Press Room Archives 2006
The information and documents below are for the year 2006.
For information relating to the current year 2009, please click here.
Information in the following news releases was accurate at the date of issuance, but may be superseded by subsequent news releases or other public disclosure.
Addax Petroleum Commissions New Onshore Production And Export System In Gabon
Calgary, Alberta, November 28th, 2006 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC) announces today that it has completed the commissioning of a new production and export system from its Maghena property onshore Gabon. This commissioning of the new system provides the capacity to alleviate the constraints which had been restricting the export capacity from the Corporation’s Tsiengui and Obangue fields to just over 5,000 barrels per day. The new system was commissioned on Sunday, November 26 and is currently flowing at a rate of approximately 8,000 barrels per day.
Genel Enerji And Addax Petroleum Announce The Execution Of A Revised Production Sharing Agreement In Respect Of The Taq Taq Field
Addax Petroleum acquires additional equity in Taq Taq
Calgary, Alberta, November 21st, 2006 – Genel Enerji A.S. (“Genel”) -which is part of Çukurova Group- and Addax Petroleum Corporation (“Addax Petroleum”) (TSX:AXC) today announced the execution of a Revised Production Sharing Agreement with the Kurdistan Regional Government (“KRG”) in respect of the Taq Taq Field. Genel and Addax Petroleum also announced that at the same time Addax Petroleum’s wholly owned subsidiary had acquired an additional 15% Participating Interest from Genel.
Genel Enerji And Addax Petroleum Announce Taq Taq Test Results
First new Taq Taq well flows at an aggregate rate of 29,790 barrels per day
Calgary, Alberta, November 20th, 2006 – Genel Enerji A.S. (“Genel”), part of the Çukurova Group, and Addax Petroleum Corporation (“Addax Petroleum”) (TSX:AXC) today announced flow test results for the recently drilled TT-04 well, the first well on the Taq Taq field drilled by Taq Taq Operating Company (“TTOPCO”), the joint venture company formed by Genel and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.
Addax Petroleum Announces Third Quarter 2006 Results
First Nine Months' Funds Flow From Operations increases 91 per cent
Calgary, Alberta, November 13th, 2006 –
Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC), an international oil and gas exploration and production company with a strategic focus on Africa and the Middle East, today announced its results for the quarter ended September 30, 2006. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars.
Addax Petroleum Third Quarter Conference Call
Calgary, Alberta, November 1st, 2006 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) will announce its financial results for the quarter ended September 30, 2006 on Monday, November 13, 2006, and will discuss its financial results in a conference call on Monday, November 13, 2006 at 11:00 a.m. Eastern Time. Mr. Jean Claude Gandur, President and Chief Executive Officer, and Mr. Michael Ebsary, Chief Financial Officer, will discuss the Corporation’s most recent financial and operating results and the expectations for the future.
Addax Petroleum Concludes 2006 Okwok Exploration & Appraisal Campaign
Calgary, Alberta, October 30th, 2006 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) today announced that it has completed its 2006 exploration and appraisal campaign on the Okwok field discovery in OML67 with encouraging results. The Corporation acquired a 40 per cent participating interest in the Okwok field in June of this year from Oriental Energy Resources Limited (“Oriental”), a leading indigenous Nigerian oil company, and commenced the exploration and appraisal program immediately thereafter. Addax Petroleum is the technical adviser and Oriental is the operator for the Okwok field joint venture.
Addax Petroleum Presents at the Merrill Lynch Global Energy Conference
Calgary, Alberta, October 26th, 2006 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) announces that James Pearce, Chief Operating Officer, will be presenting at the Merrill Lynch Global Energy Conference on Wednesday, November 1, 2006 at approximately 10:05 a.m. Eastern Time. The presentation will include information detailing the company’s performance, strategy and outlook.
Addax Petroleum Provides Update on the Integration of its Gabon Operations
Calgary, Alberta, October 26th, 2006 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) is pleased to provide an operational update regarding its portfolio of oil exploration and production properties in Gabon which it acquired from Pan-Ocean Energy Corporation Limited in September of this year.
Addax Petroleum Acquires Major Interest In Highly Prospective Deepwater Exploration Block Offshore Nigeria
CALGARY, Oct 20, 2006 /CNW/, October 20th, 2006 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) today announced that its wholly owned subsidiary has entered into a farm-out agreement with Starcrest Nigeria Energy Limited (“Starcrest”), an indigenous Nigerian oil company pursuant to which Addax Petroleum and Starcrest have signed a Production Sharing Contract (“PSC”) with Nigeria National Petroleum Corporation (“NNPC”) in respect of Oil Prospecting License (“OPL”) 291 deepwater offshore Nigeria. Addax Petroleum has a participating interest of 72.5 per cent and is the operator.
Addax Petroleum Completes FPSO Replacement Ahead Of Schedule
Calgary, Alberta, October 3rd, 2006 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) today announced that it has successfully replaced the floating production storage and offloading vessel (“FPSO”) on the OML123 property offshore Nigeria, with an upgraded FPSO contracted from Fred Olsen Production AS (“Fred Olsen”) and that production on OML123 has returned substantially to pre-replacement levels.
Addax Petroleum Completes The Acquisition Of The Business Of Pan-Ocean Energy
Calgary, Alberta, September 7th, 2006 – Addax Petroleum Corporation (TSX: AXC) ("Addax Petroleum") announced today the completion of the previously announced acquisition of substantially all of the assets and operations of Pan-Ocean Energy Corporation Limited ("Pan-Ocean") for cash consideration of CDN $1.605 billion (the "Acquisition").
Addax Petroleum Closes Over-Allotment Option Offering
Calgary, Alberta, August 30th, 2006 – Addax Petroleum Corporation (TSX: AXC) ("Addax Petroleum") today closed the previously announced exercise of the over-allotment option by its underwriting syndicate to purchase 1,750,000 subscription receipts at the price of $27.25 per subscription receipt resulting in additional gross proceeds of CDN $47,687,500. Each subscription receipt represents the right to receive one common share in the share capital of Addax Petroleum, without payment of any additional consideration.
Addax Petroleum Announces Exercise Of Over-Allotment Option
Calgary, Alberta, August 28th, 2006 – Addax Petroleum Corporation (TSX: AXC) ("Addax Petroleum") announces today its underwriting syndicate has elected to exercise the over-allotment option to purchase 1,750,000 subscription receipts at the price of $27.25 per subscription receipt resulting in additional gross proceeds of CDN $47,687,500. Each subscription receipt represents the right to receive one common share in the share capital of Addax Petroleum, without payment of any additional consideration. Closing of the over-allotment option is scheduled to occur on August 30, 2006.
Addax Petroleum Corrects Some Information Reported By Reuters
Calgary, Alberta, August 22nd, 2006 – Addax Petroleum would like to correct some information reported by the Reuters News agency today.
Addax Petroleum Closes CDN$354,250,000 Public Offering
Calgary, Alberta, August 16th, 2006 – Addax Petroleum Corporation (TSX: AXC) ("Addax Petroleum") today closed the previously announced offering of 13,000,000 subscription receipts of Addax Petroleum at a price of CDN$27.25 per subscription receipt for aggregate gross proceeds of CDN$354,250,000.
Addax Petroleum Announces CDN$354,250,000 Public Offering
Calgary, Alberta, August 10th, 2006 – Addax Petroleum Corporation (TSX: AXC) ("Addax Petroleum") today announced that it has entered into an underwriting agreement and filed and obtained a receipt for a final short form prospectus relating to the distribution of 13,000,000 subscription receipts at a price of CDN$27.25 per subscription receipt for aggregate gross proceeds of CDN$354,250,000.
First Nda Development Well Commences Production And Addax Petroleum's Daily Oil Production Exceeds 100,000 Bbls/Day For The First Time
Calgary, Alberta, August 1st, 2006 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum”) today announced that first production from the approved Nda Field development programme started on July 30. The addition of this Nda Field production has raised Addax Petroleum’s gross daily oil production to 102,200 bbls/day, the first time that Addax Petroleum’s production has exceeded the 100,000 bbls/day milestone.
Addax Petroleum Files Preliminary Short Form Prospectus
Calgary, Alberta, August 1st, 2006 – Addax Petroleum Corporation (TSX: AXC) ("Addax Petroleum") today announced that it has filed and obtained a receipt for a preliminary short form prospectus relating to the distribution of up to 15,000,000 subscription receipts, each subscription receipt representing the right to receive one Addax Petroleum common share, without payment of additional consideration. Addax Petroleum has also granted to the underwriters an over-allotment option in respect of up to 10% of the subscription receipts purchased exercisable at any time not later than 30 days after closing of this offering.
Addax Petroleum Announces Second Quarter 2006 Results
Cash flow from operations increases 120 per cent
Calgary, Alberta, August 1st, 2006 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC), an international oil and gas exploration and production company with a strategic focus on Africa and the Middle East, today announced its results for the quarter ended June 30, 2006. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars.
Addax Petroleum To Acquire The Business Of Pan-Ocean Energy
Calgary, July 20th, 2006 – Addax Petroleum Corporation (TSX: AXC) ("Addax Petroleum") today announced that it has agreed to acquire two subsidiaries of Pan-Ocean Energy Corporation Limited (TSX: POC.A; POC.B) ("Pan-Ocean Energy") for C$1.605 billion in cash and will assume net debt estimated to be C$30 million.
Addax Petroleum Completes Acquisition Of Okwok Interest
Calgary, Alberta, June 28th, 2006 – /CNW/ - Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC) announces that it has acquired from Oriental Energy Resources Limited (“Oriental”) a 40 per cent participating interest in the Okwok field in licence area OML67 following receipt of all necessary Nigerian government approvals.
Addax Petroleum Launches New Website
Calgary, Alberta, May 18th, 2006 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC), today announced the launch of its new website at, http://www.addaxpetroleum.com.
Genel and Addax Petroleum Spud Well in Taq Taq Licence
Calgary, Alberta, May 15th, 2006 – /CNW/ – Genel Enerji A.S. ( “Genel” ) and Addax Petroleum Corporation ( “Addax Petroleum” TSX : AXC ) are proud to announce the commencement of drilling activities in their first jointly operated well in the Taq Taq License Area in the Kurdistan Region of Northern Iraq.
Addax Petroleum Announces First Quarter 2006 Results
Net income increases 96 per cent
Calgary, Alberta, May 11th, 2006 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC), an international oil and gas exploration and production company focused on Africa and the Middle East, today announced its results for the quarter ended March 31, 2006.
Addax Petroleum Celebrates Sail Away of Knock Adoon FPSO
Calgary, April 25th, 2006 – Addax Petroleum Corporation (“Addax Petroleum”) (TSX:AXC) announces that its subsidiary Addax Petroleum Development (Nigeria) Limited held a Sail Away Ceremony for the Knock Adoon FPSO (Floating Production, Storage and Offloading vessel) at the Dubai Drydocks Shipyard.
Addax Petroleum Increases Interest in Jdz Exploration Block
Calgary, Alberta, April 13th, 2006 – Addax Petroleum Corporation (“Addax Petroleum”) (TSX: AXC) announces that it has increased its participating interest in Block 4 of the Nigeria/Sao Tome and Principe Joint Development Zone (“JDZ”) from 33.3 per cent to 38.3 per cent by acquiring the 5 per cent participating interest held by Overt Ventures Ltd (“Overt”).
Results For The Year Ended 31 December 2005
Calgary, Alberta, March 29th, 2006 – Addax Petroleum announces record levels of production, revenue, operating profitability, cash flow and net income.
Addax Petroleum Achieves Record Daily Production Of Over 85,000bbls
Calgary, Alberta, March 16th, 2006 – Addax Petroleum Corporation (“Addax Petroleum”) announces that it has today achieved a company record daily production of 85,416 bbls from its Nigerian producing assets. This is the first time daily production has exceeded 85,000bbls.
Addax Petroleum Acquires Equity Position In Highly Prospective Exploration Block
Calgary, Alberta, March 16th, 2006 – Addax Petroleum Corporation (“Addax Petroleum”) announces that it has together with its co-venturers signed a Production Sharing Contract (“PSC”) with the Nigeria/Sao Tome Joint Development Authority (“JDA”) relating to Block 2 of the Nigeria/Sao Tome Joint Development Zone (“JDZ”) and that it is now entitled to a 14.33 per cent participation interest in Block 2 of the Nigeria/Sao Tome Joint Development Zone (“JDZ”) pursuant to a participation agreement with ERHC Energy Incorporated (“ERHC”) entered into on 2nd March 2006. Addax Petroleum also signed a joint operating agreement among the Block 2 co-venturers where Sinopec is the designated Operator.
Addax Petroleum Acquires Interests In Highly Prospective JDZ Exploration Blocks
Calgary, Alberta, March 14th, 2006 – Addax Petroleum Corporation (“Addax Petroleum”) announces that it has together with its co-venturers signed a Production Sharing Contract (“PSC”) with the Nigeria/Sao Tome Joint Development Authority (“JDA”) relating to Block 4 of the Nigeria/Sao Tome Joint Development Zone (“JDZ”) and is now entitled to a 33.3 per cent participating interest pursuant to a Participation Agreement with ERHC Energy Incorporated (“ERHC”) relating to Block 4.
Addax Petroleum Announces Exercise of Over-Allotment Option
Calgary, Alberta, February 23rd, 2006 – Addax Petroleum Corporation (“Addax Petroleum”) announces today that it has received notice from its underwriting syndicate that they have elected to exercise the over-allotment option to purchase 2,100,000 common shares at a price of $19.50 per common share resulting in additional gross proceeds of $40,950,000.
Addax Petroleum Completes C$409.5 Million Initial Public Offering
Calgary, Alberta, February 16th, 2006 – Addax Petroleum Corporation (“Addax Petroleum”) announces today that it has successfully completed an initial public offering of 21,000,000 common shares to the public at a price of C$19.50 per share for gross proceeds of C$409.5 million. The common shares trade on the Toronto Stock Exchange under the symbol “AXC”.
Addax Petroleum Announces Filing of Final Prospectus for
Calgary, Alberta, February 8th, 2006 – Addax Petroleum Corporation (“Addax Petroleum”) announces today that it has filed a final prospectus with the securities regulatory authorities in all provinces of Canada with respect to the sale of its common shares.