AXC Addax Petroleum

 

TIDMAXC 
 
RNS Number : 5615U 
Addax Petroleum Corporation 
26 June 2009 
 
 
 
ADDAX PETROLEUM ANNOUNCES THE REGULATORY FILING OF THE C$52.80 PER SHARE CASH 
OFFER BY SINOPEC INTERNATIONAL PETROLEUM EXPLORATION AND PRODUCTION CORPORATION 
 
Calgary, June 25, 2009 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or 
the "Corporation") (TSX: AXC and LSE: AXC) announced today that the definitive 
agreement (the "Acquisition Agreement") with Sinopec International Petroleum 
Exploration and Production Corporation ("SIPC") pursuant to which SIPC has 
agreed, subject to the terms of the Acquisition Agreement, to make an offer to 
acquire all of the outstanding common shares of Addax Petroleum by way of a 
negotiated take-over bid for C$52.80 per common share has been filed with the 
Canadian and U.K. securities regulatory authorities.  A copy of this document 
may be obtained via www.sedar.com and www.londonstockexchange.com. 
The Material Change Report in respect of the Acquisition Agreement is available 
at this link: 
http://www.rns-pdf.londonstockexchange.com/rns/5615U_1-2009-6-26.pdf 
The Aquisition Agreement is available at this link: 
http://www.rns-pdf.londonstockexchange.com/rns/5615U_-2009-6-26.pdf 
About Addax Petroleum 
 
Addax Petroleum is an international oil and gas exploration and production 
company with a strategic focus on West Africa and the Middle East. Addax 
Petroleum is one of the largest independent oil producers in West Africa and has 
increased its crude oil production from an average of 8.8 Mbbl/d for 1998 to an 
average of 134.7 Mbbl/d for the first quarter of 2009. Further information about 
Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com. 
 
Reader Advisory Regarding Forward-Looking Information 
 
Certain statements contained in this news release, including statements that 
contain words such as "may", "will", "would", "could", "should", "anticipate", 
"believe", "intend", "expect", "plan", "estimate", "budget", "outlook", 
"propose", "project", and statements relating to matters that are not historical 
fact constitute forward-looking information within the meaning of applicable 
Canadian securities legislation. 
Forward-looking information is subject to known and unknown risks and 
uncertainties attendant with oil and gas operations, assumptions and other 
factors which may cause actual results, levels of activity and achievements to 
differ materially from those expressed or implied by such statements which 
include, but are not limited to: risks associated with the ability to obtain 
approvals, waivers, consents, court orders and other requirements necessary or 
desirable to permit or to facilitate the proposed transaction, including 
regulatory and shareholder approvals; risks that the applicable conditions of 
the proposed transaction may not be satisfied; imprecision of reserves and 
resources estimates; ultimate recovery of reserves; volatility of and 
assumptions in respect of commodity prices and general economic, market and 
business conditions; assumptions in or relevant to Addax Petroleum's current 
corporate guidance; industry capacity; competitive action by other companies; 
refining and market margins; the ability to produce and transport crude oil and 
natural gas to markets; the ability to access external sources of debt and 
equity capital; weather and climate conditions; results of exploration and 
development drilling and other related activities; fluctuation in interest rates 
and foreign currency exchange rates; 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; international political events; and expected rates of return. More 
specifically, production may be affected by exploration success, 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. 
The Corporation's actual results could differ materially from those anticipated 
in these forward-looking statements if the assumptions underlying them prove 
incorrect, or if one or more of the uncertainties or risks described above 
materializes. Risk factors are discussed in greater detail in filings made by 
Addax Petroleum with the Canadian provincial securities commissions. 
Readers are strongly cautioned that the above list of factors affecting 
forward-looking information is not exhaustive. Further, forward-looking 
statements are made as at the date they are given and, except as required by 
applicable law, Addax Petroleum does not intend, and does not assume any 
obligation, to update any forward-looking statements, whether as a result of new 
information or otherwise. The forward-looking statements contained in this news 
release are expressly qualified by this advisory. 
 
For additional information, please contact: 
+-------------------------------------------+----------------------------------------+ 
| Mr. Craig Kelly                           | Mr. Nick Cowling                       | 
| Investor Relations                        | Press Relations                        | 
| Tel.: +41 (0) 22 702 95 68                | Tel.: +1 (416) 934 80 11               | 
| craig.kelly@addaxpetroleum.com            | nick.cowling@cossette.com              | 
|                                           |                                        | 
| Mr. Chad O'Hare                           | Mr. Mark Antelme                       | 
| Investor Relations                        | Press Relations                        | 
| Tel.: +41 (0) 22 702 94 10                | Tel.: +44 (0) 20 7337 1500             | 
| chad.o'hare@addaxpetroleum.com            | mark.antelme@pelhampr.com              | 
|                                           |                                        | 
| Ms. Marie-Gabrielle Cajoly                |                                        | 
| Press Relations                           |                                        | 
| Tel.: +41 (0) 22 702 94 44                |                                        | 
| marie-gabrielle.cajoly@addaxpetroleum.com |                                        | 
+-------------------------------------------+----------------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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