Addax Petroleum announced that Mirror Lake Oil and Gas Company Limited ("Mirror Lake"), an indirect wholly-owned subsidiary of Sinopec International Petroleum Exploration and Production Corporation ("SIPC"), has today commenced its offer for Addax Petroleum (the "Offer") and mailed the Offer and take-over bid circular (the "Offer Documentation") as well as the Addax Petroleum directors' circular, containing the Addax Petroleum board's unanimous recommendation to accept the Offer, to Addax Petroleum shareholders. On June 24, 2009, SIPC and Addax Petroleum reached an agreement for Mirror Lake to make an offer to acquire all of Addax Petroleum's outstanding common shares for C$52.80 per common share in an all-cash transaction.
The Offer is subject to a number of conditions including valid acceptances by holders of not less than 66 2/3 per cent of Addax Petroleum shares on a fully diluted basis and receipt of certain regulatory approvals, including the government of The People's Republic of China. The Offer is expected to close in the third quarter of 2009.
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