Addax buys one-third stake in Iraq oil deal

BAGHDAD (AP) -- Canada's Addax Petroleum Corp. says it has acquired a one-third interest in a northern Iraq oil deal.

Addax did not disclose financial terms but said Thursday it would fund the drilling of the first exploration well at the Kurdish field operated by Sterling Energy PLC. It will also reimburse Sterling's past costs.

Addax CEO Jean Claude Gandur says the company is pleased to expand its activities in Iraq's Kurdish-controlled northern area. It is already drilling at one field in the region.

The new site covers approximately 121,600 acres.

Oil deals between the autonomous Kurds and international oil companies are deemed illegal by Iraq's central government. They continue nonetheless.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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