Addax Signs a New Partnership with the Gabonese Republic

Source: www.gulfoilandgas.com 1/16/2014, Location: Africa

Addax Petroleum is pleased to announce the successful conclusion of its negotiations with the Gabonese Republic, which marks the beginning of a new mutually beneficial partnership for the next ten years. As a result, the Gabonese Republic has signed with Addax Petroleum a new Production Sharing Contract for the three oil fields Tsiengui, Obangue and Autour.

This contract constitutes an innovation in the Oil & Gas industry in Gabon with clear financial and technical objectives in order to maximise the return for the Gabonese Republic in the exploitation of its natural resources.

“I am pleased to confirm that our efforts to resolve amicably all existing issues and disputes have borne fruit and resulted in the completion of our negotiations with the Gabonese Government” said Yi Zhang, CEO of Addax Petroleum. “This successful outcome is the result of constructive discussions between both parties and reflects the historic friendship between Gabon and China. I would like to thank the Gabonese Republic for its commitment in leading these discussions in the interest of all”.

“This is a very positive development in the beginning of this new year”, Mr Zhang added, “and I have given instructions to my management team in Gabon in order to resume all operations in a safe and efficient manner as soon as possible and ensure this new partnership will be a success.”

This new partnership establishes a renewed platform for growth in Gabon for Addax Petroleum and Sinopec. Addax Petroleum plans to continue its mission as an economic and social actor involved in the long-term in Gabon, in full transparency and in compliance with Gabonese laws and regulations.

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