Sinopec International Pays for Addax Petroleum Corporation Shares and Will Appoint New Addax Petroleum Board of Directors
Calgary, Alberta, August 18th, 2009 – Sinopec International Petroleum Exploration and Production Corporation ("Sinopec International") is pleased to announce that it has paid for the common shares of Addax Petroleum Corporation ("Addax Petroleum") that were validly deposited to and not withdrawn from the offer (the "Offer") dated July 9, 2009 made by Mirror Lake Oil and Gas Company Limited ("Mirror Lake"), an indirect wholly-owned subsidiary of Sinopec International. As previously announced by Sinopec International, as of August 14, 2009, an aggregate of 153,734,120 Addax Petroleum common shares, representing approximately 92.67% of the Addax Petroleum common shares on a diluted basis, were tendered to the Offer.
In connection with the Offer, the board of directors of Addax Petroleum will be replaced by nominees of Sinopec International, with Mr. Jean Claude Gandur remaining as a director of Addax Petroleum.
As previously announced, Sinopec International has extended the expiration date of its Offer. The Offer, which originally was scheduled to expire on Friday, August 14, 2009, has been extended until 11:59 PM Toronto time, on Thursday, August 27, 2009.
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 is or will be available electronically without charge at http://www.sedar.com.
For further information: Sinopec International Petroleum Exploration and Production Corporation, Mr. Handong Rui, Email: hdrui(at)sipc.cn
This announcement does not constitute an offer of, or the solicitation of an offer to buy or subscribe for, common shares of Addax Petroleum to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful and, in particular, is not for release, publication or distribution in or into the United States, Australia or Japan.
The offer and sale of the common shares has not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States unless registered under the Securities Act or an exemption from such registration is available. No public offering of common shares of Addax Petroleum is being made in the United States.
Certain statements in this announcement are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties described in the Prospectus that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements.