Addax Petroleum Share Discussion Threads

[eastwind] 29/7/2008 20:29

This is the reason for the dramatic fall.

Addax Petroleum Statement
Calgary, Alberta, July 29th, 2008 – 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, www.londonstockexchange.com or the Corporation's website, www.addaxpetroleum.com.

[scruffydave] 08/7/2008 17:29

Did I speak too soon?

[scruffydave] 08/7/2008 12:34

things looking better today thank goodness.

[tamtam3] 07/7/2008 20:43

Scruffydave,
this explains it all


Tamtam

[scruffydave] 07/7/2008 18:24

Thanks for that leeson and ih. I am totally baffled today we have had two pieces of good enws and the share price has bombed. Can anyone offer any idea why?

[leeson31] 07/7/2008 08:39

Taq Taq should increase going forwards; but regarding the price differencees on the TSX and LSE - they can someties widely differ, for example RIO in london at one point was hugely different to the NY exchange, but eventually they re-align..

cheers.

p.s. imho its best to buy the best value one and wait for the other exchange to catch up.

[leeson31] 07/7/2008 08:37

Taq Taq should increase going forwards; but regarding the price differencees on the TSX and LSE - they can someties widely differ, for example RIO in london at one point was hugely different to the NY exchange, but eventually they re-align..

cheers.

p.s. imho its best to buy the best value one and wait for the other exchange to catch up.

[leeson31] 07/7/2008 08:36

Taq Taq should increase going forwards; but regarding the price differencees on the TSX and LSE - they can someties widely differ, for example RIO in london at one point was hugely different to the NY exchange, but eventually they re-align..

cheers.

p.s. imho its best to buy the best value one and wait for the other exchange to catch up.

[leeson31] 07/7/2008 08:36

Taq Taq should increase going forwards; but regarding the price differencees on the TSX and LSE - they can someties widely differ, for example RIO in london at one point was hugely different to the NY exchange, but eventually they re-align..

cheers.

p.s. imho its best to buy the best value one and wait for the other exchange to catch up.

[leeson31] 07/7/2008 08:35

Taq Taq should increase going forwards; but regarding the price differencees on the TSX and LSE - they can someties widely differ, for example RIO in london at one point was hugely different to the NY exchange, but eventually they re-align..

cheers.

p.s. imho its best to buy the best value one and wait for the other exchange to catch up.

[scruffydave] 06/7/2008 23:31

Hi - can someone explain why the share price on canadian and UK exchanges would be different. Surely if you could buy the shares cheaper on one exchange you would always do so?

I have bought into Addax on the strength of their Iraq involvement as I feel sure that companies already in will do the best out of the upcoming expansion of iraq oil production. Anyone got any news/rumours/thoughts concerning Addax's operations in iraq?

[slim9] 18/6/2008 07:57

Zen read your your quote 8 ref share price.

Clever lad

I hold SEY,DGO,EEN,HOIL,AFR besides Hawk which I'm still kicking myself - any other oiler I could investigate.

Found this by chance late last night.

Slim ;-)

[leeson31] 13/6/2008 16:01

due course

Addax Petroleum Corp. said it has acquired a 40
percent stake in Oil Prospecting License 227 in the shallow water offshore of
the western Niger Delta Basin, Nigeria.
The company said it will fund 80 percent of a work program comprising a
minimum of 500 square km of 3D seismic acquisition during the exploration
period, while Express Petroleum & Gas Co. Ltd. will fund the remaining 20
percent.
Addax Petroleum said it has also paid a farm-in fee to the co-participants,
Express Petroleum and Petroleum Prospects International Ltd., and a signature
bonus to the Federal Government of Nigeria.
Western Niger Delta Basin is one of the most prolific oil basins in the
world.

[aaargh] 13/6/2008 15:52

Aaaaarrrgggghhhh ... you would think that this news MIGHT have had some effect on the share price !!!

"2008-06-13 08:16:41
DNO to get long-awaited oil export license from Northern Iraq - report OSLO Thomson Financial) - DNO International ASA (Oslo: DNO.OL - news) is to be awarded its long-awaited license to export oil from Kurdistan, according to reports from
news service UPI."



But then again, that would make investing in E & Ps' too easy!

[leeson31] 09/5/2008 15:12

over CAD50 now in Toronto

[leeson31] 09/5/2008 15:11

amazing!!

seen afren ?? flying too..

[a0469514] 09/5/2008 15:03

Well, it is happening again today.

Here is what I said yesterday.

If you compare the price graphs of the Canadian quote alongside the London quote it is clear that the Canadian price has got well ahead of London's. There has been a pattern in recent days where hardly any trades go through here until about 1pm to 2pm when the buys come in and the price shoots up. I suspect that Canadian buyers have realised they can get a better deal in London at the present time. There is still a way to go before we catch up so further days of gains look assured.

Xylos

[charterhouse3] 08/5/2008 18:53

Good evening gentlemen,

Glad to be on board - this is the kind of Company that has been amongst the better performers in my portfolio over the last few years (namely relatively easy to understand and value but under the radar of a wide audience - despite a multi billion market cap !!).

It reminds me of when I first invested in Kazakhmys a couple of years ago - it was priced around 775p, and Antofagasta (amongst the copper majors) was the one taking all the attention. I tried twice, without success, to open a Kaz board on TMF and, for a long time, seem to be on my own with, as it turns out, very reasonable success !!

Addax does, of course, have it's primary listing in Toronto so the UK following is very muted.

However the drilling programme and oil price strength will eventually have to be outed and I am a patient man (Soco has taught me to be so !!).

I didn't want to be a newcomer on this board and start throwing targets about but I do not think Leeson31 is too far off the mark.

;o)

[leeson31] 08/5/2008 18:33

i read it :-)

i think addax should be more like 4000p..

[a0469514] 08/5/2008 17:56

We went from 26th March to 17th April on here without a single post. During this time here was another very encouraging piece of news which again passed without comment.



New Acreage Award

RNS Number:5510R
Addax Petroleum Corporation
03 April 2008



ADDAX PETROLEUM ANNOUNCES NEW ACREAGE AWARD
OFFSHORE CAMEROON


100% interest in Iroko exploration license area in prolific Rio del Rey Basin


Calgary, April 3, 2008 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or
the "Corporation") (TSX:AXC and LSE:AXC) announces today that it has signed a
Production Sharing Contract ("PSC") with the Republic of Cameroon, relating to
the Iroko exploration license area. Under the PSC, Addax Petroleum acquires a
100 per cent interest in the Iroko license area and is the operator. The Societe
Nationale des Hydrocarbures ("SNH"), the national oil company of Cameroon, holds
a back-in right of 30% in case of a development.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax
Petroleum said: "I am delighted that Addax Petroleum has been awarded this
promising exploration acreage by the Republic of Cameroon, situated in the
prolific Rio del Rey Basin where the overwhelming majority of Cameroon's
production is located. We are excited by our exploration potential offshore
Cameroon which we believe can deliver near-term value for our shareholders and
the country. We are presently drilling our first exploration wells on the
Ngosso license area and later in 2008 we plan to drill on Iroko."

In consideration for its interest in Iroko, Addax Petroleum is obligated to pay
a signature bonus of US$3 million and undertake within the first three years a
minimum work program valued at US$17.5 million, which includes the acquisition
of 3D seismic data and the drilling of one well.

The Iroko license area covers an area of 15.75 square kilometres (3,890 acres)
and lies approximately 30 kilometres offshore Cameroon where the water depth is
approximately 40 metres. Presently, there are no wells drilled on Iroko but
there is oil production nearby from the Pecten (Shell)-operated Mokoko-Abana
field complex.



Maybe nobody reads this thread and I am talking to myself but this looks like a tremendous rate of very positive announcements to me which justify a lot more interest from the private investor.

Xylos

[leeson31] 08/5/2008 14:11

what do you think of afren ch3 ? african play. p2's at min 70mbo, plus ebok asset ang income about to commence..

cheers

[charterhouse3] 08/5/2008 14:08

Had a small nibble today at 2438p.

Looking at how well the likes of Dana, Tullow, Premier etc have done recently (and just as a small alernative whilst I wait for Soco to come up trumps) Addax looks very good value.

CH3

[leeson31] 07/5/2008 15:34

ALT today..

07 May 2008






ADDAX PETROLEUM PRESENTS AT UPCOMING

TRISTONE CAPITAL ENERGIE CONFERENCE


Calgary, May 7, 2008 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or
the "Corporation") (TSX: AXC and LSE: AXC), announces that Mr. Jean Claude
Gandur, President and Chief Executive Officer, will be presenting at the
Tristone Capital Energie'08 Conference in Paris on Tuesday May 13th, 2008 at
approximately 2:55 p.m. local time (1:55 p.m. London U.K. Time / 8:55 a.m.
Eastern Time).


Investors are invited to use the link below to watch the presentation and listen
to the live audio cast. To enroll for the event, click on the Large Cap E+P box
and then click "Enroll". Follow-up emails will indicate how to join the event.


https://tristonecapital-ls.webex.com/tristonecapital-ls/onstage/g.php?p=2&t=m


The presentation slides will be available prior to the presentation on Addax
Petroleum's website at www.addaxpetroleum.com.


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 126,000 bbl/d for 2007. Further information about Addax
Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.