Addax Petroleum announces intention to list on the London Stock Exchange


    This press release constitutes an advertisement within the meaning of the
    Prospectus Rules of the FSA (defined below), is not a prospectus and has
    been prepared solely in connection with Admission (defined below).
    Investors should not acquire common shares of the Corporation (defined
    below) except on the basis of the information contained in the prospectus
    to be published by the Corporation in due course in connection with
    Admission. Once published, copies of the prospectus can be obtained from
    the Corporation at 3400 First Canadian Centre, 350 - 7th Avenue S.W.,
    Calgary, Alberta, Canada T2P 3N9.

    Secondary listing on the main market

    CALGARY, April 22 /CNW/ - 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.
    Commenting today, Addax Petroleum's President and Chief Executive
Officer, Jean Claude Gandur, said: "Since our initial public offering on the
TSX in February of 2006, the share price of Addax Petroleum has appreciated
significantly due mainly to our successful operational performance and the
expansion of our business. We intend to continue the success of our
organization and seek to achieve attractive returns for our shareholders. We
anticipate that listing on the LSE's main market will enhance the liquidity
for our common shares, raise our international profile and further broaden our
significant shareholder base."
    Citigroup is acting as the Corporation's financial advisor and
Freshfields Bruckhaus Deringer is acting as the Corporation's legal advisor in
connection with Admission.

    About Addax Petroleum

    Addax Petroleum is an international oil and gas exploration and
production company with a strategic focus on West Africa and the Middle East.
Addax Petroleum is one of the largest independent oil producers in West Africa
and has increased its crude oil production from an average of 8,800 bbl/d for
1998 to an average of approximately 108,000 bbl/d for the fourth quarter of
2006. Further information about Addax Petroleum is available at or at

    Important Information

    This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, exchange or transfer any securities of Addax
Petroleum. The value of Addax Petroleum's common shares can go down as well as
up and past performance cannot be relied on as a guide to future performance.

    Legal Notice - Forward-Looking Statements

    Certain statements in this press release constitute forward-looking
statements under applicable securities legislation. Such statements are
generally identifiable by the terminology used, such as "anticipate",
"believe", "intend", "expect", "plan", "estimate", "budget", "outlook" or
other similar wording. Forward-looking information includes, but is not
limited to, reference to business strategy and goals, future capital and other
expenditures, reserves and resources estimates, drilling plans, construction
and repair activities, the submission of development plans, seismic activity,
production levels and the sources of growth thereof, project development
schedules and results, results of exploration activities and dates by which
certain areas may be developed or may come on-stream, royalties payable,
financing and capital activities, contingent liabilities, and environmental
matters. By its very nature, such forward-looking information requires Addax
Petroleum to make assumptions that may not materialize or that may not be
accurate. This forward-looking information is subject to known and unknown
risks and uncertainties and other factors, which may cause actual results,
levels of activity and achievements to differ materially from those expressed
or implied by such information. Such factors include, but are not limited to:
imprecision of reserves and resources estimates, ultimate recovery of
reserves, prices of oil and natural gas, general economic, market and business
conditions; industry capacity; competitive action by other companies;
fluctuations in oil prices; refining and marketing margins; the ability to
produce and transport crude oil and natural gas to markets; the effects of
weather and climate conditions; the results of exploration and development
drilling and related activities; fluctuation in interest rates and foreign
currency exchange rates; the ability of suppliers to meet commitments; actions
by governmental authorities, including increases in taxes; decisions or
approvals of administrative tribunals; changes in environmental and other
regulations; risks attendant with oil and gas operations, both domestic and
international; international political events; expected rates of return; and
other factors, many of which are beyond the control of Addax Petroleum. More
specifically, production may be affected by such factors as exploration
success, start-up timing and success, facility reliability, reservoir
performance and natural decline rates, water handling, and drilling progress.
Capital expenditures may be affected by cost pressures associated with new
capital projects, including labour and material supply, project management,
drilling rig rates and availability, and seismic costs. These factors are
discussed in greater detail in filings made by Addax Petroleum with the
Canadian provincial securities commissions.
    Readers are cautioned that the foregoing list of important factors
affecting forward-looking information is not exhaustive. Furthermore, the
forward-looking information contained in this press release is made as of the
date of this press release and, except as required by applicable law, Addax
Petroleum does not undertake any obligation to update publicly or to revise
any of the included forward-looking information, whether as a result of new
information, future events or otherwise. The forward-looking information
contained in this press release is expressly qualified by this cautionary

For further information:

For further information: Addax Petroleum: Mr. Patrick Spollen, Investor
Relations, Tel.: +41 (0) 22 702 95 47,; Mr.
Craig Kelly, Investor Relations, Tel.: +41 (0) 22 702 95 68,; Mr. Mac Penney, Press Relations, Tel.: (416)
934-8011,; Ms. Marie-Gabrielle, Cajoly Press
Relations, Tel.: +41(0) 22 702 94 44,; Citigroup (London): Mr. Andrew
Chapman, Equity Capital Markets, Tel: +44 (0) 207 986 0505; Mr. Matthew
Wootton, Equity Capital Markets, Tel: +44 (0) 207 986 9299

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