009 (+Contingent) : 12 wells (+16) Long term exploration strategy and continuous drilling campaign

13. 2009 Nigeria, Cameroon & JDZ Exploration – Shallow Water/Onshore Production & Development • E&A budget of $173 mm • Four E&A wells (three remaining in 2008): • Production guidance for Nigeria: 108 to 112 Mbbl/d • OML123 & OML124 Development projects ($469 mm): • Adanga North Horst (11 wells + water injection + facilities) • Oron West (2 wells + facilities) • Adanga South (2 wells + facilities) • Ebughu (2 wells + facilities) • North Oron (1 well) • development planning for Kita Marine and Antan • OML126 & OML137 Development projects ($382 mm): • Okwori/Nda Phase 3 (5 wells + gas injection + facilities) • FPSO topside modifications • Integrated gas utilisation project studies Exploration – Deepwater • E&A budget of $50 mm • One 3-D seismic survey - OPL291 • 1 E&A well - JDZ Block 4 (Kina) in late 2009

14. 2009 Gabon (Onshore & Offshore) Exploration Production & Development • Production guidance for Gabon: 31 to 34 Mbbl/d • Onshore Development projects ($323 mm): • Obangue field (17 wells + water injection + facilities) • Tsiengui field (1 well + gas/water injection + facilities) • Tsiengui West field (4 wells) • Autour field (1 development / appraisal well + facilities) • Koula field (facilities) • Completion of Coucal-Rabi export pipeline • Offshore Development projects ($16 mm): • Etame and Ebouri fields (2 wells + facilities) • E&A budget of $86 mm • 2-D seismic survey over Epaemeno (onshore) • Five E&A wells (three remaining in 2008):

15. 2009 Kurdistan Region of Iraq Exploration Production & Development • E&A budget of $36 mm • Two exploration wells: • Taq Taq Early Production Plan ($57 mm): • complete second stage of early production system, including trunkline to new truckloading facility, for capacity up to 30 Mbbl/d • complete third stage, including expansion of onsite processing facilities, for capacity up to 60 Mbbl/d • one development well • Taq Taq full field development planning ongoing: • completion of export pipeline studies (Kirkuk)

16. Building a Leading International E&P Company