Material Change Report and Acquisition Agreement
26 Giugno 2009 - 8:00AM
UK Regulatory
TIDMAXC
RNS Number : 5615U
Addax Petroleum Corporation
26 June 2009
ADDAX PETROLEUM ANNOUNCES THE REGULATORY FILING OF THE C$52.80 PER SHARE CASH
OFFER BY SINOPEC INTERNATIONAL PETROLEUM EXPLORATION AND PRODUCTION CORPORATION
Calgary, June 25, 2009 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or
the "Corporation") (TSX: AXC and LSE: AXC) announced today that the definitive
agreement (the "Acquisition Agreement") with Sinopec International Petroleum
Exploration and Production Corporation ("SIPC") pursuant to which SIPC has
agreed, subject to the terms of the Acquisition Agreement, to make an offer to
acquire all of the outstanding common shares of Addax Petroleum by way of a
negotiated take-over bid for C$52.80 per common share has been filed with the
Canadian and U.K. securities regulatory authorities. A copy of this document
may be obtained via www.sedar.com and www.londonstockexchange.com.
The Material Change Report in respect of the Acquisition Agreement is available
at this link:
http://www.rns-pdf.londonstockexchange.com/rns/5615U_1-2009-6-26.pdf
The Aquisition Agreement is available at this link:
http://www.rns-pdf.londonstockexchange.com/rns/5615U_-2009-6-26.pdf
About Addax Petroleum
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 8.8 Mbbl/d for 1998 to an
average of 134.7 Mbbl/d for the first quarter of 2009. Further information about
Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
Reader Advisory Regarding Forward-Looking Information
Certain statements contained in this news release, including statements that
contain words such as "may", "will", "would", "could", "should", "anticipate",
"believe", "intend", "expect", "plan", "estimate", "budget", "outlook",
"propose", "project", and statements relating to matters that are not historical
fact constitute forward-looking information within the meaning of applicable
Canadian securities legislation.
Forward-looking information is subject to known and unknown risks and
uncertainties attendant with oil and gas operations, assumptions and other
factors which may cause actual results, levels of activity and achievements to
differ materially from those expressed or implied by such statements which
include, but are not limited to: risks associated with the ability to obtain
approvals, waivers, consents, court orders and other requirements necessary or
desirable to permit or to facilitate the proposed transaction, including
regulatory and shareholder approvals; risks that the applicable conditions of
the proposed transaction may not be satisfied; imprecision of reserves and
resources estimates; ultimate recovery of reserves; volatility of and
assumptions in respect of commodity prices and general economic, market and
business conditions; assumptions in or relevant to Addax Petroleum's current
corporate guidance; industry capacity; competitive action by other companies;
refining and market margins; the ability to produce and transport crude oil and
natural gas to markets; the ability to access external sources of debt and
equity capital; weather and climate conditions; results of exploration and
development drilling and other related activities; fluctuation in interest rates
and foreign currency exchange rates; ability of suppliers to meet commitments;
actions by governmental authorities, including increases in taxes; decisions or
approvals of administrative tribunals; changes in environmental and other
regulations; international political events; and expected rates of return. More
specifically, production may be affected by exploration success, start-up timing
and success, facility reliability, reservoir performance and natural decline
rates, water handling and drilling progress. Capital expenditures may be
affected by cost pressures associated with new capital projects, including
labour and material supply, project management, drilling rig rates and
availability and seismic costs.
The Corporation's actual results could differ materially from those anticipated
in these forward-looking statements if the assumptions underlying them prove
incorrect, or if one or more of the uncertainties or risks described above
materializes. Risk factors are discussed in greater detail in filings made by
Addax Petroleum with the Canadian provincial securities commissions.
Readers are strongly cautioned that the above list of factors affecting
forward-looking information is not exhaustive. Further, forward-looking
statements are made as at the date they are given and, except as required by
applicable law, Addax Petroleum does not intend, and does not assume any
obligation, to update any forward-looking statements, whether as a result of new
information or otherwise. The forward-looking statements contained in this news
release are expressly qualified by this advisory.
For additional information, please contact:
+-------------------------------------------+----------------------------------------+
| Mr. Craig Kelly | Mr. Nick Cowling |
| Investor Relations | Press Relations |
| Tel.: +41 (0) 22 702 95 68 | Tel.: +1 (416) 934 80 11 |
| craig.kelly@addaxpetroleum.com | nick.cowling@cossette.com |
| | |
| Mr. Chad O'Hare | Mr. Mark Antelme |
| Investor Relations | Press Relations |
| Tel.: +41 (0) 22 702 94 10 | Tel.: +44 (0) 20 7337 1500 |
| chad.o'hare@addaxpetroleum.com | mark.antelme@pelhampr.com |
| | |
| Ms. Marie-Gabrielle Cajoly | |
| Press Relations | |
| Tel.: +41 (0) 22 702 94 44 | |
| marie-gabrielle.cajoly@addaxpetroleum.com | |
+-------------------------------------------+----------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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