CALGARY, Aug. 17 /CNW/ - 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Petroleum") that were validly deposited to and not withdrawn from the offer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.
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 www.sedar.com.
For further information:
For further information: Sinopec International Petroleum Exploration and
Production Corporation, Mr. Handong Rui, Email: email@example.com