Addax has received a letter from the Minister of Natural Resources of the Kurdistan Regional Government and has confirmation from Sinopec International Petroleum Exploration and Production Corporation ("SIPC") that receipt of this letter satisfies the condition to the offer for Addax Petroleum dated July 9, 2009 made by Mirror Lake Oil and Gas Company Limited, an indirect wholly-owned subsidiary of SIPC, that Addax Petroleum obtain the KRG Letter.
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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