Sinopec Commences Addax Petroleum Take-Over Bid


 

TIDMAXC 
 
RNS Number : 4463V 
Addax Petroleum Corporation 
09 July 2009 
 
 
SINOPEC COMMENCES TAKE-OVER BID FOR ADDAX PETROLEUM 
Calgary, July 9, 2009 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or 
the "Corporation") (TSX: AXC and LSE: AXC), today announced that Mirror Lake Oil 
and Gas Company Limited ("Mirror Lake"), an indirect wholly-owned subsidiary of 
Sinopec International Petroleum Exploration and Production Corporation ("SIPC"), 
has today commenced its offer for Addax Petroleum (the "Offer") and mailed the 
Offer and take-over bid circular (the "Offer Documentation") as well as the 
Addax Petroleum directors' circular, containing the Addax Petroleum board's 
unanimous recommendation to accept the Offer, to Addax Petroleum shareholders. 
 On June 24, 2009, SIPC and Addax Petroleum reached an agreement for 
Mirror Lake to make an offer to acquire all of Addax Petroleum's outstanding 
common shares for C$52.80 per common share in an all-cash transaction. 
The Offer is subject to a number of conditions including valid acceptances 
by holders of not less than 66 ? 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. 
About Addax Petroleum Corporation 
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. 
Further information about Addax Petroleum is available at www.addaxpetroleum.com 
or at www.sedar.com. 
Reader Advisory 
This announcement is for informational purposes only and does not constitute or 
form part of any offer or invitation to purchase, acquire, subscribe for, sell, 
dispose of or issue, or any solicitation of an offer to sell, dispose, issue 
purchase, acquire or subscribe for any security. The Offer (including any 
variation or extension in accordance with applicable securities laws) is being 
made exclusively by means of, and subject to the terms and conditions set out in 
the Offer Documentation to be delivered to Addax Petroleum shareholders and 
filed with the Canadian provincial securities regulators and the UK Listing 
Authority.  Shareholders of Addax Petroleum should read these materials 
carefully as they contain important information, including the terms and 
conditions of the Offer.  The Offer Documentation as well as the Addax Petroleum 
directors' circular will be available electronically without charge 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. In this news release, forward-looking 
information and statements include: mailing of the Offer Documentation and Addax 
Petroleum directors' circular, conditions that the Offer is subject to, 
including government approvals, and anticipated completion of the Offer. 
The forward-looking information in this news release is subject to known and 
unknown risks and uncertainties and other factors and assumptions, which 
include, but are not limited to: risk that the Offer will not be completed as 
anticipated or at all, risk that one or more of the conditions to which the 
Offer is subject will not be met, and risk of delay in completion of the Offer. 
In addition, Addax Petroleum is subject to risks and uncertainties attendant 
with oil and gas operations, including imprecision of reserves and resources 
estimates; ultimate recovery of reserves; commodity prices; general economic, 
market and business conditions; industry capacity; competitive action by other 
companies; refining and market margins; the ability to produce and transport 
crude oil to markets; 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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