On 20 July 2006, PanOcean announced that it had entered into an agreement with Addax Petroleum whereby Addax Petroleum will acquire 100% of the shares of the Company's wholly-owned subsidiary, PanAfrican Energy Corporation (Mauritius) Limited, which conducts all of PanOcean's operations which are based in Gabon, West Africa, as well as a subsidiary which provides management and operational services, for cash consideration of CDN$1.605 billion. Net proceeds, after payment of transaction related costs and a reserve for contingencies, will be used for the purchase and cancellation of all Class B Shares of the PanOcean at a price of approximately CDN$58.50 per share and all Class A Shares at a price of approximately CDN$65.80 per share.
The implementation of the Arrangement is subject to final approval by the Royal Court of Jersey, an application for which is scheduled for September 6, 2006, with proposed closing anticipated to be September 7, 2006.
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