Addax Ups Debt Facility
Addax Petroleum Corp. announced the successful syndication of its previously announced 5-year senior secured reducing revolving debt facility. Due to the high level of interest from participating financial institutions and continuing growth of Addax Petroleum, the facility size was increased from $1.5 billion to $1.6 billion. The syndicate was led by BNP Paribas, Natixis and Standard Chartered Bank and consists of 25 international financial institutions.
Addax 's President and Chief Executive Officer, Jean Claude Gandur, said: "We are pleased with the confidence that the banking community has shown in our business and future prospects. By increasing the loan size and syndicating to such a large group, we are delighted to see the broad level of support for our company within the banking community."
First Quarter 2007 Financial Results
Addax Petroleum is planning on announcing the financial results for the quarter ended March 31, 2007 prior to TSX market open on May 8, 2007.
Except as otherwise indicated, references to "$" and to "dollars" refer to the currency of the United States of America.
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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