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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Addax Petroleum | LSE:AXC | London | Ordinary Share | CA00652V1022 | COM SHS NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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| 0.00 | 0.00% | 3,005.00 | 0.00 | 01:00:00 |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | O | 0 | 3,005.00 | GBX |
Addax Petroleum (AXC) Share Charts1 Year Addax Petroleum Chart |
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1 Month Addax Petroleum Chart |
Intraday Addax Petroleum Chart |
| Date | Time | Title | Posts |
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| 27/3/2012 | 22:35 | Addax Thread | 537 |
| 02/11/2007 | 15:17 | Addax | 59 |
| 18/9/2007 | 18:57 | Addax Thrad. | 1 |
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Posted at 22/7/2009 13:36 by leeson31 TIDMAXC RNS Number : 0795W Addax Petroleum Corporation 22 July 2009 ? ADDAX PETROLEUM ANNOUNCES RECEIPT OF LETTER FROM KURDISTAN REGIONAL GOVERNMENT OF IRAQ Calgary, July 22, 2009 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX: AXC and LSE: AXC), today announced that it has received a letter (the "KRG Letter") from the Minister of Natural Resources of the Kurdistan Regional Government (the "KRG") and has confirmation from Sinopec International Petroleum Exploration and Production Corporation ("SIPC") that receipt of this letter satisfies the condition to the offer for Addax Petroleum dated July 9, 2009 (the "Offer") made by Mirror Lake Oil and Gas Company Limited, an indirect wholly-owned subsidiary of SIPC, that Addax Petroleum obtain the KRG Letter. 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. |
Posted at 24/6/2009 17:54 by leeson31 another push or so, and the share price should reach an al tiem high, but end of day....brilliant up trend |
Posted at 24/6/2009 11:13 by tamtam3 Could this be the reason Lee$on?ADDAX PETROLEUM ANNOUNCES C$52.80 PER SHARE CASH OFFER BY SINOPEC INTERNATIONAL PETROLEUM EXPLORATION AND PRODUCTION CORPORATION Calgary, June 24, 2009 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX: AXC and LSE: AXC) announced today that it has entered into a definitive agreement (the "Support Agreement") with Sinopec International Petroleum Exploration and Production Corporation ("SIPC") pursuant to which SIPC has agreed, subject to the terms of the Support Agreement, to make an offer to acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated take-over bid (the "Offer") for C$52.80 per common share in cash. The Offer represents a 47% premium to the closing market price on the TSX of the Addax Petroleum common shares on June 5, 2009, the day prior to Addax Petroleum's public announcement that it was in preliminary discussions with parties regarding a potential transaction. SIPC is a wholly owned subsidiary of China Petrochemical Corporation ("Sinopec Group") and undertakes overseas investments and operations in the upstream oil and gas sector. Sinopec Group is China's largest producer and supplier of oil products and major petrochemical products. The Support Agreement provides for, among other things, customary provisions relating to support of Addax Petroleum's board of directors, non-solicitation and right to match covenants in favour of SIPC and the payment to SIPC of a termination fee of C$300 million if the acquisition is not completed in certain specified circumstances. The obligation of SIPC to take up and pay for Addax Petroleum common shares pursuant to the Offer is also subject to the receipt of certain approvals from the Government of The People's Republic of China. SIPC has agreed to pay a break-up fee of C$300 million in the event that all approvals required to be obtained by SIPC from the Government of The People's Republic of China have not been obtained by August 24, 2009 and Addax Petroleum elects to terminate the Support Agreement. The acquisition of the Addax Petroleum common shares is not conditional on financing. In connection with the Offer, AOG Holdings BV, a wholly owned subsidiary of the Addax & Oryx Group Ltd, and Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum, have each entered into lock-up agreements with SIPC pursuant to which they have agreed to, among other things, tender their Addax Petroleum common shares to the Offer. Addax Petroleum's other senior officers and directors will also enter into lock-up agreements. The total lock-up agreements represent approximately 38% of outstanding Addax Petroleum common shares (calculated on a fully-diluted basis). The Support Agreement also provides that if SIPC acquires not less than 66⅔% of the outstanding Addax Petroleum common shares under the Offer, SIPC will comply, or cause Addax Petroleum to comply, with the terms of the 3.75% convertible notes of Addax Petroleum due May 31, 2012. Addax Petroleum's board of directors, after consulting with its financial and legal advisors, has unanimously determined that the Offer is fair to the holders of Addax Petroleum common shares and is in the best interests of Addax Petroleum and has recommended acceptance of the Offer by holders of Addax Petroleum common shares. RBC Capital Markets, the financial advisor to Addax Petroleum's board of directors, has provided an opinion that the consideration to be received by the holders of Addax Petroleum common shares under the Offer is fair, from a financial point of view, to such holders. Commenting, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "We are pleased that Sinopec has recognised the highly attractive asset portfolio and exceptional team that we have assembled at Addax Petroleum. The efforts and accomplishments that Addax Petroleum has achieved thus far will be built on through increased investment in the business and acceleration of development and exploration plans. While Addax Petroleum will cease to be a publicly traded company, we look forward to continuing our business in the countries in which we operate for the benefit of all stakeholders." Formal documentation relating to the take-over bid is expected to be mailed by SIPC in early July 2009. The Offer will be open for acceptance for a period of not less than 35 days and will be conditional upon, among other things, valid acceptance of the Offer by Addax Petroleum shareholders owning not less than 66 2/3% of the outstanding Addax Petroleum common shares (calculated on a fully-diluted basis). In addition, the Offer will be subject to certain customary conditions, relevant regulatory approvals including the receipt of approval from the Government of The People's Republic of China and the absence of any material adverse change with respect to Addax Petroleum. SIPC may waive certain conditions of the Offer in certain circumstances. If the Offer is successful, SIPC has agreed to take steps available to it under relevant securities laws to acquire any remaining outstanding Addax Petroleum common shares. RBC Capital Markets is acting as financial advisor and Fasken Martineau DuMoulin LLP is acting as legal counsel to Addax Petroleum and Osler, Hoskin & Harcourt LLP is acting as legal counsel to the Board of Directors of Addax Petroleum. |
Posted at 23/6/2009 21:05 by bluepill is that a leaking indicator?share price spiked up this evening in toronto, looking good for news tomorrow. fingers crossed |
Posted at 18/6/2009 09:56 by lukethefool SURFER2.....I was in SEY but bailed out at a loss. THey have large debt that has been extended to August and with Addax putting the Sangaw drill in late this year SEY may have already gone to the wall. THey have little income and cannot sell their US assets in order to finance the entrance into Kurdistan. Only hope IMHO is to get bought out but probably only for the Sangaw operating contract. The US stuff is disparate and the african wells are slowing. I jumped to ADDAX as I wanted to be with the organgrinder not the monkey. Unfortunately SEY are so poor with communications a lot of people got pulled down with the share price and are living on a prayer over there. As ever, just my opinion, DYOR etc... But seriously, put a speculative punt on SEY but nothing you can afford to lose. ltf |
Posted at 15/6/2009 00:22 by bluepill There's more conversation about Addax on the HOIL thread than there is on here.Is that because no one believes the bid in addax or do they think its oriced in already or have they missed the boat? well the bid is rumoured to be at least £30 per share so that's 25% above current share price. No brainer I reckon |
Posted at 09/6/2009 15:00 by bluepill Hello is this spike up in response to the share price going up in toronto or something more.Hopefuly the bidders will come out of the woodwork sooner rather than later. |
Posted at 09/6/2009 01:13 by bluepill Company confirms they are in preliminary discussions, rumoured bid $8 billion, discussion boards like a graveyard and the share price not broken out yet.Is this a buying opportunity or does the market smell a rat? I am hoping they're slow on the uptake here. Let's see |
Posted at 08/6/2009 18:57 by scottishfield happy here of course, but can't believe that AXC hasn't risen more today. However the volume is much increased (it's quite a neglected stock) so that's a good sign. Typical axc, slowly, but that's ok. |
Posted at 04/3/2009 21:34 by leeson31 Addax Petroleum Corporation 04 March 2009 ? Addax Petroleum announces RECORD results FOR 2008 * 41 per cent increase in Funds Flow From Operations to $1,850 million * 63 per cent increase in Net Income to $784 million * 8 per cent increase in Production to 136.5 Mbbl/d * 20 per cent increase in Proved plus Probable Reserves to 536.7 MMbbl Calgary, March 4, 2009 - /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC), today announced its results for the year ended December 31, 2008.The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars. A conference call will be held for analysts and investors today Wednesday, March 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. Time. Full details can be found at the end of this announcement. CEO's Comment Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "I take great pleasure to report that Addax Petroleum's 2008 performance has resulted in another year of record operational performance, robust reserves growth and a significant increase in our prospective oil resources. Despite a challenging environment in the fourth quarter of 2008, Addax Petroleum achieved record production of 142.5 Mbbl/d in the quarter and ended the year with a significant discovery at the Njaba prospect. We advanced our early entrant position in the rapidly developing Kurdistan Region of Iraq through the completion of a 30 Mbbl/d facility which is expected to translate into first commercial oil production later this year. In recognition of the current challenging environment, we have undertaken an aggressive cost control program and are prudently managing our business to protect our balance sheet and maintain ongoing liquidity. Addax Petroleum has operated successfully in previous low oil price environments similar to the one we are currently experiencing today and is positioning itself to do so again. I would like to thank our employees, management, board of directors, business partners and shareholders for their support and contribution to Addax Petroleum's outstanding performance in 2008." Selected 2008 Financial Highlights The following table summarizes the selected financial highlights. +---------------+--- | Selected | Year ended / | | financial | as at December 31 | | highlights | | +---------------+--- | $ | 2008 | 2007 | Change | | million | | | | | unless | | | | | otherwise | | | | | stated | | | | +---------------+--- | Petroleum | 4,607 | 3,412 | 35% | | sales | 94.38 | 72.94 | 29% | | before | 48.7 | 46.8 | 4% | | royalties | | | | | Average | | | | | crude oil | | | | | sales | | | | | price, | | | | | $/bbl | | | | | Sales | | | | | volumes, | | | | | MMbbl | | | | +---------------+--- | | | | | +---------------+--- | Funds | 1,850 | 1,313 | 41% | | Flow | 784 | 482 | 63% | | From | | | | | Operations | | | | | Net Income | | | | +---------------+--- | | | | | +---------------+--- | Weighted | 156 | 155 | 1% | | average | 11.86 | 8.45 | 40% | | common | 5.03 | 3.10 | 62% | | shares | | | | | outstanding | | | | | (basic, | | | | | millions) | | | | | Funds Flow | | | | | From | | | | | Operations | | | | | per share | | | | | ($/basic | | | | | share) | | | | | Earnings | | | | | per share | | | | | ($/basic | | | | | share) | | | | +---------------+--- | | | | | +---------------+--- | Weighted | 163 | 156 | 4% | | average | 11.49 | 8.31 | 38% | | common | 4.95 | 3.09 | 60% | | shares | | | | | outstanding | | | | | (diluted, | | | | | millions) | | | | | Funds Flow | | | | | From | | | | | Operations | | | | | per share | | | | | ($/diluted | | | | | share) | | | | | Earnings | | | | | per share | | | | | ($/diluted | | | | | share) | | | | +---------------+--- | | | | | +---------------+--- | Total | 5,317 | 3,847 | 38% | | assets | 1,200 | 950 | 26% | | Long-term | | | | | debt, | | | | | excluding | | | | | convertible | | | | | bonds | | | | +---------------+--- | | | | | +---------------+--- | Capital | 1,160 | 773 | 50% | | Expenditures | 431 | 216 | 100% | | - by Region | 56 | 83 | -33% | | Nigeria | 47 | 16 | 194% | | (excluding | 82 | 84 | -2% | | deepwater) & | 1,776 | 1,172 | 52% | | Cameroon | | | | | Gabon | | | | | Kurdistan | | | | | Region of | | | | | Iraq | | | | | Deepwater | | | | | Nigeria & | | | | | JDZ | | | | | Corporate, | | | | | acquisitions, | | | | | farm-in and | | | | | license | | | | | signature | | | | | fees | | | | | Total | | | | +---------------+--- | | | | | +---------------+--- | Capital | 1,376 | 822 | 67% | | Expenditures | 318 | 266 | 20% | | - by Type | 1,694 | 1,088 | 56% | | Development | 82 | 84 | -2% | | Exploration | 1,776 | 1,172 | 52% | | & appraisal | | | | | subtotal | | | | | Corporate, | | | | | acquisitions, | | | | | farm-in and | | | | | license | | | | | signature | | | | | fees | | | | | Total | | | | +---------------+--- * Petroleum sales before royalties in 2008 amounted to $4,607 million, an increase of 35 per cent over petroleum sales before royalties of $3,412 million in 2007. The increase in petroleum sales before royalties was primarily driven by a 29 per cent increase in average crude oil sales price in 2008 to $94.38 per barrel (/bbl) as compared to $72.94/bbl realized in 2007 and an increase of 8 per cent in the average gross working interest oil production. The Corporation experienced a build up of crude oil inventory in the fourth quarter of approximately 540 Mbbl (equivalent to approximately 5.9 Mbbl/d) as production volumes exceeded sales volumes. This crude oil inventory is expected to decline in the first half of 2009. * Funds Flow From Operations for the fourth quarter of 2008 decreased 26 per cent to $318 million ($2.03 per basic share) compared to $428 million ($2.75 per basic share) in the fourth quarter of 2007. On an annual basis, Funds Flow From Operations for 2008 increased 41 per cent to $1,850 million ($11.86 per basic share) compared to $1,313 million ($8.45 per basic share) in 2007. * Net Income for the fourth quarter of 2008 decreased 98 per cent to $3 million ($0.02 per basic share) compared to $180 million ($1.16 per basic share) in the fourth quarter of 2007. On an annual basis, Net Income for 2008 increased 63 per cent to $784 million ($5.03 per basic share) compared to $482 million ($3.10 per basic share) in 2007. * Capital expenditures, excluding corporate and acquisition costs, totaled $521 million in the fourth quarter of 2008 and were comprised of $406 million for development and $115 million for exploration and appraisal activities. Capital expenditures, excluding corporate and acquisition costs, increased by 56 per cent to $1,694 million in 2008 from $1,088 million in 2007. Development capital expenditures totaled $1,376 million in 2008, an increase of 67 per cent over development capital expenditure of $822 million in 2007. Exploration and appraisal capital expenditures totaled $318 million in 2008, a 20 per cent increase over exploration and appraisal capital expenditures of $266 million in 2007. * Corporate and acquisition costs associated with new business activities were $82 million in 2008 as compared to $84 million in 2007. New business activities included the acquisition of four new exploration license areas for the Corporation's property portfolio, the increase of the Corporation's working interest in one exploration license area and the commencement of an integrated gas utilization project in Nigeria. * Bank debt increased in 2008 by $250 million to $1,200 million and is currently drawn under two facilities that consist of a $1.6 billion senior secured reducing revolving borrowing base facility (of which $1.3 billion can be drawn as debt) and a $500 million senior unsecured revolving facility that was entered into during the year. Selected Operational Highlights The following table summarizes selected operational information. +------------------- | Selected operational results | Year ended / | | | as at December 31 | +------------------- | | 2008 | 2007 | Change | +------------------- | Annual average gross working interest oil production (Mbbl/d) | +------------------- | Nigeria (offshore) | 100.7 | 97.1 | 4% | | Nigeria (onshore) | 7.3 | 7.4 | -1% | | Nigeria sub-total | 108.0 | 104.5 | 3% | +------------------- | | | | | +------------------- | Gabon (offshore) | 6.7 | 6.4 | 5% | | Gabon (onshore) | 21.8 | 15.0 | 45% | | Gabon sub-total | 28.5 | 21.4 | 33% | +------------------- | | | | | +------------------- | Total | 136.5 | 125.9 | 8% | +------------------- | | +------------------- | Prices, expenses and netbacks ($/bbl) | +------------------- | Average realized price | 94.38 | 72.94 | 29% | | Operating expense | 8.53 | 6.70 | 27% | | Operating netback | 68.42 | 53.70 | 27% | +------------------- | | +------------------- | Gross working interest oil reserves (MMbbl) | +------------------- | Proved | 214.2 | 233.3 | -8% | | Proved plus Probable | 536.7 | 446.7 | 20% | | Proved plus Probable plus | 738.4 | 580.3 | 27% | | Possible | | | | +------------------- | | +------------------- | Gross working interest best estimate prospective oil resources (MMbbl) | +------------------- | Unrisked | 2,772 | 2,246 | 23% | | Risked | 825 | 738 | 12% | +------------------- | | +------------------- | Gross working interest best estimate contingent gas resources | +------------------- | Gas (Bcf) | 2,820 | 2,415 | 17% | | Associated gas liquids (MMbbl) | 83.5 | 77.2 | 8% | +------------------- * Average gross working interest oil production in 2008 was 136,450 bbl/d, an increase of approximately 8 per cent over the 2007 average production of 125,940 bbl/d. Average oil production for 2008 included 107,980 bbl/d from Nigeria and 28,470 bbl/d from Gabon. * Total gross working interest proved plus probable reserves, as evaluated in accordance with National Instrument 51-101 by Netherland, Sewell & Associates ("NSAI") as at December 31, 2008, increased by approximately 20 per cent to 536.7 MMbbl from 446.7 MMbbl as at December 31, 2007. The Corporation did not make reserves acquisitions or disposals during the year and the 2008 reserve additions arose primarily from the Corporation's operational activity, including extensions and discoveries. Proved reserves decreased by 8 per cent in the same period as NSAI has not assigned proved reserves to wells without production test results. Addax Management elected not to test the Kita Marine appraisal wells in 2008, where 34.0 MMbbl of proved plus probable (2P) reserves were added during the year, given Addax Petroleum had previously tested the initial discovery in 2007 and has adequate data to submit a Field Development Plan to the Government. Similarly, 42.0 MMbbl of 2P reserves were added from the Njaba well but there were no proved (1P) reserves booked due to the fact that the well was drilled late in the year and had not been production tested within the year. Management expects a portion of these reserves to be reclassified as 1P reserves through additional drilling in 2009. * The Corporation's overall 2008 reserves replacement ratio was 281 per cent. The reserves replacement ratio is calculated by dividing the gross working interest 2P reserve additions of 140.0 MMbbl (before deduction of 2008 production of 49.9 MMbbl) by the 2008 production. * Development project highlights in 2008 include: Nigeria * drilled 12 successful new development wells offshore, 10 in OML123 and two in OML126, all of which were placed on production during the year; * drilled two successful new development wells onshore in OML124, all of which were placed on production during the year; * initial production from the Inagha field in OML123; and, * ongoing full field development at the Adanga North Horst field in OML123 and at the Okwori field in OML126. Gabon * drilled 23 development wells on the Corporation's onshore and offshore license areas, of which 21 were placed on production during the year; * ongoing surface facilities development at the onshore Maghena, Panthere NZE and Awoun license areas; * completed installation of the platform and pipeline from the offshore Ebouri field to the Etame Marin floating production storage and offloading vessel; and, * completed the extension of the Corporation's onshore export system, including a new 38-kilometre, 12-inch pipeline which will allow for further increases in production by availing of spare capacity through the Shell operated Rabi station. The Corporation expects the expanded export system to be commissioned in the second quarter of 2009. Kurdistan Region of Iraq * an early production system was installed and commissioned at Taq Taq allowing production capacity of up to 30 Mbbl/d and intermittent sales were commenced in the local market; and, * environmental studies and front end engineering and design associated with an export pipeline were completed and Addax Petroleum is currently investigating long-lead items required for the construction of the export pipeline. * Total gross working interest unrisked prospective oil resources increased by approximately 23 per cent to 2,772 MMbbl as at December 31, 2008 from 2,246 MMbbl as at December 31, 2007. Risked prospective oil resources increased by approximately 12 per cent to 825 MMbbl as at December 31, 2008 from 738 MMbbl as at December 31, 2007.Of the unrisked prospective oil resources as at December 31, 2008, 1,359 MMbbl or 49 per cent relate to the Corporation's Deep Water Gulf of Guinea portfolio, 1,030 MMbbl or 37 per cent to onshore Nigeria and shallow water offshore Nigeria and Cameroon, 248 MMbbl or 9 per cent to Gabon, predominantly offshore, and 136 MMbbl or 5 per cent to the Kurdistan Region of Iraq. * Total gross working interest best estimate contingent gas resources increased by approximately 17 per cent to 2,820 Bcf as at December 31, 2008 from 2,415 Bcf as at December 31, 2007. Best estimate liquids associated with contingent gas resources increased by approximately 8 per cent to 83.5 MMbbl as at December 31, 2008 from 77.2 MMbbl as at December 31, 2007. The largest additions are in OML137 where 411 Bcf and 8.7 MMbbl were added arising from the Corporation's successful appraisal efforts during 2008. * Average realized sales price for the fourth quarter of 2008 decreased 44 per cent to $49.28/bbl compared to $88.46/bbl in the fourth quarter of 2007. The decrease was primarily driven by a 38 per cent decrease in the average dated Brent benchmark price in the fourth quarter of 2008 as compared to the fourth quarter of 2007 and the timing of the crude oil liftings. * Royalties as a percentage of sales increased in the fourth quarter of 2008 compared to the first nine months of 2008 primarily due to activities in Gabon. Gabon offshore Royalty Oil as a percentage of revenues increased in the fourth quarter of 2008 as Royalty Oil is determined in the production month, rather than in the month sold. Inventory levels for Etame grew early in the quarter and were sold later in the quarter while the average sales price had fallen. * Operating netbacks in 2008 increased 27 per cent to $68.42/bbl compared to $53.70/bbl in 2007. Unit operating expenses in 2008 increased to $8.53/bbl, an increase of 27 per cent over the 2007 level of $6.70/bbl, due to cost inflation for the provision of services, an increase in the number of well workovers and security related costs in Nigeria, an increase in personnel related costs to support the growing operations in Gabon and local currency appreciation relative to the US dollar. Selected Exploration and Appraisal Highlights * Exploration and appraisal activity and highlights in 2008 include: Gulf of Guinea Shallow Water (Nigeria and Cameroon) * drilled a highly successful exploration well in OML124, onshore Nigeria, which discovered the Njaba prospect. Significant quantities of oil were discovered for which 42.0 MMbbl of probable reserves were booked at year end 2008. An appraisal well was also drilled in the northern area of the Ossu field in OML124 that expanded the areal extent of the field by proving the presence of oil north of a saddle separating the main field from an independent block; * drilled four successful appraisal wells in OML123, offshore Nigeria, that appraised the Adanga, Kita Marine and Oron West fields. Notably, in March 2008, the KTM-6 well encountered an aggregate gross oil column of 173 feet over four zones and resulted in 34.0 MMbbl of 2P oil reserves being booked at year end 2008. During the fourth quarter of 2008, Addax Petroleum drilled the Adanga North Graben prospect in OML123 and encountered gas; * drilled two successful appraisal wells in OML137, offshore Nigeria, on the Ofrima North discovery, one of which confirmed the western extension of the H42 oil reservoir and the other discovered 62 feet of oil and 92 feet of liquids-rich gas in deeper horizons; and, * drilled four exploration wells in the Ngosso and Iroko license areas offshore Cameroon. At Ngosso, the Odiong and Tali exploration prospects were drilled mid-2008, whereby the Tali sidetrack established a gross hydrocarbon column of 79 feet while the two Ngosso exploration wells were plugged and abandoned. The Iroko exploration well encountered hydrocarbons in the main objective interval. Gabon * drilled two successful appraisal wells at the Ebouri field in the Etame Marin license area, offshore Gabon, and commenced production in late January 2009; * completed 2D seismic data acquisition over the Corporation's Remboué license area and the northern part of the Epaemeno license area, both onshore Gabon; and, * drilled one exploration well on the Andok prospect in the fourth quarter of 2008 in the Maghena license area onshore Gabon where hydrocarbon shows were encountered in the main objective interval and through an up-dip sidetrack. Kurdistan Region of Iraq * drilled and tested two cretaceous appraisal wells on the Taq Taq field (TT-08 and TT-09) with aggregate flow rates ranging from 16.2 Mbbl/d to 35.8 Mbbl/d; * drilled and tested one Pila Spi appraisal well on the Taq Taq field (TT-11) with a flow rate of 470 bbl/d from a gross oil column of 52 metres. The oil tested from the Pila Spi is a much heavier oil than that from the cretaceous formations and the Corporation believes that significantly higher rates can be achieved with the installation of artificial lift; and, * drilled one cretaceous appraisal well (TT-10) that will be tested in the first quarter of 2009. Gulf of Guinea Deep Water (Nigeria and JDZ) * continued to conduct technical studies evaluating the exploration prospect drilling locations of the Corporation's deep water licenses that contain working interest unrisked prospective oil resources of 1,359 MMbbl (493 MMbbl risked). The Corporation plans to drill its first high impact exploration well in the Deep Water Gulf of Guinea in late 2009 at the Kina prospect in Block 4 of the Joint Development Zone.Chevron Corp. has notified the Nigeria/Sao Tome Joint Development Authority of its intent to move into the second exploration phase for Block 1. Selected New Business Highlights * 2008 continued an active new business program for Addax Petroleum with the addition of four new exploration license areas to the Corporation's property portfolio and the increase of the Corporation's working interest in a deepwater exploration license area. In addition, Addax Petroleum received Federal Government of Nigeria approval for an integrated gas utilization initiative which could lead to the development and monetization of the Corporation's considerable gas resources in Nigeria. * New business highlights in 2008 include: Gulf of Guinea Shallow Water (Nigeria and Cameroon) * the Corporation was awarded a 40 per cent interest in Oil Prospecting License ("OPL") 227, offshore Nigeria, subject to receipt of the formal deed of assignment.The OPL227 license area covers approximately 851 km2 (210,300 gross acres) and is located to the north-east of the Shell-operated OML79 license area which is reported to have commenced production in 2002 and to contain approximately 350 MMbbl of remaining recoverable oil. There have been four wells drilled in the OPL227 license area, all between 1974 and 1988, all of which encountered hydrocarbons in non-commercial quantities or shows. In addition, there has been minimal 2D seismic and no 3D seismic data acquired on OPL227 to date; * Addax Petroleum signed a Production Sharing Contract ("PSC") with the Republic of Cameroon, relating to the Iroko exploration license area. Under the PSC, Addax Petroleum acquired a 100 per cent interest in the Iroko license area and is the operator.The Iroko license area covers an area of 16 km2 (3,900 gross acres) and lies approximately 30 kilometres offshore Cameroon adjacent to the Corporation's OML123 license area in Nigeria; and, * Addax Petroleum announced, together with its partners Chrome Oil Services Limited and Korea Gas Corporation, that it has received the approval from the Federal Government of Nigeria for its proposed implementation of an integrated gas utilization project in Nigeria. The integrated gas utilization project is intended to include the exploration and development of gas fields in Nigeria, including Addax Petroleum's OML137, and to secure the gas reserves necessary to commercialize a new liquefied natural gas production facility of up to 10 million tonnes per annum. It is also expected to provide domestic power generation capacity along with the provision of feedstock for the development of petrochemical facilities. The project is still in the preliminary stages of development. Gabon * Addax Petroleum acquired an additional 18 per cent working interest in, and operatorship of, the Iris Marin license area where the Corporation now holds a 51.33 per cent working interest. The Iris Marin license area is an exploration permit of approximately 403 km² (99,600 gross acres) in the southern Gabon basin; and, * Addax Petroleum acquired a 68.75 per cent interest in, and operatorship of, the Gryphon Marin license area. The Gryphon Marin license area covers a gross area of 9,750 km2 (2,409,200 gross acres) and is immediately north of Addax Petroleum's Etame Marin license, offshore Gabon. The Corporation plans to commence exploration activities in Gryphon Marin with the spudding of two wells during the first half of 2009. Kurdistan Region of Iraq * Addax Petroleum acquired a 33.33 per cent interest in the Sangaw North PSC, effective September 2008. The Sangaw North license area contains a large surface anticline, a number of surface oil seeps and is located approximately 80 kilometres southeast of Addax Petroleum's Taq Taq license. During the fourth quarter of 2008, an assignment to the Korean National Oil Corporation was completed which reduced Addax Petroleum's interest to 26.67 per cent. The Corporation completed the acquisition of 2D seismic on the license area in fourth quarter of 2008 and plans to drill an exploration well within the exploration period. Joint Development Zone ("JDZ") * Addax Petroleum was awarded an additional 7.2 per cent participating interest in Block 4 of the JDZ as a result of an arbitration award by a panel of the London Court of International Arbitration. The award increased Addax Petroleum's interest in Block 4 to 45.5 per cent. Dividends The Corporation declared and paid aggregate dividends in 2008 of CDN$0.40 per share. A dividend of CDN$0.10 per share was declared on March 3, 2009, payable on April 2, 2009 to shareholders of record on March 19, 2009. In accordance with Canada Revenue Agency Guidelines, dividends paid by the Corporation during the period are eligible dividends. Recent Developments In January 2009, the Corporation announced a significant discovery from the Njaba 2 well in the eastern part of the OML124 license area in Nigeria. The discovery resulted in Addax Petroleum booking 42.0 MMbbl of probable reserves from this well as at December 31, 2008. In January 2009, the Corporation commenced production from the Ebouri field in the Etame Marin license area, offshore Gabon. In February 2009, the operator completed drilling the North Etame exploration well in the Corporation's Etame Marin license area offshore Gabon. The well encountered lower than anticipated hydrocarbons, was water bearing and is expected to be plugged and abandoned. 2009 Outlook & Capital Budget For 2009, Addax Petroleum has budgeted total capital expenditures of approximately $1.6 billion (excluding acquisitions), which are expected to result in total production averaging between 140 Mbbl/d to 145 Mbbl/d from its Nigeria and Gabon operations. This budget is consistent with the Corporation's philosophy of funding capital expenditures from internally generated cash flow and has been determined using the average Brent Crude price of $60/bbl. Should the prevailing Brent Crude price continue to be below $60/bbl for the balance of 2009, Addax Petroleum intends, and has the flexibility, to reduce its capital expenditures such that total capital expenditures continue to be funded by internally generated cash flow. An average Brent Crude price of $40/bbl would result in a reduction of capital expenditures to approximately $1 billion and the associated reduced drilling and facilities expenditures would result in Addax Petroleum's total production for 2009 averaging between 132 Mbbl/d and 137 Mbbl/d. Regulatory Filings This announcement coincides with the filing with the Canadian and U.K. securities regulatory authorities of Addax Petroleum's Audited Consolidated Financial Statements for the year ended December 31, 2008 and related Management's Discussion and Analysis, as well as Addax Petroleum's Annual Information Form including the Corporation's Statement of Reserves Data and Other Information, Report of the Independent Qualified Reserves Evaluator and Report of Management and Directors. Copies of these documents may be obtained via www.sedar.com, www.londonstockexcha www.addaxpetroleum.c These documents can be accessed at the following links Audited Consolidated Financial Statements for the year ended December 31, 2008 Management's Discussion & Analysis f Annual Information Form CEO & CFO Responsibility Statements Analyst Conference Call Financial analysts are invited to participate in a conference call today Wednesday, March, 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. time with Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. Michael Ebsary, Chief Financial Officer and Mr. James Pearce, Chief Operating Officer. The media and shareholders may participate on a listen only basis. To participate in the conference call, please dial one of the following: Toronto:416 644 3420 Toll-free (Canada and the US):1 800 731 5319 Toll-free (UK): 00 800 2288 3501 Toll-free (Switzerland):00 800 2288 3501 A replay of the call will be available at (416) 640 1917 or (877) 289 8525, passcode 21296229# until Wednesday, March 18, 2009. Capital Markets Day Addax Petroleum will host a Capital Markets Day presentation to financial analysts and investors on Monday, March 23, 2009 in London, UK and Tuesday, March 24, 2008 in Toronto, Canada. The Corporation's senior management team will discuss the Corporation's most recent operating results and expectations regarding future operations. A live webcast of the presentations will be made available and the Capital Markets Day presentation materials will be available on the Corporation's website at www.addaxpetroleum.c Interested attendees are encouraged to contact any of the individuals listed at the end of this announcement in order to register in advance. Reader Advisory Regarding Forward-Looking Information Certain statements contained in this news release, including statements related to future capital expenditures, business strategy and goals, future commodity prices, reserves and resources estimates, drilling plans, development plans and schedules, future seismic activity, production levels and sources of growth thereof, results of exploration activities and dates that areas may come on-stream, royalties payable, contingent liabilities and 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, and other factors, which include, but are not limited to: 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 and natural gas 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. In this news release the Corporation has made assumptions with respect to the following: * prices for oil and natural gas; * oil and gas reserve and resource quantities and the discounted present value of future net cash flows from these reserves and the ultimate recoverability of reserves; * timing and amount of future production, forecasts of capital expenditures and the sources of financing thereof; * the amount, nature, timing and effects of capital expenditures; * plans for drilling wells and the timing and location thereof; * expectations regarding the negotiation and performance of contractual rights; * operating and other costs; * business strategies and plans of management; * anticipated benefits and enhanced shareholder value resulting from prospect development and acquisitions; and * treatment under the fiscal terms of Production Sharing Contracts and governmental regulatory regimes. 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 new release are expressly qualified by this advisory. Non-GAAP Measures Addax Petroleum defines "Funds Flow From Operations" or "FFFO" as net cash from operating activities before changes in non-cash working capital. Management believes that in addition to net income, FFFO is a useful measure as it demonstrates Addax Petroleum's ability to generate the cash necessary to repay debt or fund future growth through capital investment. Addax Petroleum also assesses its performance utilizing Operating Netbacks which it defines as the per barrel pre-tax profit margin associated with the production and sale of crude oil and is calculated as the average realized sales price less royalties and operating expenses, on a per barrel basis. FFFO and Operating Netback are not recognized measures under Canadian GAAP. Readers are cautioned that these measures should not be construed as an alternative to net income or cash flow from operating activities determined in accordance with Canadian GAAP or as an indication of Addax Petroleum's performance. Addax Petroleum's method of calculating these measures may differ from other companies and accordingly, it may not be comparable to measures used by other companies. |
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