Sinopec Gets Go-Ahead from China to Acquire Addax
Addax has received confirmation from Sinopec International Petroleum Exploration and Production Corporation ("SIPC") that it has obtained all approvals required from the relevant Government Entities of The People's Republic of China ("PRC Approvals") in order for SIPC and Mirror Lake Oil and Gas Company Limited, an indirect wholly-owned subsidiary of SIPC, to complete the acquisition of Addax Petroleum.
SIPC has also confirmed that receipt of the PRC Approvals satisfies the condition to the offer for Addax Petroleum dated July 9, 2009 made by Mirror Lake that the PRC Approvals be obtained.
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. The Offer is expected to close in the third quarter of 2009.
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