Sinopec in takeover talks with Addax Petroleum

Sinopec, the Chinese state oil group, is reported to be in preliminary talks to acquire Addax Petroleum according to local media reports. Addax is listed in Toronto and London and has offices in Switzerland and Canada.

Addax Petroleum is an international oil and gas exploration and production company focused on Africa and the Middle East. Since 1994, the Company has rapidly grown to become one of the largest independent oil producers in West Africa, with output of 134,700 barrels of crude oil a day in the first quarter of 2009.

In addition, Korea National Oil Corp., the state-run oil developer, is said to be considering a possible takeover of Addax or an asset deal with the company.

In response to recent press speculation, Addax Petroleum acknowledges that it has held preliminary discussions with third parties expressing an interest in a potential transaction with the Corporation.



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