Addax Petroleum announces Sinopec's receipt of approvals from The People's Republic of China

    CALGARY, Aug. 10 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX: AXC and LSE: AXC) today announced that it has
received confirmation from Sinopec International Petroleum Exploration and
Production Corporation ("SIPC") that it has obtained all approvals required
from the relevant Government Entities of The People's Republic of China ("PRC
Approvals") in order for SIPC and Mirror Lake Oil and Gas Company Limited
("Mirror Lake"), an indirect wholly-owned subsidiary of SIPC, to complete the
acquisition of Addax Petroleum. SIPC has also confirmed that receipt of the
PRC Approvals satisfies the condition to the offer for Addax Petroleum dated
July 9, 2009 (the "Offer") made by Mirror Lake that the PRC Approvals be
    The Offer is subject to a number of conditions including valid
acceptances by holders of not less than 66 2/3 per cent of Addax Petroleum
shares on a fully diluted basis. The Offer is expected to close in the third
quarter of 2009.

    About Addax Petroleum Corporation

    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. Further information about Addax Petroleum is available at or at

    Reader Advisory

    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 as
well as the Addax Petroleum directors' circular will be available
electronically without charge at

    Reader Advisory Regarding Forward-Looking Information

    Certain statements contained in this news release, including statements
that contain words such as "may", "will", "would", "could", "should",
"anticipate", "believe", "intend", "expect", "plan", "estimate", "budget",
"outlook", "propose", "project", and statements relating to matters that are
not historical fact constitute forward-looking information within the meaning
of applicable Canadian securities legislation. In this news release,
forward-looking information and statements include: mailing of the Offer
Documentation and Addax Petroleum directors' circular, conditions that the
Offer is subject to, including government approvals, and anticipated
completion of the Offer.
    The forward-looking information in this news release is subject to known
and unknown risks and uncertainties and other factors and assumptions, which
include, but are not limited to: risk that the Offer will not be completed as
anticipated or at all, risk that one or more of the conditions to which the
Offer is subject will not be met, and risk of delay in completion of the
Offer. In addition, Addax Petroleum is subject to risks and uncertainties
attendant with oil and gas operations, including imprecision of reserves and
resources estimates; ultimate recovery of reserves; commodity prices; general
economic, market and business conditions; industry capacity; competitive
action by other companies; refining and market margins; the ability to produce
and transport crude oil to markets; weather and climate conditions; results of
exploration and development drilling and other related activities; fluctuation
in interest rates and foreign currency exchange rates; 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; international political events; and
expected rates of return. More specifically, production may be affected by
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.
    The Corporation's actual results could differ materially from those
anticipated in these forward-looking statements if the assumptions underlying
them prove incorrect, or if one or more of the uncertainties or risks
described above materializes. Risk factors are discussed in greater detail in
filings made by Addax Petroleum with the Canadian provincial securities
    Readers are strongly cautioned that the above list of factors affecting
forward-looking information is not exhaustive. Further, forward-looking
statements are made as at the date they are given and, except as required by
applicable law, Addax Petroleum does not intend, and does not assume any
obligation, to update any forward-looking statements, whether as a result of
new information or otherwise. The forward-looking statements contained in this
news release are expressly qualified by this advisory.

For further information:

For further information: Mr. Craig Kelly, Investor Relations, Tel.: +41
(0) 22 702 95 68,; Mr. Chad O'Hare, Investor
Relations, Tel.: +41 (0) 22 702 94 10, chad.o'; Ms.
Marie-Gabrielle Cajoly, Press Relations, Tel.: +41 (0) 22 702 94 44,; Mr. Nick Cowling, Press Relations,
Tel.: (416) 934-8011,; Mr. Mark Antelme, Press
Relations, Tel.: +44 (0) 20 7337 1500,

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