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Posted AT 6:35 PM EST on 16/01/08

Addax boosts reserves by 26 per cent

ERIC REGULY

Globe and Mail Update

ROME — — Addax Petroleum Corp., one of the Toronto Stock Exchange's few mid-sized oil explorers, significantly boosted its oil reserves Wednesday after an aggressive drilling program in Iraq and West Africa proved fruitful. The company's proven and probable reserves rose 26 per cent to 447 million barrels, in line with analysts' forecasts.

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