Company Profile For Addax Petroleum Corporation

Addax Petroleum Corporation (AXC.TO) (Toronto Stock Exchange)

sector: Energy · industry: Oil & Gas Exploration & Production ·

As of 5 Oct 2009

52.71CAD

Price Change

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Percent Change

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Analyst Recommendations

Overview

Addax Petroleum Corporation (Addax Petroleum) is an international oil and gas exploration and production company focused on Africa and the Middle East. Addax Petroleum has an asset base consisting of a number of producing properties in Nigeria and Gabon, and exploration and development properties and opportunities in West Africa and the Kurdistan Region of Iraq. Addax Petroleum operates and holds a 100% interest in these properties. Addax Petroleum is the operator of the Gryphon Marin license area which covers a gross area of 2,409,200 acres (9,750 square kilometers) and is immediately north of Addax Petroleum’s Etame Marin license, offshore Gabon. Addax Petroleum holds a 51.33% working interest in the Iris Marin license area and is the operator. On August 18, 2009, China Petroleum & Chemical Corporation completed the acquisition of Addax Petroleum Corporation.

Quick Financial Synopsis

BRIEF: For the six months ended 30 June 2009, Addax Petroleum Corporation's revenues decreased 51% to $1.08B. Net income decreased 92% to $43M. Revenues reflect a decrease in the sale of petroleum & natural gas due to lower crude prices and lower other income. Net income also reflects higher pre acquisition and expenses, increased general & administrative expenses and higher depletion, depreciation & accretion expenses.