Frequently Asked Questions (FAQ)
Here we have composed for you a list of frequently asked questions organized by topic. If your question is not included, please contact us directly at:
press.relations@addaxpetroleum.com
General
| Q. | What is Addax Petroleum? |
| A. |
Addax Petroleum is an international oil and gas exploration and production company focused on Africa and the Middle East and is an active player in West Africa. The Company has experienced significant growth since its inception and was successfully acquired by China Petrochemical Corporation ("Sinopec Group") in August 2009. |
| Q. | When was Addax Petroleum founded? |
| A. |
Addax Petroleum was founded in 1994 by the Addax and Oryx Group Ltd. to evaluate and pursue oil and gas exploration and production opportunities in West Africa. Addax Petroleum signed its first two Production Sharing Contracts (PSCs) in Nigeria in 1998. |
| Q. | Who are Addax Petroleum's officers? |
| A. |
The Chief Executive Officer of Addax Petroleum is Mr. GENG Xianliang. The Vice-Chairman is Mr. Jean Claude GANDUR. For a complete list of Addax Petroleum's officers and their biographies, please refer to Senior Management. |
| Q. | Who are Addax Petroleum’s auditors? |
| A. | Deloitte & Touche LLP are Addax Petroleum’s auditors. |
| Q. | How many employees work for Addax Petroleum? |
| A. | As at December 31, 2008 the Company employed 864 people of which 326 were in Nigeria. |
Operations
| Q. | Where does Addax Petroleum operate? |
| A. | Addax Petroleum has a high quality asset base consisting of a number of producing properties in Nigeria and Gabon. Addax Petroleum also has a high quality portfolio of exploration and development properties and new venture opportunities elsewhere in West Africa and in the Kurdistan Region of Iraq. For more detailed information on Addax Petroleum’s operations please refer to our Operations section. |
| Q. | How much oil does Addax Petroleum produce? |
| A. |
Addax Petroleum produced an average of approximately 136.5 Mbbl/d of oil during 2008, representing an increase of approximately 8% over 2007. Average oil production for 2008 included approximately 108.0 Mbbl/d from Nigeria and 28.5 bbl/d from Gabon. Average gross working interest oil production in the second quarter (ended June 30, 2009) was 143,2 Mbbl/d. For additional information on Addax Petroleum’s production please refer to our July 27, 2009 press release. |
| Q. | How many wells does Addax Petroleum obtain its production from? |
| A. | As at December 31, 2008, there were 94 producing wells in Nigeria and 62 producing wells in Gabon. For more detailed information, please refer to the Management's Discussion & Analysis for the year ended December 31, 2008 (Q4 MD&A). |
| Q. | What are Addax Petroleum's estimated crude oil reserves? |
| A. | As at December 31, 2008, NSAI estimates gross working interest proved plus probable reserves for Addax Petroleum to be 536.7 MMbbl, representing an increase of approximately 20% over the quantities estimated at December 31, 2007. For more detailed information on Addax Petroleum's reserves please refer to our Annual Information Form dated March 4, 2009. |
| Q. | What are Addax Petroleum’s major exploration and development opportunities? |
| A. | In addition to those within Addax Petroleum's asset base in Nigeria, Cameroon and Gabon, Addax Petroleum’s major opportunities include interests in four highly prospective properties in the deepwater Nigeria-São Tomé Joint Development Zone including a 45.5% participating interest in and operatorship of Block 4; a 66% participating interest in Block 3, a 14.33% participating interest in Block 2 and a 40% participating interest in Block 1. Also in Nigeria Addax Petroleum has a 40% participating interest in the Okwok field and a 72.5% participating interest and operatorship in OPL291. In addition, Addax Petroleum has a 45% participating interest in the Taq Taq licence area and 26.67% participating interest in the Sangaw North PSC in the Kurdistan Region of Iraq. For more detailed information on Addax Petroleum’s major exploration and development opportunities please refer to our Operations section. |
Shareholder Information
| Q. |
What will happen after the acquisition of Addax Petroleum by China Petrochemical Corporation (SINOPEC)? |
| A. |
On September 4, 2009, Addax Petroleum requested that its common shares be delisted from the London Stock Exchange with effect from October 5. The delisting of its common shares from the Toronto Stock Exchange is intended to happen on the same date. |
Financial Information
| Q. | When is Addax Petroleum’s fiscal year-end? |
| A. | Addax Petroleum’s fiscal year-end is December 31. |
| Q. | How can I obtain a copy of Addax Petroleum’s annual report (or any other public documents and corporate filings)? |
| A. |
You can download Addax Petroleum’s annual report from the home page or from the Press Room section. You can also contact Press Relations if you are interested in receiving hard copies of the Annual Report or other public documents. |