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 or
investor.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 the largest independent oil producer in West Africa. |
| Q. | When was Addax Petroleum founded? |
| A. | Addax Petroleum was founded in 1994 by the Addax and Oryx Group to evaluate and pursue oil and gas exploration and production opportunities in West Africa. The Corporation signed its first two Production Sharing Contracts (PSCs) in Nigeria in 1998. Addax Petroleum is a publicly traded company on both the Toronto (TSX) and London (LSE) Stock Exchanges. |
| Q. | Who are Addax Petroleum's directors and officers? |
| A. | The Chairman of the Board of Addax Petroleum is Mr. Peter Dey. Addax Petroleum has an eight-member Board and the majority of the Board is made up of independent members. The Chief Executive Officer of Addax Petroleum is Mr. Jean Claude Gandur. For a complete list of Addax Petroleum’s directors and officers and their biographies please refer to the Board of Directors. |
| 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, 2007 the Company employed 733 people of which 319 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 the Corporation’s operations please refer to our Operations section. |
| Q. | How much oil does Addax Petroleum produce? |
| A. |
The Corporation produced an average of 125,940 bbl/d of oil during 2007, representing an increase of approximately 40 per cent over 2006 and close to the 2007 target of 127,000 bbl/day. Average oil production for 2007 included 104,510 bbl/d from Nigeria and 21,420 bbl/d from Gabon. For additional information on the Corporation’s production please refer to our January 16, 2008 press release. |
| Q. | How many wells does Addax Petroleum have in production? |
| A. | As at March 31, 2008, Addax Petroleum operated 130 producing wells. For more detailed information on the Corporation's production wells please refer to the Q1 MD&A document (dated March 31, 2008). |
| Q. | What are Addax Petroleum's estimated crude oil reserves? |
| A. | As at December 31, 2007, NSAI estimates gross working interest proved plus probable reserves for the Corporation to be 446.7 MMbbl, representing an increase of approximately 26 per cent over the quantities estimated by NSAI at the prior year-end. For more detailed information on the Corporation’s reserves please refer to our press release of January 16, 2008. |
| Q. | What are Addax Petroleum’s major exploration and development opportunities? |
| A. | In addition to those within the Corporation's asset base in Nigeria, Cameroon and Gabon, Addax Petroleum’s major opportunities include positions in the four highly prospective properties in the Joint Development Zone offshore Nigeria including a 38.3% participating interest in and operatorship of Block 4; a 15% participating interest in Block 3, a 14.3% participating interest in Block 2 and a 40% participating interest in Block 1. Also in Nigeria the Corporation has a 40% participating interest in the Okwok field and a 72.5% participating interest and operatorship in OPL291. In addition the Corporation has a 45% participating interest in the Taq Taq license area in the Kurdistan Region of Iraq. For more detailed information on the Corporation’s major exploration and development opportunities please refer to our Operations section. |
Shareholder Information
| Q. | What is Addax Petroleum’s trading symbol and where are Addax Petroleum’s shares traded? |
| A. | Addax Petroleum trades under the trading symbol “AXC” on the Toronto Stock Exchange and the London Stock Exchange. |
| Q. | How can I find out Addax Petroleum’s share price? |
| A. | Please refer to our home page or to the share price information in the Investors section. |
| Q. | What is Addax Petroleum’s dividend policy and what are the common stock dividend dates? |
| A. |
Addax Petroleum has a policy of declaring quarterly cash dividends on the common shares. The payment and the amount of the dividends declared in any fiscal quarter will depend on the Company’s earnings, financial requirements and other conditions existing which Addax Petroleum’s Board of Directors may consider relevant at such time. Subject to these factors, Addax Petroleum intends to pay its next dividend on June 12th, 2008 for shareholders of record on May 29th, 2008. In accordance with Canadian Revenue Authority guidelines, all dividends paid by the Corporation are eligible dividends unless indicated otherwise. For further information, please refer to our Corporate Governance section. |
| Q. | When and where is Addax Petroleum's next Annual General Meeting? |
| A. | The next Annual General Meeting of Addax Petroleum will take place on June 26, 2008. |
| Q. | Who is Addax Petroleum’s registrar and transfer agent? |
| A. | Computershare Investor Services Inc. is the registrar and transfer agent for Addax Petroleum. |
Financial Information
| Q. | When will the next quarterly results be released? |
| A. | Addax Petroleum's Q2 2008 results will be released on August 6, 2008. |
| Q. | When is Addax Petroleum’s fiscal year-end? |
| A. | Addax Petroleum’s fiscal year-end is December 31. |
| Q. | How can I contact Investor Relations? |
| A. | You can contact Investor Relations by e-mailing investor.relations@addaxpetroleum.com |
| 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 Investor and Press Room sections. You can also contact Press Relations if you are interested in receiving hard copies of the Annual Report or other public documents. Additional information relating to Addax Petroleum is available through the internet on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at www.sedar.com |