Addax Petroleum Declares and Increases Dividend
19/02/2008 15:21
PR Newswire
CALGARY, Canada, February 19 /PRNewswire/ -- Addax Petroleum Corporation (TSX: AXC and LSE: AXC) ("Addax Petroleum")
announces that the Board of Directors of the Corporation has declared a
dividend of CDN$0.10 per share for the fourth quarter of 2007. The dividend
is an increase over the CDN$0.05 per share dividend that the Corporation has
paid for the previous five quarters. The dividend is payable on March 20th,
2008 to Addax Petroleum shareholders of record on March 6th, 2008.
Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "In response to the significant growth and success
achieved by Addax Petroleum over the last two years, your board is pleased to
announce a considerable increase in the quarterly dividend. Solid operational
results combined with a robust oil price environment have provided strong
cash flow and allowed us to double the size of our quarterly dividend while
maintaining our ability to fund an aggressive capital expenditure program
budgeted to be CDN$1.5 billion in 2008."
The Corporation expects to release its financial results for the fourth
quarter and year ended December 31, 2007 on March 13, 2008.
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
http://www.addaxpetroleum.com or at http://www.sedar.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. By its
very nature, such forward-looking information requires Addax Petroleum to
make assumptions that may not materialise 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.
Readers are cautioned that 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.: +44-207-7436673, james.Henderson@pelhampr.com; Mr. Alisdair Haythornthwaite, Press Relations, Tel.: +44-207-743-6676, alisdair.haythornthwaite@pelhampr.com