Addax Petroleum acquires business of Pan-Ocean Energy for US$1.6 billion

On September 7, 2006, Addax Petroleum Corporation announced that it had acquired two subsidiaries of Pan-Ocean Energy Corporation Limited, together representing substantially all of the operations of Pan-Ocean Energy, for $1.605 billion in cash and will assume net debt estimated to be $30 million. The subsidiaries are: PanAfrican Energy Corporation (Mauritius) Limited, which owns and operates Pan-Ocean Energy's oil exploration, production and marketing business in Gabon, West Africa, and Pan-Ocean Energy UK Ltd. which provides management and operational services to Pan-Ocean Energy. Addax Petroleum was advised by a team from the Toronto, Calgary and London offices of Fasken Martineau, including: John Turner, Richard Peters, John Elias, John Sabetti, Jason Mudge, Krisztian Toth, Dan Rankin, assisted by Hugoline Morton (student-at-law), and Mitchell Thaw (tax).