Addax Petroleum  


Addax Petroleum

Sinopec   signed the acquisition agreement to acquire Addax at an offer price of CAD 52.8 per share on the 24th of June 2009. It was approved by the Chinese regulatory authorities on the 6th of August.

Founded in 1994 by the Addax & Oryx Group, Addax Petroleum was an international oil and gas exploration and production company focused on Africa and the Middle East. Since 1994, Addax Petroleum rapidly grew to become one of the largest independent oil producers in West Africa.

Addax Petroleum grew by acquiring underdeveloped properties in established basins and increased its production by utilizing advanced and proven technologies. Addax Petroleum had a high quality asset base consisting of a number of producing properties in Nigeria and Gabon, and exploration and development properties and new venture opportunities in West Africa and the Kurdistan Region of Iraq. As at December 31, 2007, Addax Petroleum had 733 employees, of whom 319 were in Nigeria.

Peer Group
Based In Canada
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