The primary listing for shares of Addax Petroleum will continue to be the Toronto Stock Exchange ("TSX") where they currently trade. Admission is expected to occur and trading on the LSE is expected to commence by the end of May 2007, subject to receipt of necessary approvals.
Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "Since our initial public offering on the TSX in February of 2006, the share price of Addax Petroleum has appreciated significantly due mainly to our successful operational performance and the expansion of our business. We intend to continue the success of our organization and seek to achieve attractive returns for our shareholders. We anticipate that listing on the LSE's main market will enhance the liquidity for our common shares, raise our international profile and further broaden our significant shareholder base."
Citigroup is acting as the Corporation's financial advisor and Freshfields Bruckhaus Deringer is acting as the Corporation's legal advisor in connection with Admission.
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 8,800 bbl/d for 1998 to an average of approximately 108,000 bbl/d for the fourth quarter of 2006.
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