TIDMAXC
RNS Number : 3201W
Addax Petroleum Corporation
27 July 2009
?
Addax Petroleum announces RECORD PRODUCTION IN
SECOND QUARTER 2009 results
* Record quarterly production of 143.2 Mbbl/d
* Funds Flow From Operations of $306 million
* Net Income of $38 million
Calgary, July 27, 2009 - /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX: AXC and LSE: AXC), today announced its results for
the quarter ended June 30, 2009. The financial results are prepared in
accordance with Canadian GAAP and the reporting currency is US dollars.
A conference call will be held for analysts and investors today Monday, July 27,
2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. Time. Full details can
be found at the end of this announcement.
CEO's Comment
Commenting today, Addax Petroleum's President and Chief Executive Officer,
Jean Claude Gandur, said: "Record production performance and improved commodity
prices have contributed to another quarter of strong operating cash flows and
healthy netbacks.During the quarter, we saw a significant progression in the
Kurdistan Region of Iraq through the commencement of crude oil exports from the
Taq Taq licence area. In addition, we were advised that the deepwater
Pathfinder drillship should arrive in August to enable Addax Petroleum to
commence exploration in the Deepwater Gulf of Guinea."
"The highlight of the quarter was the offer received from Sinopec International
Petroleum Exploration and Production Corporation to acquire all of the
outstanding common shares of Addax Petroleum by way of a negotiated cash
take-over bid for C$52.80 per common share. Addax Petroleum's Board of
Directors considered a number of factors when reviewing the offer and believes
that the offer is fair to shareholders and is in the best interests of Addax
Petroleum. As a result, the Board of Directors unanimously recommended that
shareholders accept the offer and tender their shares accordingly.We believe
that this offer appropriately reflects the value we have been able to create and
will be beneficial for all stakeholders of Addax Petroleum, including our public
shareholders, employees and the countries and communities in which we operate."
Selected Financial Highlights
The following table summarizes the selected financial highlights:
+--------------------------------------------------+--------+--------+--------+
| Selected second quarter financial highlights | Quarter ended as at |
| | June 30 |
+--------------------------------------------------+--------------------------+
| $ million unless otherwise stated | 2009 | 2008 | Change |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Petroleum sales before royalties | 735 | 1,493 | -51% |
| Average realized sales price, $/bbl | 59.45 | 123.17 | -52% |
| Sales volumes, MMbbl | 12.4 | 12.2 | 2% |
| | | | |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Funds Flow From Operations | 306 | 521 | -41% |
| Net income | 38 | 293 | -87% |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Weighted average common shares outstanding | 157 | 156 | 1% |
| (basic, millions) | 1.95 | 3.37 | -42% |
| Funds Flow From Operations per share ($/basic | 0.24 | 1.88 | -87% |
| share) | | | |
| Earnings per share ($/basic share) | | | |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Weighted average common shares outstanding | 158 | 162 | -2% |
| (diluted, millions) | 1.90 | 3.22 | -41% |
| Funds Flow From Operations per share ($/diluted | 0.24 | 1.83 | -87% |
| share) | | | |
| Earnings per share ($/diluted share) | | | |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Total assets | 5,761 | 4,540 | 27% |
| Long-term debt, excluding convertible bonds | 1,525 | 910 | 68% |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Capital Expenditures - by Region | | | |
+--------------------------------------------------+--------+--------+--------+
| Nigeria (excluding deepwater) & Cameroon | 188 | 235 | -20% |
| Gabon | 97 | 106 | -8% |
| Kurdistan Region of Iraq | 7 | 9 | -22% |
| Deepwater Nigeria & JDZ | 9 | 3 | 200% |
| Corporate, acquisitions, farm-in and licence | 1 | 16 | -94% |
| signature fees | 302 | 369 | -18% |
| Total | | | |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Capital Expenditures - by Type | | | |
+--------------------------------------------------+--------+--------+--------+
| Development | 243 | 300 | -19% |
| Exploration & appraisal | 58 | 53 | 9% |
| subtotal | 301 | 353 | -15% |
| Corporate, acquisitions, farm-in and licence | 1 | 16 | -94% |
| signature fees | 302 | 369 | -18% |
| Total | | | |
+--------------------------------------------------+--------+--------+--------+
+--------------------------------------------------+--------+--------+--------+
| Selected first half year financial highlights | Half year ended as at |
| | June 30 |
+--------------------------------------------------+--------------------------+
| $ million unless otherwise stated | 2009 | 2008 | Change |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Petroleum sales before royalties | 1,311 | 2,647 | -50% |
| Average realized sales price, $/bbl | 51.52 | 109.58 | -53% |
| Sales volumes, MMbbl | 25.4 | 24.2 | 5% |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Funds Flow From Operations | 582 | 987 | -41% |
| Net income | 43 | 533 | -92% |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Weighted average common shares outstanding | 157 | 156 | 1% |
| (basic, millions) | 3.71 | 6.38 | -42% |
| Funds Flow From Operations per share ($/basic | 0.28 | 3.42 | -92% |
| share) | | | |
| Earnings per share ($/basic share) | | | |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Weighted average common shares outstanding | 158 | 162 | -2% |
| (diluted, millions) | 3.59 | 6.11 | -41% |
| Funds Flow From Operations per share ($/diluted | 0.27 | 3.35 | -92% |
| share) | | | |
| Earnings per share ($/diluted share) | | | |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Total assets | 5,761 | 4,540 | 27% |
| Long-term debt, excluding convertible bonds | 1,525 | 910 | 68% |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Capital Expenditures - by Region | | | |
+--------------------------------------------------+--------+--------+--------+
| Nigeria (excluding deepwater) & Cameroon | 470 | 496 | -5% |
| Gabon | 248 | 172 | 44% |
| Kurdistan Region of Iraq | 25 | 16 | 56% |
| Deepwater Nigeria & JDZ | 22 | 6 | 267% |
| Corporate, acquisitions, farm-in and licence | (1) | 19 | -105% |
| signature fees | 764 | 709 | 8% |
| Total | | | |
+--------------------------------------------------+--------+--------+--------+
| | | | |
+--------------------------------------------------+--------+--------+--------+
| Capital Expenditures - by Type | | | |
+--------------------------------------------------+--------+--------+--------+
| Development | 580 | 543 | 7% |
| Exploration & appraisal | 185 | 147 | 26% |
| subtotal | 765 | 690 | 11% |
| Corporate, acquisitions, farm-in and licence | (1) | 19 | -105% |
| signature fees | 764 | 709 | 8% |
| Total | | | |
+--------------------------------------------------+--------+--------+--------+
* Petroleum sales before royalties in the second quarter (Q2) of 2009 amounted to
$735 million, a decrease of 51 per cent over petroleum sales before royalties of
$1,493 million in Q2 2008. The decrease in petroleum sales before royalties was
primarily driven by a 52 per cent decrease in the average crude oil sales price
in Q2 2009 to $59.45 per barrel (/bbl) as compared to $123.17/bbl realized in Q2
2008, offset partially by a 2 per cent increase in sales volumes between the
same periods.
* Funds Flow From Operations for Q2 2009 decreased 41 per cent to $306 million
($1.95 per basic share) compared to $521 million ($3.37 per basic share) in Q2
2008, largely the result of lower crude oil prices as referred to above.
* Net income in Q2 2009 decreased 87 per cent to $38 million ($0.24 per basic
share) compared to $293 million ($1.88 per basic share) in the corresponding
period in 2008.
* Capital expenditures decreased by 18 per cent to $302 million in Q2 2009 from
$369 million in Q2 2008. Development capital expenditures totaled $243 million
in the second quarter, a decrease of 19 per cent over development capital
expenditures of $300 million in Q2 2008. Exploration and appraisal capital
expenditures increased to $58 million in the quarter, an increase of 9 per cent
over exploration and appraisal capital expenditures of $53 million in Q2 2008.
* At the end of Q2 2009, bank debt increased to $1,525 million due to the planned
use of debt to fund the excess of capital expenditures versus funds generated
during the quarter. Debt is drawn under two facilities that consist of a $1.6
billion senior secured reducing revolving borrowing base facility (of which $1.3
billion can be drawn as debt) and a $500 million senior unsecured revolving
facility.
Selected Operational Highlights
The following table summarizes selected operational information:
+----------------------------------------------+---------+--------+---------+
| Selected second quarter operational | Quarter ended |
| highlights | June 30 |
| | |
+----------------------------------------------+----------------------------+
| | 2009 | 2008 | Change |
+----------------------------------------------+---------+--------+---------+
| Quarter average gross working interest oil production (Mbbl/d) |
+---------------------------------------------------------------------------+
| Nigeria (offshore) | 97.5 | 98.5 | -1% |
| Nigeria (onshore) | 5.8 | 7.0 | -17% |
| Nigeria sub-total | 103.3 | 105.5 | -2% |
+----------------------------------------------+---------+--------+---------+
| | | | |
+----------------------------------------------+---------+--------+---------+
| Gabon (offshore) | 7.5 | 7.0 | 7% |
| Gabon (onshore) | 20.4 | 20.4 | 0% |
| Gabon sub-total | 27.9 | 27.4 | 2% |
+----------------------------------------------+---------+--------+---------+
| | | | |
+----------------------------------------------+---------+--------+---------+
| Kurdistan | 12.0 | - | n/a |
+----------------------------------------------+---------+--------+---------+
| | | | |
+----------------------------------------------+---------+--------+---------+
| Total | 143.2 | 132.9 | 8% |
+----------------------------------------------+---------+--------+---------+
| |
+---------------------------------------------------------------------------+
| Prices, expenses and netbacks ($/bbl) |
+---------------------------------------------------------------------------+
| Average realized sales price | 59.45 | 123.17 | -52% |
| Operating expenses | 7.95 | 9.55 | -17% |
| Operating netback | 38.98 | 91.14 | -57% |
+----------------------------------------------+---------+--------+---------+
+----------------------------------------------+---------+--------+---------+
| Selected first half year operational | Half year ended |
| highlights | June 30 |
| | |
+----------------------------------------------+----------------------------+
| | 2009 | 2008 | Change |
+----------------------------------------------+---------+--------+---------+
| Quarter average gross working interest oil production (Mbbl/d) |
+---------------------------------------------------------------------------+
| Nigeria (offshore) | 97.9 | 100.4 | -2% |
| Nigeria (onshore) | 5.7 | 7.2 | -21% |
| Nigeria sub-total | 103.6 | 107.6 | -4% |
+----------------------------------------------+---------+--------+---------+
| | | | |
+----------------------------------------------+---------+--------+---------+
| Gabon (offshore) | 7.1 | 7.0 | 1% |
| Gabon (onshore) | 20.8 | 21.4 | -3% |
| Gabon sub-total | 27.9 | 28.4 | -2% |
+----------------------------------------------+---------+--------+---------+
| | | | |
+----------------------------------------------+---------+--------+---------+
| Kurdistan | 7.5 | - | n/a |
+----------------------------------------------+---------+--------+---------+
| | | | |
+----------------------------------------------+---------+--------+---------+
| Total | 139.0 | 136.0 | 2% |
+----------------------------------------------+---------+--------+---------+
| |
+---------------------------------------------------------------------------+
| Prices, expenses and netbacks ($/bbl) |
+---------------------------------------------------------------------------+
| Average realized sales price | 51.52 | 109.58 | -53% |
| Operating expenses | 8.22 | 8.81 | -7% |
| Operating netback | 34.05 | 81.78 | -58% |
+----------------------------------------------+---------+--------+---------+
* Average gross working interest oil production in Q2 2009 was 143,240 barrels per
day (bbl/d) representing an increase of approximately 8 per cent over the 2008
average production of 132,880 bbl/d. Nigeria
- average oil production from Nigeria in Q2 2009 was 103,290 bbl/d, compared
to a Q2 2008 average production level of 105,500 bbl/d;
- drilled four new development wells which included three oil production
wells in OML123 and one oil production well in OML126;
- lower production in Q2 2009 was primarily attributed to a gas constraint in
gas-lift and the deferred start-up and completion of new production wells, both
in the OML123 licence area; and,
- completed drilling the OK-19 (Okwori East) exploration well in the OML126
licence area,offshore Nigeria, where the well was plugged and abandoned as a dry
hole. Gabon
- average oil production in Q2 2009 from Gabon was 27,910 bbl/d, compared to
a Q2 2008 average production level of 27,390 bbl/d;
- drilled six new development wells in the Addax Petroleum operated Panthere
licence area, onshore Gabon;
- placed a total of seven new oil production wells on production in the
quarter of which five were drilled in the quarter and two were drilled in the
previous quarter;
- completed the commissioning at the new Obangue East Central Processing
Facility in Q2 2009 with the installation of gas compressors and the
commissioning of a second train with a test separator;
and,
- completed drilling the Ajomba Main exploration well in the Gryphon Marin
licence area, offshore Gabon, where the well was plugged and abandoned as a dry
hole. Kurdistan Region of Iraq
- average oil production in Q2 2009 from Kurdistan increased to 12,050 bbl/d
due to the commencement of international crude oil exports from the Taq Taq
licence area on June 1, 2009;
- obtained approval from the Kurdistan Regional Government for the Taq Taq
full field development plan;
- continued expansion of the on-site processing facilities to increase
capacity up to 70 Mbbl/d in late 2009; and,
- continued to drill the Kewa Chirmila exploration prospect which is expected
to reach target depth in Q3 2009. Gulf of Guinea Deep Water (Nigeria and JDZ)
- Addax Petroleum previously announced that it signed an agreement with a
subsidiary of Transocean Ltd. for the provision and operation of the Deepwater
Pathfinder drillship to commence its exploration drilling campaign in the
Deepwater Gulf of Guinea. Addax Petroleum expects to receive delivery of the
Deepwater Pathfinder in August 2009 and intends to commence the consecutive
drilling of four wells, the first of which being the Kina prospect in Block 4 of
the Joint Development Zone; and,
- Sinopec JDZ Block 2 Limited has notified the Joint Development Authority of
its intent to commence its exploration drilling in August 2009 on JDZ Block 2,
where Addax Petroleum holds a 14.3 per cent interest. · Operating netbacks in Q2 2009 decreased 57 per cent to $38.98/bbl compared to
$91.14/bbl in Q2 2008. Unit operating expenses in Q2 2009 decreased to
$7.95/bbl, a decrease of 17 per cent over the 2008 level of $9.55/bbl due to
savings from fewer workovers and a drag reducer no longer being required in
Nigeria to improve oil flow following the installation of a larger 14" pipeline,
offset partially by additional pipeline maintenance, increased security costs
and higher personnel related costs.
Selected New Business Highlights
* New business highlights for Q2 2009 include the following:
Gabon
- Addax Petroleum agreed to fund an exploration well in the Ogueyi licence
area located on the eastern edge of the Port Gentil basin, onshore Gabon, with
the potential to earn a 50% interest in the licence. The Azango prospect in the
Ogueyi licence area was drilled during the quarter and was plugged and
abandoned.
Dividend Declaration
During Q2 2009, the Corporation paid a dividend of CDN$0.10 per share. The
Board of Directors of the Corporation declared a dividend of CDN$0.10 per share
on July 24, 2009 which is payable on August 27, 2009 to shareholders of record
on August 13, 2009. In accordance with Canada Revenue Agency Guidelines,
dividends paid by the Corporation during the period are eligible dividends.
Recent Developments
In July 2009, Addax Petroleum announced that Mirror Lake Oil and Gas Company
Limited ("Mirror Lake"), an indirect wholly-owned subsidiary of Sinopec
International Petroleum Exploration and Production Corporation ("SIPC"),
commenced its offer for Addax Petroleum (the "Offer") and mailed the Offer and
take-over bid circular (the "Offer Documentation") as well as the Addax
Petroleum directors' circular, containing the Addax Petroleum board's unanimous
recommendation to accept the Offer, to Addax Petroleum shareholders. On June 24,
2009, SIPC and Addax Petroleum reached an agreement for Mirror Lake to make an
offer to acquire all of Addax Petroleum's outstanding common shares for C$52.80
per common share in an all-cash transaction. The Offer is subject to a number of
conditions including valid acceptances by holders of not less than 66 2/3 per
cent of Addax Petroleum shares on a fully diluted basis and receipt of certain
regulatory approvals, including the government of The People's Republic of
China. The Offer is expected to close in the third quarter of 2009.
In July 2009, Addax Petroleum announced that it received a letter from the
Minister of Natural Resources of the Kurdistan Regional Government (the "KRG")
and has confirmation from SIPC that receipt of this letter satisfies the
condition to the Offer for Addax Petroleum dated July 9, 2009 made by
Mirror Lake.
Outlook
Addax Petroleum's 2009 approved capital expenditure budget was set at
approximately $1.6 billion but, as previously indicated, this plan was based on
an assumed average Brent Crude price of $60/bbl for 2009.Management continues to
adjust the capital program with the goal of balancing expenditures against
internally generated funds over the full year. The current full year capital
expenditure plan is approximately $1.3 billion, although Addax Petroleum
continues to review incremental capital expenditure investment opportunities if
oil prices remain at or higher than those experienced in the latter part of Q2
2009.The Corporation's production outlook for 2009 continues to be in line with
previous guidance provided. Excluding oil production from the Kurdistan Region
of Iraq, Addax Petroleum expects annual average working interest gross oil
production for 2009 to be between 132 and 137 Mbbl/d.
Regulatory Filings
This announcement coincides with the filing with the Canadian and U.K.
securities regulatory authorities of Addax Petroleum's Unaudited Consolidated
Financial Statements for the quarter ended June 30, 2009 and related
Management's Discussion and Analysis. Copies of these documents may be obtained
via www.sedar.com, www.londonstockexchange.com and the Corporation's
website, www.addaxpetroleum.com.
Additional Documents
Management's Discussion & Analysis for the six months ended 30 June 2009
http://www.rns-pdf.londonstockexchange.com/rns/3201W_1-2009-7-27.pdf
Consolidated Financial Statements
http://www.rns-pdf.londonstockexchange.com/rns/3201W_-2009-7-27.pdf
Responsibility Statement
http://www.rns-pdf.londonstockexchange.com/rns/3201W_2-2009-7-27.pdf
Analyst Conference Call
Financial analysts are invited to participate in a conference call today Monday,
July 27, at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. time with Mr. Jean
Claude Gandur, President and Chief Executive Officer, Mr. Michael Ebsary, Chief
Financial Officer and Mr. James Pearce, Chief Operating Officer. The media and
shareholders may participate on a listen only basis. To participate in the
conference call, please dial one of the following:
+----------------------------------------+----------------------------------------+
| Toronto: | 416 644 3414 |
+----------------------------------------+----------------------------------------+
| Toll-free (Canada and the US): | 1 800 733 7571 |
+----------------------------------------+----------------------------------------+
| Toll-free (UK): | 00 800 2288 3501 |
+----------------------------------------+----------------------------------------+
| Toll-free (Switzerland): | 00 800 2288 3501 |
+----------------------------------------+----------------------------------------+
A replay of the call will be available at (416) 640 1917 or (877) 289 8525,
passcode 21296236# until Thursday, August 27, 2009.
Reader Advisory Regarding Forward-Looking Information
Certain statements contained in this news release, including statements related
to future capital expenditures, financing and capital activities, business
strategy and goals, future commodity prices, reserves and resources estimates,
drilling plans, development plans and schedules, future seismic activity,
production levels and sources of growth thereof, results of exploration
activities and dates that areas may come on-stream, royalties payable,
construction projects, contingent liabilities and government approvals,
statements that contain words such as "may", "will", "would", "could", "should",
"anticipate", "believe", "intend", "expect", "plan", "estimate", "budget",
"outlook", "propose", "project", and statements relating to matters that are not
historical fact constitute forward-looking information within the meaning of
applicable Canadian securities legislation. In this news release,
forward-looking information and statements include: Addax Petroleum's capital
expenditures budget and associated anticipated production, anticipated cost
controls, future commodity prices, and access to future financing and liquidity,
income tax and other contingent liabilities, major capital projects and ongoing
contractual obligations and commitments.
Forward-looking information is subject to known and unknown risks and
uncertainties attendant with oil and gas operations, and other factors, which
include, but are not limited to the termination of the Support Agreement between
Addax Petroleum and SIPC (as defined herein), including a termination under
circumstances that could require Addax Petroleum to pay a $300 million
termination fee to the Offeror, the risk that the Offer (as defined herein) may
not be completed in a timely manner or at all, which may adversely affect Addax
Petroleum's business and price of its common shares, the potential adverse
effect on Addax Petroleum's business, properties and operations because of
certain covenants in the Support Agreement, increases in costs resulting from
the expenses related to the Offer, the inability to retain and, if
necessary, attract key employees, particularly in light of the Offer, risks
related to diverting management's attention from ongoing business operations,
the risk that Addax Petroleum may be subject to litigation in connection with
the Offer, the failure to satisfy the conditions to complete the Offer,
the failure of the Offer to be completed for any reason, the effect of the
announcement of the Support Agreement on Addax Petroleum's operating results and
business generally, including the risk that Addax Petroleum may be subject to
litigation should those relationships deteriorate, imprecision of reserves and
resources estimates; ultimate recovery of reserves; commodity prices; general
economic, market and business conditions; industry capacity; competitive action
by other companies; refining and market margins; the ability to produce and
transport crude oil and natural gas to markets; weather and climate conditions;
results of exploration and development drilling and other related activities;
fluctuation in interest rates and foreign currency exchange rates; ability of
suppliers to meet commitments; actions by governmental authorities, including
increases in taxes; decisions or approvals of administrative tribunals; changes
in environmental and other regulations; international political events; and
expected rates of return. More specifically, production may be affected by
exploration success, start-up timing and success, facility reliability,
reservoir performance and natural decline rates, gas and water handling and
drilling progress. 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.
In this news release, Addax Petroleum has made assumptions with respect to the
following:
* prices for oil and natural gas;
* oil and gas reserve and resource quantities and the discounted present value of
future net cash flows from these reserves and the ultimate recoverability of
reserves;
* timing and amount of future production, forecasts of capital expenditures and
the sources of financing thereof;
* the amount, nature, timing and effects of capital expenditures;
* plans for drilling wells and the timing and location thereof;
* expectations regarding the negotiation and performance of contractual rights;
* operating and other costs;
* business strategies and plans of management;
* anticipated benefits and enhanced shareholder value resulting from prospect
development and acquisitions;
* approvals for petroleum exports from the Kurdistan Regional Government; and,
* treatment under the fiscal terms of Production Sharing Contracts and
governmental regulatory regimes.
Addax Petroleum's actual results could differ materially from those anticipated
in these forward-looking statements if the assumptions underlying them prove
incorrect, or if one or more of the uncertainties or risks described above
materializes. Risk factors are discussed in greater detail in filings made by
Addax Petroleum with the Canadian provincial securities commissions.
Readers are strongly cautioned that the above list of factors affecting
forward-looking information is not exhaustive. Further, forward-looking
statements are made as at the date they are given and, except as required by
applicable law, Addax Petroleum does not intend, and does not assume any
obligation, to update any forward-looking statements, whether as a result of new
information or otherwise. The forward-looking statements contained in this news
release are expressly qualified by this advisory.
Non-GAAP Measures
Addax Petroleum defines "Funds Flow From Operations" or "FFFO" as net cash from
operating activities before changes in non-cash working capital. Management
believes that in addition to net income, FFFO is a useful measure as it
demonstrates Addax Petroleum's ability to generate the cash necessary to repay
debt and/or fund future growth through capital investment. Addax Petroleum also
assesses its performance utilizing Operating Netbacks which it defines as the
per barrel pre-tax profit margin associated with the production and sale of
crude oil and is calculated as the average realized sales price less royalties
and operating expenses, on a per barrel basis. FFFO and Operating Netback are
not recognized measures under Canadian Generally Accepted Accounting Principles
("GAAP"). Readers are cautioned that these measures should not be construed as
an alternative to net income or cash flow from operating activities determined
in accordance with Canadian GAAP or as an indication of Addax Petroleum's
performance. Addax Petroleum's method of calculating these measures may differ
from other companies and accordingly, it may not be comparable to measures used
by other companies.
For additional information, please contact:
+-----------------------------------+--------------------------------------------+
| Mr. Michael Ebsary | Ms. Marie-Gabrielle Cajoly |
| Chief Financial Officer | Press Relations |
| Tel.: +41 (0) 22 702 94 03 | Tel.: +41 (0) 22 702 94 44 |
| michael.ebsary@addaxpetroleum.com | marie-gabrielle.cajoly@addaxpetroleum.com |
| Mr. Craig Kelly | Mr. Nick Cowling |
| Investor Relations | Press Relations |
| Tel.: +41 (0) 22 702 95 68 | Tel.: +1 (416) 934 80 11 |
| craig.kelly@addaxpetroleum.com | nick.cowling@cossette.com |
| Mr. Chad O'Hare | Mr. Mark Antelme |
| Investor Relations | Press Relations |
| Tel.: +41 (0) 22 702 94 10 | Tel.: +44 (0) 20 3178 6242 |
| chad.o'hare@addaxpetroleum.com | mark.antelme@pelhampr.com |
+-----------------------------------+--------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAEXXALLNEFE
Addax Petroleum (LSE:AXC)
過去 株価チャート
から 4 2024 まで 5 2024
Addax Petroleum (LSE:AXC)
過去 株価チャート
から 5 2023 まで 5 2024