Sinopec International Acquires Addax Petroleum

Pursuant to a take-over bid announced on June 24, 2009, Sinopec International Petroleum Exploration and Production Corporation, through its indirect wholly owned subsidiary Mirror Lake Oil and Gas Company Limited, acquired Addax Petroleum Corporation for cash consideration of $52.80 per common share.

As of the expiry date on August 27, 2009, approximately 98.22 per cent of the outstanding common shares of Addax Petroleum were tendered to the take-over bid and taken up by Mirror Lake. Mirror Lake intends to acquire the remaining common shares of Addax Petroleum by exercising its statutory right of compulsory acquisition. The transaction represents the largest foreign acquisition ever completed by a company from the People's Republic of China.

Sinopec International was represented by David Lefebvre, David Taniguchi, Martin Mix, Charlotte Feasby and Veronica Tang (M&A); Douglas Richardson and Julie D'Avignon (tax); Barbara Johnston (employment and privacy) and Susan Hutton (competition) of Stikeman Elliott LLP and Paul Deemer, David Blumental, Tju Liang Chua, François Feuillat and Robert Dixon of Vinson & Elkins LLP.

Addax Petroleum was represented by John Turner, Richard Steinberg, Aaron Atkinson, Richard Peters, Nigel Gordon, June Paddock, John Elias, Krisztián Tóth, Tanner Helwig, Marc Lefler and Amanda Fullerton (M&A); Huy Do (competition) and Mitchell Thaw (tax) of Fasken Martineau DuMoulin LLP. The board of directors of Addax Petroleum was represented by Clay Horner and Jeremy Fraiberg of Osler, Hoskin & Harcourt LLP.

AOG Holdings BV and Jean Claude Gandur, significant shareholders of Addax Petroleum, were represented by William Jenkins, Dale Skinner, Toby Allan, Ralph Shay, Miles Pittman and Justin Park (M&A) and Anne Calverley, QC, and Sebastian Elawny (tax) of Fraser Milner Casgrain LLP.