24 May 2007
The London Stock Exchange is delighted to welcome Addax Petroleum to the Main Market.
Addax Petroleum Corporation is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, with a market capitalisation of approximately £2.9 billion.
Founded in 1994 by the Addax & Oryx Group, Addax Petroleum has grown by acquiring under-developed properties in established basins and has increased its production by utilizing advanced and proven technologies.
Addax Petroleum’s President and Chief Executive Officer, Jean Claude Gandur, said:
“I am very pleased to have completed our admission to trading in London, which will complement our existing listing in Canada, provide our shareholders with an alternative trading platform and help expand the company’s investor base. London is the leading financial market in the world at the moment.”
The company is now one of the largest independent oil producers in West Africa. In addition to production assets in Nigeria and Gabon the company has exploration and development properties and new venture opportunities in West Africa and the Kurdistan region of Iraq.
As part of its strategy to deliver strong and sustainable growth for the benefit of all stakeholders, the company is pursuing an active new ventures and acquisitions policy that focuses on adding assets with high reserves, production and value growth potential.
Addax Petroleum’s shares were admitted to the Official List of the UKLA and to trading on the Main Market under the ticker symbol “AXC”. Addax Petroleum will be one of the first companies with a secondary listing in London to be traded on the SETSmm platform, which will support the stock’s liquidity.
The primary listing location for common shares of Addax Petroleum will continue to be the Toronto Stock Exchange.
Citigroup is the financial advisor, Freshfields Bruckhaus Deringer is the legal advisor and Pelham Public Relations is the public relations advisor to the company in connection with Admission.