People's Republic of China Approvals Received
10 Agosto 2009 - 12:27PM
UK Regulatory
TIDMAXC
RNS Number : 2022X
Addax Petroleum Corporation
10 August 2009
ADDAX PETROLEUM ANNOUNCES SINOPEC'S RECEIPT OF
APPROVALS FROM THE PEOPLE'S
REPUBLIC OF CHINA
Calgary, August 10, 2009 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX: AXC and LSE: AXC) today announced that it has
received confirmation from Sinopec International Petroleum Exploration and
Production Corporation ("SIPC") that it has obtained all approvals required from
the relevant Government Entities of The People's Republic of China ("PRC
Approvals") in order for SIPC and Mirror Lake Oil and Gas Company Limited
("Mirror Lake"), an indirect wholly-owned subsidiary of SIPC, to complete the
acquisition of Addax Petroleum. SIPC has also confirmed that receipt of the PRC
Approvals satisfies the condition to the offer for Addax Petroleum dated July 9,
2009 (the "Offer") made by Mirror Lake that the PRC Approvals be obtained.
The Offer is subject to a number of conditions including valid acceptances by
holders of not less than 66 ? per cent of Addax Petroleum shares on a fully
diluted basis. The Offer is expected to close in the third quarter of 2009.
About Addax Petroleum Corporation
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.
Further information about Addax Petroleum is available at www.addaxpetroleum.com
or at www.sedar.com.
Reader Advisory
This announcement is for informational purposes only and does not constitute or
form part of any offer or invitation to purchase, acquire, subscribe for, sell,
dispose of or issue, or any solicitation of an offer to sell, dispose, issue
purchase, acquire or subscribe for any security. The Offer (including any
variation or extension in accordance with applicable securities laws) is being
made exclusively by means of, and subject to the terms and conditions set out in
the Offer Documentation to be delivered to Addax Petroleum shareholders and
filed with the Canadian provincial securities regulators and the UK Listing
Authority. Shareholders of Addax Petroleum should read these materials
carefully as they contain important information, including the terms and
conditions of the Offer. The Offer Documentation as well as the Addax Petroleum
directors' circular will be available electronically without charge 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. In this news release, forward-looking
information and statements include: mailing of the Offer Documentation and Addax
Petroleum directors' circular, conditions that the Offer is subject to,
including government approvals, and anticipated completion of the Offer.
The forward-looking information in this news release is subject to known and
unknown risks and uncertainties and other factors and assumptions, which
include, but are not limited to: risk that the Offer will not be completed as
anticipated or at all, risk that one or more of the conditions to which the
Offer is subject will not be met, and risk of delay in completion of the Offer.
In addition, Addax Petroleum is subject to risks and uncertainties attendant
with oil and gas operations, including imprecision of reserves and resources
estimates; ultimate recovery of reserves; commodity prices; general economic,
market and business conditions; industry capacity; competitive action by other
companies; refining and market margins; the ability to produce and transport
crude oil to markets; 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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