CALGARY, Canada, July 29 /PRNewswire/ -- Addax Petroleum Corporation (TSX: AXC and LSE:AXC) ("Addax Petroleum" or the "Corporation") today made the following announcement.
The Corporation is aware of certain reports from the recent proceedings of the Ad Hoc Committee of the House of Representatives on the investigation of the activities and operations of the Nigerian National Petroleum Corporation which repeat allegations of corporate misconduct by a subsidiary of Addax Petroleum which acquired an interest in a Nigerian Oil Prospecting Licence ("OPL") 291 in 2006. The Corporation regards these allegations as without foundation and is taking all available steps to defend itself against them. The award of OPL291 to the Corporation's partner, Starcrest Nigeria Energy Limited ("Starcrest"), has previously been upheld by the appropriate authorities in Nigeria and the terms of the Corporation's acquisition of its interest in OPL291 from Starcrest were arms length, commercial, transparent and fully disclosed at the time.
About Addax Petroleum
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 and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 139,100 bbl/d for the first quarter of 2008. Further information about Addax Petroleum is available at www.sedar.com, http://www.londonstockexchange.com or the Corporation's website, http://www.addaxpetroleum.com.
Legal Notice - Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook", "may", "will", "should", "could", "would" or other similar wording. By its very nature, such forward-looking information requires Addax Petroleum to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. These factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.
Readers are cautioned that the forward-looking information contained in this news release is made as of the date of this news release and, except as required by applicable law, Addax Petroleum does not undertake any obligation to update publicly or to revise any of the included forward- looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
For further information: Mr. Patrick Spollen, Investor Relations, Tel: +41(0)22-702-95-47, patrick.spollen@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel: +1-416-934-80-11, nick.cowling@cossette.com; Mr. James Henderson, Press Relations, Tel: +44(0)20-7743-6673, james.henderson@pelhampr.com; Mr. Alisdair Haythornthwaite, Press Relations, Tel: +44(0)20-7743-6676, alisdair.haythornthwaite@pelhampr.com
For further information: Mr. Patrick Spollen, Investor Relations, Tel: +41(0)22-702-95-47, patrick.spollen@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel: +1-416-934-80-11, nick.cowling@cossette.com; Mr. James Henderson, Press Relations, Tel: +44(0)20-7743-6673, james.henderson@pelhampr.com; Mr. Alisdair Haythornthwaite, Press Relations, Tel: +44(0)20-7743-6676, alisdair.haythornthwaite@pelhampr.com
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