Press Room Archives 2007
The information and documents below are for the year 2007.
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Information in the following news releases was accurate at the date of issuance, but may be superseded by subsequent news releases or other public disclosure.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 Announces Third Quarter 2007 Results and 2008 Capital Budget
Calgary, Alberta, November 12th, 2007 –
- Funds Flow From Operations increased by 37 per cent and Net Income increased by 63 per cent from Q3, 2006
- Working interest gross oil production increased by 40 per cent, to an average of 128,200 barrels per day
- Continued step-out appraisal success at Taq Taq
Addax Petroleum Third Quarter 2007 and 2008 Capital Budget Conference Call and Webcast
Calgary, Alberta, November 5th, 2007 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) will announce its financial results for the quarter ended September 30, 2007 and its 2008 capital budget on Monday, November 12, 2007, and will discuss its financial results in a conference call and webcast on Monday, November 12, 2007 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. time. Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. James Pearce, Chief Operating Officer, and Mr. Michael Ebsary, Chief Financial Officer, will discuss the Corporation’s most recent financial and operating results.
Addax Petroleum Presents at Upcoming Global Investor Conferences
Calgary, Alberta, November 1st, 2007 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) ("Addax Petroleum" or the "Corporation") announces that various members of the Corporation's senior management will be presenting at the following upcoming investor conferences.
Addax Petroleum Presents At Canaccord Adams Global Energy Conference
Calgary, Alberta, October 17th, 2007 – Addax Petroleum Corporation (TSX: AXC – LSE: AXC) (“Addax Petroleum” or the “Corporation”) announces that Mr. Jean Claude Gandur, President and Chief Executive Officer, will be presenting at the Canaccord Adams Global Energy Conference in Miami, USA on Wednesday, October 24th, 2007 at approximately 9:30 a.m. Eastern Time / 2:30 p.m. London time.
Addax Petroleum Announces Agreement To Acquire Interest In Deepwater Joint Development Zone
To acquire a 40 per cent working interest in JDZ Block 1
Calgary, Alberta, September 25th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC), today announces that its has agreed to acquire Esso Exploration and Production Nigeria-Sao Tome (One) Limited’s 40 per cent working interest in Block 1 of the Joint Development Zone (the “JDZ”). The JDZ lies in the deepwater between Nigeria and Sao Tome and Principe in the Gulf of Guinea which is one of the most prolific petroleum regions in the world.
Addax Petroleum Presents At Upcoming Global Investor Conferences
Calgary, Alberta, September 24th, 2007 – Addax Petroleum Corporation (TSX: AXC – LSE: AXC) (“Addax Petroleum” or the “Corporation”) announces that various members of the Corporation’s senior management will be presenting at the following upcoming investor conferences.
Addax Petroleum Increases Gabon Production To Over 30,000 Barrels Per Day One Year After Acquisition
Addax Petroleum total production exceeds 140,000 barrels per day for first time
Calgary, Alberta, September 12th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX/LSE:AXC) is pleased to announce that one year after the acquisition of the operations of Pan Ocean Energy Corporation Limited (“Pan Ocean”), it has increased production more than three-fold to in excess of 30,000 barrels per day. In addition to this strong production growth, the Corporation announced in January 2007 a 45 per cent increase in its gross working interest proved plus probable reserves as at December 31, 2006. This substantial growth has been achieved primarily by increasing organisational capabilities, operating an intensive drilling campaign and constructing related production and export facilities.
Addax Petroleum Announces Update ToContinued Appraisal Program At Taq Taq
Second step-out appraisal well TT-07 flows at an aggregate rate of 37,560 barrels per day
Calgary, Alberta, September 6th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX/LSE:AXC) today announced flow test results for the TT-07 well, the fourth appraisal and development well recently drilled on the Taq Taq field by Taq Taq Operating Company, the joint venture company formed by Genel Enerji A.S. (“Genel”) and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.
Addax Petroleum Announces Second Quarter 2007 Results
Calgary, Alberta, August 7th, 2007 –
- Funds Flow From Operations increased by 46 per cent and net income increased by 74 per cent
- Working interest gross oil production increased by 54 per cent, to an average of 123,000 barrels per day
- Continued exploration success offshore Nigeria and step-out appraisal success at Taq Taq
Addax Petroleum Second Quarter 2007 Conference Call
Calgary, Alberta, July 30th, 2007 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) will announce its financial results for the quarter ended June 30, 2007 on Tuesday, August 7, 2007, and will discuss its financial results in a conference call on Tuesday, August 7, 2007 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. time. Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. James Pearce, Chief Operating Officer, and Mr. Michael Ebsary, Chief Financial Officer, will discuss the Corporation’s most recent financial and operating results.
Addax Petroleum Announces Oil And Gas Discoveries Offshore Nigeria
Exploration drilling in OML137 yields two discoveries
Calgary, Alberta, July 12th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC) announced today the discovery of oil and gas in the Ofrima North structure and gas in the Udele West structure. Both structures are located in OML137, offshore Nigeria.
Addax Petroleum Announces Results Of Continued Appraisal Drilling At Taq Taq
Step-out appraisal well TT-06 flows at an aggregate rate of 18,900 barrels per day
Calgary, Alberta, June 4th, 2007 – Addax Petroleum Corporation (“Addax Petroleum”) (TSX/LSE:AXC) today announced flow test results for the TT-06 well, the third appraisal well recently drilled on the Taq Taq field by Taq Taq Operating Company, the joint venture company formed by Genel Enerji A.S. (“Genel”) and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.
Addax Petroleum Announces The Closing And The Listing On The London Stock Exchange Professional Securities Market Of The Private Placement Of Convertible Notes
Calgary, Alberta, May 29th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX/LSE: AXC) today announces the closing of its private placement of US$300 million 3.75 per cent Convertible Notes due 2012 (the “Notes”) announced on May 10. The Notes are expected to be admitted to the Official List of the UK Financial Services Authority and to trading on the Professional Securities Market of London Stock Exchange on Thursday, May 31. The net proceeds from the issue of the Notes will be used by the Corporation for its general corporate purposes.
Addax Petroleum Capital Markets Day
Calgary, Alberta, May 25th, 2007 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) announces a management presentation to financial analysts on Tuesday, May 29, 2007 in London, U.K. Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. James Pearce, Chief Operating Officer, and Mr. Michael Ebsary, Chief Financial Officer, will discuss the Corporation’s most recent financial and operating results and intend to provide further guidance for 2007 and future years at that time.
Addax Petroleum Announces The Application For The Listing Of Convertible Notes On The Professional Securities Market Of The London Stock Exchange
Calgary, Alberta, May 25th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX/LSE: AXC) today announces that it has applied for its private placement of US$300 million 3.75 per cent Convertible Notes due 2012 (the “Notes”) as priced on May 10, 2007, to be admitted to the Official List of the UK Financial Services Authority and to trade on the Professional Securities Market of London Stock Exchange (the “Listing”).
Addax Petroleum Announces Start Of Trading On The London Stock Exchange
One of the largest independent oil and gas companies listed in London
Calgary, Alberta, May 24th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, announces that its common shares have today been admitted to the Official List of the UK Financial Services Authority and have commenced trading on the main market of the London Stock Exchange (“LSE”) (“Admission”) under the ticker symbol “AXC”.
Addax Petroleum Announces Admission To The London Stock Exchange
Admission to the Official List of the Financial Services Authority and to trading on the Main Market of the London Stock Exchange as a secondary listing
Calgary, Alberta, May 22nd, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC), today announces that it has published and lodged a copy of its prospectus (“Prospectus”) prepared in connection with the admission of its common shares to the Official List of the UK Financial Services Authority and to trading on the main market of the London Stock Exchange (“LSE”) (“Admission”) with the UK Financial Services Authority.
Addax Petroleum Announces Results of Exploration Potential Study
Unrisked prospective oil resources estimated to be 1,307 MMbbl, approximately 3.7 times the Corporation's Proved plus Probable reserves
Calgary, Alberta, May 22nd, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC), today announces the results of a prospective oil and contingent gas resources report prepared by Netherland, Sewell & Associates Inc., independent oil and natural gas reservoir engineers (“NSAI” and the “NSAI Resources Report”), issued in connection with the Corporation’s previously announced intended secondary listing on the London Stock Exchange. The NSAI Resource Report evaluates the Corporation’s identified prospective oil resources and contingent gas resources. The NSAI Resource Report is contained within the UK listing prospectus which is available at www.addaxpetroleum.com.
Addax Petroleum Announces Exercise Of Overallotment Option For Convertible Notes
US$300 million aggregate principal amount
Calgary, Alberta, May 11th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, today announces that the overallotment option in respect of US$25 million in principal amount of 3.75 per cent Convertible Notes due 2012 (the “Notes”), which the Corporation had granted to Citigroup Global Markets Limited and UBS Limited as the joint lead underwriters of the private placement of Notes announced yesterday, has been exercised in full. As a result of the exercise of the overallotment option, the aggregate principal amount of the Notes will be US$300 million. The Notes are expected to be issued on or around May 30th 2007.
Addax Petroleum Announces Pricing Of Convertible Notes
Calgary, Alberta, May 10th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, today announces the pricing of its private placement of US$300 million in principal amount of Convertible Notes due in 2012 (the "Notes"). This amount includes an overallotment option (in respect of up to US$25 million in principal amount of Notes) that the Corporation has granted to Citigroup Global Markets Limited and UBS Limited, the joint lead underwriters of the offering, which option can be exercised until May 25th, 2007.
Addax Petroleum Announces Private Placement Of Convertible Notes
Up to US$300 million due 2012
Calgary, Alberta, May 10th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, today announces its intention to privately place up to US$300 million in principal amount of Convertible Notes due in 2012 (the "Notes"). This amount includes an overallotment option (in respect of up to US$25 million in principal amount of Notes) that the Corporation has granted to Citigroup Global Markets Limited and UBS Limited, the joint lead underwriters of the offering, which option can be exercised until May 25th 2007.
Addax Petroleum Announces First Quarter 2007 Results
First Quarter Funds Flow From Operations increases by 50 per cent
Calgary, Alberta, May 8th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, today announced its results for the quarter ended March 31, 2007. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars.
Addax Petroleum First Quarter 2007 Conference Call
Calgary, Alberta, May 4th, 2007 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) will announce its financial results for the quarter ended March 31, 2007 on Tuesday, May 8, 2007, and will discuss its financial results in a conference call on Tuesday, May 8, 2007 at 11:00 a.m. Eastern Time. Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. James Pearce, Chief Operating Officer, and Mr. Michael Ebsary, Chief Financial Officer, will discuss the Corporation’s most recent financial and operating results.
Addax Petroleum Announces Successful Syndication And Increase To Senior Debt Facility
Facility increased to $1.6 billion
Calgary, Alberta, April 30th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC) announces today the successful syndication of its previously announced 5-year senior secured reducing revolving debt facility. Due to the high level of interest from participating financial institutions and continuing growth of Addax Petroleum, the facility size was increased from $1.5 billion to $1.6 billion. The syndicate was led by BNP Paribas, Natixis and Standard Chartered Bank and consists of 25 international financial institutions.
Addax Petroleum Announces Intention To List On The London Stock Exchange
Secondary listing on the main market
Calgary, Alberta, April 22nd, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, today announces the Corporation’s intention to apply for the admission of its common shares to the Official List of the UK Financial Services Authority (“FSA”) and to trading on the main market of the London Stock Exchange (“LSE”) (“Admission”). The primary listing for shares of Addax Petroleum will continue to be the Toronto Stock Exchange (“TSX”) where they currently trade. Admission is expected to occur and trading on the LSE is expected to commence by the end of May 2007, subject to receipt of necessary approvals.
Addax Petroleum Announces Gabon Acquisition
50 per cent interest and operator of Epaemeno license area, adjacent to existing operations
Calgary, Alberta, April 10th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, today announced that it has entered into an agreement to acquire a 50 per cent interest in the Epaemeno license area from BowLeven plc (“BowLeven”) who retains a 50 per cent interest. Addax Petroleum will become operator of the Epaemeno license area which is immediately north of the Corporation’s Maghena and Awoun license areas, onshore Gabon. The acquisition is subject to the consent of the Government of Gabon.
Addax Petroleum Files 2006 Year-End Annual Information Form
Calgary, Alberta, March 28th, 2007 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) today filed its Annual Information Form for the year ended December 31, 2006, which includes the disclosure and reports relating to reserves data and other oil and gas information required pursuant to National Instrument 51-101 of the Canadian Securities Administrators. Copies of this document as well as its Audited Consolidated Financial Statements for the year ended December 31, 2006 and related Management’s Discussion and Analysis may be obtained via www.sedar.com or the Corporation’s website, www.addaxpetroleum.com.
Addax Petroleum Announces 2006 Results
Funds Flow From Operations increases by 77 per cent
Calgary, Alberta, March 21st, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, today announced its results for the year ended December 31, 2006. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars.
Addax Petroleum 2006 Year-End Conference Call
Calgary, Alberta, March 15th, 2007 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) will announce its financial results for the year ended December 31, 2006 on Wednesday, March 21, 2007, and will discuss its financial results in a conference call on Wednesday, March 21, 2007 at 11:00 a.m. Eastern Time. Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. James Pearce, Chief Operating 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 Added To The S&P / TSX Composite Index
Also added to S&P / TSX Capped Energy Index effective March 19, 2007
Calgary, Alberta, March 14th, 2007 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) is pleased to announce that Standard & Poor’s Canadian Index Operation is adding Addax Petroleum to the S&P / TSX Composite Index and the S&P / TSX Capped Energy Index. The addition will be effective at the open of the TSX on Monday, March 19, 2007.
Addax Petroleum Presents At The First Energy / Societe General East Coast Canadian Energy Conference
Calgary, Alberta, March 9th, 2007 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) announces that Mr. Jean Claude Gandur, President and Chief Executive Officer, will be presenting at the First Energy / Societe Generale East Coast Canadian Energy Conference in New York, USA on Thursday, March 15, 2007 at approximately 8:25 a.m. Eastern Time.
Addax Petroleum Presents At The Bear Stearns Global Oil & Gas Conference
Calgary, Alberta, March 9th, 2007 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) announces that Mr. Jean Claude Gandur, President and Chief Executive Officer, will be presenting at the Bear Stearns Global Oil & Gas Conference in New York, USA on Wednesday, March 14, 2007 at approximately 3:35 p.m. Eastern Time.
Addax Petroleum Secures Deep Water Drillship
Exploration drilling campaign in the Gulf of Guinea deep water to start in mid-2008
Calgary, Alberta, March 6th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation” or “AP”) (TSX: AXC), today announces that, through a wholly-owned subsidiary, it has entered into an agreement with Aban Abraham Pte Ltd (“Aban”), a wholly owned subsidiary of Aban Offshore Limited, publicly-quoted on Indian stock exchanges, for the provision of the Aban Abraham deep water drillship to start drilling operations as early as the second quarter of 2008.
Addax Petroleum Presents at the RBC Capital Markets' Canadian Energy Summit
Calgary, Alberta, March 2nd, 2007 – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) announces that Mr. Jean Claude Gandur, President and Chief Executive Officer, will be presenting at the RBC Capital Markets’ Canadian Energy Summit in Banff, Canada on Thursday, March 8, 2007 at approximately 12:00 p.m. Eastern Time.
Addax Petroleum Announces Results of Continued Appraisal Drilling at Taq Taq
Appraisal well TT-05 flows at an aggregate rate of 26,550 barrels per day
Calgary, Alberta, March 1st, 2007 – Addax Petroleum Corporation (“Addax Petroleum”) (TSX:AXC) today announced flow test results for the TT-05 well, the second appraisal well recently drilled on the Taq Taq field by Taq Taq Operating Company (“TTOPCO”), the joint venture company formed by Genel Enerji A.S. (“Genel”) and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.
Addax Petroleum Declares Dividend
Calgary, Alberta, February 20th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC), announces that the Board of Directors of the Corporation has declared a dividend of CDN$0.05 per share for the fourth quarter of 2006. The dividend is payable on March 15th, 2007 to Addax Petroleum shareholders of record on March 1st, 2007.
Addax Petroleum Presents At The 2007 Scotia Capital Energy Summit
Calgary, Alberta, February 8th, 2007 – CALGARY, February 8, 2006 /CNW/ – Addax Petroleum Corporation (TSX: AXC) (“Addax Petroleum” or the “Corporation”) announces that Mr. Jean Claude Gandur, President and Chief Executive Officer, will be presenting at the 2007 Scotia Capital Energy Summit in Toronto, Canada on Wednesday, February 14, 2007 at approximately 1:30 p.m. Eastern Time. The presentation will include information detailing the company’s performance, strategy and outlook.
Addax Petroleum Statement
Calgary, Alberta, February 2nd, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC), today made the following announcement.
Addax Petroleum Announces $1.5 Billion Senior Debt Facility
5-year senior facility replaces former bridge facility
Calgary, Alberta, January 22nd, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC) announces today that it has entered into a 5-year, $1.5 billion senior secured reducing revolving debt facility arranged by BNP Paribas, Natixis and Standard Chartered Bank. The facility consists of a $1.2 billion loan tranche and a $300 million letter of credit tranche. The loan tranche of the facility will be used to re-finance the former bridge facility, fund budgeted capital expenditures and for general corporate purposes. The facility is in the form of a borrowing base loan, is subject to potential reductions after three years and is secured against a portion of the Corporation’s business interests.
Addax Petroleum Announces Year-End Reserves
Proved plus probable reserves increase by 80 per cent to 353.7 MMbbl,
Calgary, Alberta, January 18th, 2007 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC), today announces that its Board of Directors has accepted a reserve report prepared by Netherland, Sewell & Associates Inc., independent oil and natural gas reservoir engineers (“NSAI” and the “NSAI Report”), that evaluates all of the Corporation’s petroleum reserves. As at December 31, 2006, NSAI estimates gross working interest proved plus probable reserves for the Corporation to be 353.7 MMbbl, representing an increase of approximately 80 per cent over the quantities estimated by NSAI at the prior year-end. In addition, the Corporation produced an average of 90,050 bbl/d of oil during 2006, representing an increase of 38% over 2005. Average oil production for 2006 included 86,300 bbl/d from Nigeria, which exceeded the target production level of 85,000 bbl/d, and 3,750 bbl/d from Gabon.