Addax Petroleum completes acquisition of an 80% shareholding interest in Pecten Cameroon Company LCC (PCC)
November 2, 2011 – Addax Petroleum purchased an 80% shareholding interest in Pecten Cameroon Company LCC from Shell Overseas Holdings Limited on October 31, 2011. Société Nationale des Hydrocarbures holds the remaining 20% of PCC’s shares.
Following the decision of its Board of Directors on October 31, 2011, the acquired company was renamed Addax Petroleum Cameroon Company LLC (APCC). This name change reflects the change of the majority shareholder and the change in the company's management
Mr Yi Zhang, Chief Executive Officer of Addax Petroleum Corporation, commented: “I am pleased at how efficiently this acquisition process was completed and would like to thank the Republic of Cameroon for its approval. I look forward to building on APCC’s dynamic business in Cameroon for the benefit of all our stakeholders and host communities. We are delighted to welcome APCC's impressive workforce into the Addax Petroleum family and are excited at the additional growth potential this acquisition provides for our business. We expect to have an added value to our operations and an immediate positive impact on production. Moreover, this acquisition improves our reserve life index. We have prioritized a quick and smooth integration, which will lay the foundations for a new generation of assets.”
APCC holds interests in 11 blocks in Cameroon, with 42 producing fields and its net working interest production is expected to average 12,000 bbl/d for the remainder of 2011. APCC is the second largest net producer in Cameroon. Its attractive portfolio of well-managed productive assets, with further exploration potential, match Addax Petroleum’s E&P expertise and are in proximity with both Addax Petroleum’s and Sinopec’s existing assets. They offer an opportunity to optimize allocation of resources, such as infrastructure, knowledge and competences. Addax Petroleum particularly values the existing skilled workforce and its dedication to following world-class practices, including delivering an outstanding HSSE record.
