Addax Announces 'Strong and Solid' Results for Q2
Addax Petroleum (TSX:AXC and LSE:AXC) reported its financial and operational results for the quarter ended June 30, 2007. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars.
Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "Once again we have delivered strong and solid quarterly results. I am delighted to report further production growth which, together with good cost discipline, enables us to continue delivering strong financial and operational performance. We believe that we have excellent reinvestment opportunities, demonstrated in the quarter by our exploration successes offshore Nigeria and step-out appraisal success at Taq Taq. We continue to build a platform for growth for Addax Petroleum. During the quarter, we increased our capital base through a well-received convertible bond issue and completed our secondary listing on the London Stock Exchange which I expect to be an important contributor to our objective of maximising shareholder value."
Selected Financial Highlights - Petroleum sales before royalties in the second quarter of 2007 amounted to $753 million, an increase of 44 per cent over petroleum sales before royalties of $523 million in the second quarter of 2006. The growth in petroleum sales before royalties arose predominantly from increased petroleum sales volumes as the average crude oil sales price increased slightly by 1 percent to $68.21 per barrel (/bbl) as compared to $67.85/bbl realized in the corresponding period in 2006. - Net income in the second quarter of 2007 was $101 million, an increase of 74 percent over net income of $58 million in the second quarter of 2006. Net income per share increased by 59 percent to $0.65 per share (basic) in the second quarter of 2007 compared to $0.41 per share (basic) in the corresponding period in 2006. - Funds Flow From Operations for the second quarter of 2007 increased 46 percent to $287 million compared to $196 million for the corresponding period in 2006. Funds Flow From Operations per share increased by 32 percent to $1.85 per share (basic) in the second quarter of 2007 compared to $1.40 per share (basic) in the corresponding quarter in 2006. - In May, the Corporation successfully issued $300 million of senior unsecured convertible bonds due in 2012. - Also in May, the Corporation was introduced to the Official List and to trading on the Main Market of the London Stock Exchange.
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