Sinopec to bid for Addax Petroleum

Sinopec International Petroleum Exploration and Production Corp. (SIPC) has agreed to make an offer to acquire all of the outstanding common shares of Addax Petroleum.

Offshore staff

CALGARY, Canada -- Sinopec International Petroleum Exploration and Production Corp. (SIPC) has agreed to make an offer to acquire all of the outstanding common shares of Addax Petroleum. The acquisition is subject to government approval.

“We are pleased that Sinopec has recognized the highly attractive asset portfolio and exceptional team that we have assembled at Addax Petroleum,” says Jean Claude Gandur, Addax Petroleum’s president and CEO. “While Addax Petroleum will cease to be a publicly traded company, we look forward to continuing our business in the countries in which we operate for the benefit of all stakeholders.”

06/25/2009

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