Press Room Archives 2008
The information and documents below are for the previous year 2008.
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Information in the following news releases was accurate at the date of issuance, but may be superseded by subsequent news releases or other public disclosure.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 Acquisition in Gabon
Additional 18.75 per cent interest of offshore Gryphon Marin license area
Calgary, Alberta,
December 12th, 2008
–
Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC), today announced that it has acquired an additional 18.75 per cent interest in the Gryphon Marin license area bringing its total interest in the license area to 68.75 per cent, prior to third party back-in options. Addax Petroleum is the operator of the Gryphon Marin license area.
Addax Petroleum Announces Record Third Quarter 2008 Results and 2009 Capital Budget
Calgary, November 10th, 2008 –
- 61 per cent increase in Funds Flow From Operations to $539 million
- 103 per cent increase in Net Income to $248 million
- 2 per cent increase in Production to 131.3 Mbbl/d
- $1.6 billion capital investment budget for 2009
Addax Petroleum Announces Update to Appraisal and Development Program at Taq Taq
Successful Tertiary aged Pila Spi formation appraisal well
Calgary, Alberta,
November 6th, 2008
– Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC) today announces the successful appraisal of the Eocene Pila Spi formation in the Taq Taq field with the TT-11 appraisal and development well. The TT-11 well was recently drilled by Taq Taq Operating Company, the joint venture company formed by Genel Enerji A.S. and Addax Petroleum to carry out petroleum operations in the Taq Taq license area.
Addax Petroleum Third Quarter 2008 Conference Call
Calgary, Alberta, November 3rd, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) will announce its financial results for the quarter ended September 30, 2008 on Monday, November 10, 2008, and will discuss its financial results in a conference call on Monday, November 10, 2008 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 Acquisition in Kurdistan Region of Iraq
33.33 per cent interest in Sangaw North Production Sharing Contract
Calgary, Alberta,
October 9th, 2008
– Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC), today announces that it has acquired a 33.33 per cent interest in the Sangaw North Production Sharing Contract (“PSC”). The Sangaw North license area is operated by Sterling Energy plc (“Sterling”) and is located approximately 80 kilometers southeast of the Corporation’s Taq Taq field.
Addax Petroleum Presents at RBC Capital Markets Oil and Gas Conference
Calgary, Alberta, October 7th, 2008 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC and LSE: AXC), announces that Mr. Jean Claude Gandur, President and Chief Executive Officer, will be presenting at the RBC Capital Markets Exploration and Production Oil and Gas Conference in London on Thursday, October 9th, 2008 at approximately 9:05 a.m. London Time (4:05 a.m. Eastern Time).
Addax Petroleum Presents at Upcoming Conferences
Calgary, Alberta,
September 25th, 2008
– Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC and LSE: AXC), announces that Mr. Michael Ebsary, Chief Financial Officer, will be presenting at the First Energy/Société Générale Global Energy Conference in Toronto on Friday, October 3rd, 2008 at approximately 9:50 a.m. Eastern Time (2:50 p.m. London U.K. Time).
Addax Petroleum Announces London Capital Markets Day
Calgary, Alberta, September 19th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) will host a management presentation to financial analysts and investors on Wednesday, September 24, 2008 in London, U.K. The Corporation’s senior management team, including Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. James Pearce, Chief Operating Officer, Mr. Michael Ebsary, Chief Financial Officer, and Mr. Jeff Schrull, General Manager Exploration, will discuss the Corporation’s most recent operating results and expectations regarding future operations.
Addax Petroleum Announces Toronto Capital Markets Day
Calgary, Alberta, September 9th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) will host a management presentation to financial analysts and investors on Tuesday, September 16, 2008 in Toronto, Canada. The Corporation’s senior management team, including Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. James Pearce, Chief Operating Officer, Mr. Michael Ebsary, Chief Financial Officer, and Mr. Jeff Schrull, General Manager Exploration, will discuss the Corporation’s most recent operating results and expectations regarding future operations.
Addax Petroleum Announces Successful Syndication and Increase in Senior Unsecured Credit Facility
Senior credit facility oversubscribed and increased to US$500 million
Calgary, Alberta,
September 9th, 2008
– Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC and LSE:AXC) announces today that it has entered into a two-year, US$500 million senior unsecured revolving credit facility arranged by Calyon, Standard Chartered Bank and BNP Paribas. The facility was set in the second quarter of 2008 at an original amount of US$450 million and has been increased to US$500 million as a result of oversubscription by participating financial institutions during the syndication process. The facility increases Addax Petroleum’s borrowing capacity under existing credit facilities to a total of US$1.8 billion and may be used to provide additional funding capacity for acceleration or increase of capital expenditure projects and for future acquisition opportunities.
Addax Petroleum Announces Acquisition in Gabon
50 per cent interest and operator of Gryphon Marin license area, adjacent to existing operations offshore Gabon
Calgary, Alberta,
September 2nd, 2008
– Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC), today announced that it has acquired a 50 per cent interest in the Gryphon Marin license area subject to final Government of Gabon approval. Addax Petroleum will become operator of the Gryphon Marin license area which is immediately west of the Corporation’s Iris Marin and Ibekelia license areas and immediately north of the Corporation’s Etame Marin license, offshore Gabon.
Addax Petroleum Announces Record Second Quarter 2008 Results
Calgary, August 6th, 2008 –
- 83 per cent increase in Funds Flow From Operations to $524 million
- 190 per cent increase in Net Income to $293 million
- 8 per cent increase in Production to 132.9 Mbbl/d
Addax Petroleum Second Quarter 2008 Conference Call
Calgary, Alberta, August 1st, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) will announce its financial results for the quarter ended June 30, 2008 on Wednesday, August 6, 2008, and will discuss its financial results in a conference call on Wednesday, August 6, 2008 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 Federal Government Approval Of Nigeria Gas Utilisation Initiative
International consortium formed for investment in gas development - including the potential monetization of OML137 gas
Calgary, Alberta,
August 1st, 2008
– Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”), together with its partners Chrome Oil Services Limited (“Chrome”) and Korea Gas Corporation (“KOGAS”), announces today that it has received the approval from the Federal Government of Nigeria, for its proposed implementation of an integrated gas utilization project in Nigeria. Addax Petroleum has also entered into a heads of agreement with Chrome, a leading Nigerian oil and gas company, and KOGAS, South Korea’s national gas company, forming an international consortium (the “Consortium”) which, upon finalization of the necessary project development agreements, will take responsibility for the development of this integrated gas utilization project in response to the Nigerian Government’s current gas marketing master plan.
Addax Petroleum Statement
Calgary, Alberta, July 29th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) today made the following announcement.
Addax Petroleum Awarded Additional Interest in Deep Water Exploration License in Joint Development Zone
Additional 7.2 per cent interest in JDZ Block 4 license area
Calgary, Alberta,
July 16th, 2008
– Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) announces today that it has been awarded an additional 7.2 per cent participating interest in Block 4 of the Nigeria/Sao Tome and Principe Joint Development Zone (“JDZ”) by an independent arbitration tribunal. The award increases Addax Petroleum’s interest in the license area from 38.3 per cent to 45.5 per cent. Addax Petroleum is also the operator of Block 4.
Addax Petroleum Announces Production Milestone in Nigeria
200 million barrels produced from OML123 offshore Nigeria
Calgary, Alberta,
July 7th, 2008
– Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) announces today that the historic milestone of 200 million barrels of oil production from the Addax Petroleum operated Oil Mining Lease (“OML”) 123 offshore Nigeria has been achieved. OML123, the Corporation’s first Nigerian license and largest license by production and reserves volumes, is located in the shallow water offshore in the Niger Delta Basin, one of the most prolific petroleum basins in the world.
Addax Petroleum Announces Cameroon Exploration Results
Shallow water offshore exploration campaign at Ngosso and Iroko license areas
Calgary, Alberta,
July 4th, 2008
– Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) announces the initial results of its Cameroon exploration campaign where the Corporation has recently completed drilling its first exploration wells in the Ngosso and Iroko license areas. As part of the campaign, Addax Petroleum drilled two wells plus a sidetrack at Ngosso and one well at Iroko.
Addax Petroleum Acquires Shallow Water Exploration License in Nigeria
Acquires 40 per cent interest in OPL227 offshore Nigeria
Calgary, Alberta,
June 11th, 2008
– Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) announces today that it has been awarded a 40 per cent interest in Oil Prospecting License (“OPL”) 227, offshore Nigeria. Addax Petroleum’s co-participants in the OPL227 license area are Express Petroleum & Gas Company Limited (“Express”) and Petroleum Prospects International Limited (“PPI”), both of which are indigenous Nigerian oil companies. The OPL227 license area is located in the shallow water offshore of the western Niger Delta Basin, one of the most prolific petroleum basins in the world.
Addax Petroleum Statement
Calgary, Alberta, June 10th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) today made the following announcement.
Addax Petroleum Statement
Calgary, Alberta, June 9th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) today made the following announcement.
Addax Petroleum Acquires Additional Interest in Shallow Water Exploration License in Gabon
Additional 18 per cent interest in and operatorship of Iris Marin license area
Calgary, Alberta,
June 5th, 2008
– Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) announces today that it has, subject to partial partner pre-emption rights, acquired an additional 18 per cent working interest in the Iris Marin license area offshore Gabon by the acquisition of a subsidiary of Sterling Energy plc (“Sterling”). Addax Petroleum will hold up to a 51.33 per cent working interest in the Iris Marin license area and, subject to Government approval, intends to become the operator.
Addax Petroleum Presents at Upcoming Conferences
Calgary, Alberta, May 30th, 2008 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC and LSE: AXC), announces that Mr. Jean Claude Gandur, President and Chief Executive Officer, will be presenting at the Credit Suisse Oil & Gas Conference in London on Tuesday, June 3rd, 2008.
Addax Petroleum Presents at Upcoming Tristone Capital Energie Conference
Calgary, Alberta, May 7th, 2008 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC and LSE: AXC), announces that Mr. Jean Claude Gandur, President and Chief Executive Officer, will be presenting at the Tristone Capital Energie`08 Conference in Paris on Tuesday May 13th, 2008 at approximately 2:55 p.m. local time (1:55 p.m. London U.K. Time / 8:55 a.m. Eastern Time).
Addax Petroleum Announces Record First Quarter 2008 Results
Calgary, Alberta, May 6th, 2008 –
- 78 per cent increase in Funds Flow From Operations to $469 million
- 204 per cent increase in Net Income to $240 million
- 20 per cent increase in Production to 139.1 Mbbl/d
Addax Petroleum Announces Successful Oil and Gas Appraisal Offshore Nigeria
Successful appraisal in OML137 extends Ofrima North discovery
Calgary, Alberta,
May 1st, 2008
– Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC) announced today the successful appraisal of the Ofrima North discovery in OML137, offshore Nigeria.
Addax Petroleum First Quarter 2008 Conference Call
Calgary, Alberta, April 29th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) will announce its financial results for the quarter ended March 31, 2008 on Tuesday, May 6, 2008, and will discuss its financial results in a conference call on Tuesday, May 6, 2008 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 New Acreage Award Offshore Cameroon
100% interest in Iroko exploration license area in prolific Rio del Rey Basin
Calgary, Alberta,
April 3rd, 2008
– Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC) announces today that it has signed a Production Sharing Contract (“PSC”) with the Republic of Cameroon, relating to the Iroko exploration license area. Under the PSC, Addax Petroleum acquires a 100 per cent interest in the Iroko license area and is the operator. The Société Nationale des Hydrocarbures (“SNH”), the national oil company of Cameroon, holds a back-in right of 30% in case of a development.
Addax Petroleum Presents at Upcoming UBS European Mid-Cap Oil Conference
Calgary, Alberta, March 20th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) announces that Mr. Jean Claude Gandur, President and Chief Executive Officer, will be presenting at the UBS European Mid-Cap Oil Conference in London, on Wednesday March 26, 2008 at approximately 8:00 a.m. London U.K. Time / 4:00 a.m. Eastern Time.
Addax Petroleum Announces Record Results for 2007
Calgary, Alberta, March 13th, 2008 –
- 59 per cent increase in Funds Flow From Operations to $1,319 million
- 98 per cent increase in Net Income to $482 million
- 40 per cent increase in Production to 125.9 Mbbl/d
- 26 per cent increase in Proved plus Probable Reserves to 446.7 MMbbl
Addax Petroleum Announces Successful Oil Appraisal Offshore Nigeria
Successful appraisal at OML123 expands Kita Marine area
Calgary, Alberta,
March 11th, 2008
– Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC) announced today the successful appraisal of and addition to the Kita Marine discovery. The recently completed KTM-6 well encountered an aggregate gross oil column of 173 feet over four zones. The Kita Marine discoveries lie in the northern part of the prolific OML123 block offshore Nigeria in an area which has not previously had production.
Addax Petroleum Presents at Upcoming FirstEnergy / Société Générale Global Energy Conference
Calgary, Alberta, March 10th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) announces that Mr. Michael Ebsary, Chief Financial Officer, will be presenting at the FirstEnergy / Société Générale Global Energy Conference in London, on Monday March 17, 2008 at approximately 3:50 p.m. London U.K. Time / 11:50 a.m. Eastern Time.
Addax Petroleum Announces Update To Appraisal and Development Program at Taq Taq
TT-08 appraisal well flows at an aggregate rate of 35,750 barrels per day
Calgary, Alberta,
March 6th, 2008
– Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC) today announced flow test results for the TT-08 well, the sixth 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 Enerji”) and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.
Addax Petroleum 2007 Results Conference Call
Calgary, Alberta, March 6th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) will announce its financial results for the year ended December 31, 2007 on Thursday, March 13, 2008, and will discuss its financial results in a conference call on Thursday, March 13, 2008 at 12:00 p.m. (noon) 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 FirstEnergy / Société Générale - East Coast Canadian Energy Conference
Calgary, Alberta, March 5th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) announces that Mr. Patrick Spollen, Corporate Finance Manager, will be presenting at the FirstEnergy/Société Générale – East Coast Canadian Energy Conference in New York, USA on Wednesday, March 12, 2008 at approximately 1:30 p.m. Eastern Time / 5:30 p.m. London U.K. Time.
Addax Petroleum Announces Update on Discussions With The Kurdistan Regional Government
Amendments to the Production Sharing Contract for the Taq Taq License Area
Calgary, Alberta,
February 29th, 2008
– Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC) today confirms that it has signed an agreement with the Kurdistan Regional Government (“KRG”) amending the production sharing contract it holds together with Genel Enerji in respect of the Taq Taq license area in the Kurdistan Region of Iraq (the “Taq Taq PSC”). The Taq Taq license area includes the Taq Taq field and the Kewa Chirmila prospect. The purpose of the amendments is to bring the Taq Taq PSC into conformity with the Oil and Gas Law of the Kurdistan Region – Iraq (the “Oil and Gas Law”) and Model PSC, including the royalty, cost recovery and profit share components.
Addax Petroleum Declares and Increases Dividend
Calgary, Alberta, February 19th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum”) announces that the Board of Directors of the Corporation has declared a dividend of CDN$0.10 per share for the fourth quarter of 2007. The dividend is an increase over the CDN$0.05 per share dividend that the Corporation has paid for the previous five quarters. The dividend is payable on March 20th, 2008 to Addax Petroleum shareholders of record on March 6th, 2008.
Addax Petroleum Presents At The 11th Annual CIBC Whistler Institutional Investor Conference
Calgary, Alberta, February 14th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum”) announces that Mr. Michael Ebsary, Chief Operating Officer, will be presenting at the 11th Annual CIBC Whistler Institutional Investor Conference, in Whistler, Canada on Thursday, February 21st, 2008 at approximately 4:05 p.m. Pacific Time / 12:05 am London Time.
Addax Petroleum Announces 2008 Capital Markets Day
Calgary, Alberta, January 23rd, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum” or the “Corporation”) will host a management presentation to financial analysts and investors on Tuesday, January 29, 2008 in New York City. The Corporation’s senior management team, including 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 operating results and expectations regarding future operations.
Addax Petroleum Announces Update To Continued Appraisal Program At Taq Taq
TT-09 appraisal well flows at an aggregate rate of 16,170 barrels per day
Calgary, Alberta,
January 21st, 2008
– Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC) today announced flow test results for the TT-09 well, the fifth 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 2007 Year-End Reserves, Resources And 2007 Average Oil Production
Calgary, Alberta, January 16th, 2008 –
- 2007 Reserve Replacement Ratio of 302 per cent and Reserve Life Index of 9.7 years
- Year end 2007 Proved plus Probable oil reserves increase 26 per cent to 446.7 MMbbl
- Year end 2007 unrisked prospective oil resources of 2,246 MMbbl (risked 738 MMbbl)
- Year end 2007 contingent gas resources of 2,415 Bcf and 77.2 MMbbl of liquids