Addax Announces Admission to London Stock Exchange

Addax Petroleum Corp. on Tuesday reported that it has published and lodged a copy of its prospectus prepared in connection with the admission of its common shares to the Official List of the UK Financial Services Authority and to trading on the main market of the London Stock Exchange ("LSE") ("Admission") with the UK Financial Services Authority.

It is expected that Admission will become effective and that dealings on the LSE's main market under the ticker symbol "AXC" will commence at 8 a.m. on May 24, 2007, subject to the receipt of final approval.

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 outstanding upon Admission.

The Prospectus will be available for inspection shortly at the UK Financial Services Authority's document viewing facility situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS (Tel: +44 (0) 20 7066 1000). Copies of the Prospectus will also be available shortly via the Corporation's website at

Citigroup 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.