CALGARY, Canada, September 9 /PRNewswire/ --
- Senior Credit Facility Oversubscribed and Increased to US$500 Million
Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX: AXC and LSE: AXC) announces today that it has entered into a two-year, US$500 million senior unsecured revolving credit facility arranged by Calyon, Standard Chartered Bank and BNP Paribas. The facility was set in the second quarter of 2008 at an original amount of US$450 million and has been increased to US$500 million as a result of oversubscription by participating financial institutions during the syndication process. The facility increases Addax Petroleum's borrowing capacity under existing credit facilities to a total of US$1.8 billion and may be used to provide additional funding capacity for acceleration or increase of capital expenditure projects and for future acquisition opportunities.
Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "We are very pleased with the continued confidence that the banking community has shown in our business and future prospects. This is Addax Petroleum's first unsecured corporate credit facility and we were able to successfully complete it at a time when the bank lending market has contracted significantly. We believe this is a very positive indication from the financial community of the high quality and credit worthiness of our business."
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on 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 136,000 bbl/d for the first half of 2008. Further information about Addax Petroleum is available at http://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 press 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. Forward-looking information in this news release includes, but is not limited to, reference to business strategy and goals, future capital and other expenditures and financing and capital activities. 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. Such factors include, but are not limited to: general economic, market and business conditions; fluctuation in interest rates and foreign currency exchange rates and other factors, many of which are beyond the control of Addax Petroleum. More specifically, capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability, and seismic costs. These factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.
Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this press release is made as of the date of this press 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 press 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.: +1-416-934-8011, 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.: +1-416-934-8011, 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
Comments