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Additional information
Additional Information
Market: AIM, TSX
Sector: Energy
Epic: AXC
News: Latest news
Web Site: Addax Petroleum
Other Articles: 08-06-200914-05-200904-02-2009

Crude Oil

Addax Petroleum

Addax Petroleum was founded in 1994 by the Addax and Oryx Group Ltd. to evaluate and pursue oil and gas exploration and production opportunities in West Africa. Addax Petroleum is currently focused on Africa and the Middle East and is the largest independent oil producer in West Africa.

Addax Petroleum produced an average of 125,940 barrels of oil per day during 2007, representing an increase of approximately 40 per cent over 2006 and close to the 2007 target of 127,000 bbl/day.

Wednesday, June 24, 2009

Sinopec to buy Addax Petroleum for C$8.27 billion

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Addax Petroleum Corp (TSX, LSE: AXC) said it has agreed to a takeover of the group by China’s Sinopec International Petroleum Exploration and Production Corp (SIPC) at C$52.80 per share in cash, valuing Addax at approximately C$8.27 billion.

The offer represents a 47 percent premium to Addax petroleum’s TSX closing price on June 5 2009, the day before the group announced it was in preliminary offer talks.

SIPC is a wholly owned subsidiary of China Petroleum and Chemical Corp and undertakes overseas investments and operations in the upstream oil and gas sector.

The deal includes a break-up fee of C$300 million payable to Addax if all approvals required to be obtained by SIPC from the Chinese government have not been obtained by August 24 2009 and Addax elects to terminate the deal.

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