Addax Begins Trading on London Stock Exchange
Addax Petroleum Corp. said that its common shares on Thursday were admitted to the Official List of the UK Financial Services Authority and have commenced trading on the main market of the London Stock Exchange ("LSE") ("Admission") under the ticker symbol "AXC."
Addax is now one of the largest independent oil and gas companies listed in London when measured by market capitalization, production and reserves: --Market capitalization of approximately GBP 2.9 billion (CAN$6.3 billion) --Q1 2007 average production of 116,000 barrels of oil per day (bbl/d) --On track to deliver average production of 127,000 to 133,000 bbl/d for 2007 --2P reserves of 354 million barrels (MMbbl) at December 31, 2006 --3P reserves of 480 MMbbl and unrisked prospective resources of 1,307 MMbbl, both at December 31, 2006 --2007 capital expenditure budget totaling $1.2 billion --Assets in Nigeria, Gabon, Cameroon, Kurdistan Region of Iraq and the Nigeria-Sao Tome and Principe Joint Development Zone
Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said:
"I am very pleased that Addax Petroleum now trades on the main market in London. Our LSE listing will provide investors with an additional venue for trading the Corporation's shares and we believe that it will increase the Addax Petroleum's visibility and expand its investor base. Although secondary-listed, Addax Petroleum's shares trade on the SETSmm platform, which we believe will enhance their liquidity in London.
"Given the size the Corporation has achieved and the growth still to come, we felt that a secondary listing in London would be an excellent complement to our primary listing in Toronto. We believe the LSE offers strong financial markets and extensive knowledge and support of internationally focused exploration, development and production led strategies."
The primary listing for common shares of Addax Petroleum will continue to be the Toronto Stock Exchange where they currently trade. The Corporation is not issuing any new common shares in connection with Admission and the Corporation will continue to have 155,077,530 common shares of no par value outstanding upon Admission, each of which carries the right to one vote at every meeting of the Corporation's common shareholders. The Corporation does not hold any shares in treasury. Accordingly, in conformity with rule 5.6.1 of the UK Financial Services Authority's Disclosure and Transparency Rules (the "DTRs"), this figure (155,077,530) may be used by shareholders (and others with notification obligations under the DTRs) as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Addax Petroleum under the DTRs.
Citi is the financial advisor, Freshfields Bruckhaus Deringer is the legal advisor and Pelham Public Relations is the public relations advisor to the Corporation 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 116,000 bbl/d for the first quarter of 2007.
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