Addax Petroleum Nigeria

The Addax & Oryx Group was founded in 1987 with petroleum trading being its core activity. It has always been developing trade in crude oil and refined petroleum products.

Structured under six different lines of business, trading activity is as follows:

1. Crude oil

2. Trading West Africa (TWA)

3. Est of Suez (EOS)

4. Caspian Region (CAS)

5. Ascot (Trading of Rice)

6. Addax Bunkering Services (ABS)

The Group's established markets are located mainly in Africa where Addax Ltd. operates while Addax BV is active mainly in Asia, the Mediterranean and in the Middle East region.

Crude is exported by the Group from Nigeria, Cameroon, Ivory Coast, and other countries, to refineries in West Africa, Europe, North America and Asia. Towards meeting the demands of most West African nations, whether inland or coastal, the company imports gasoline, jet fuel and heating oil. The Group has become the foremost company in the independent petroleum trade through its local offices in Abidjan, Lagos, Johannesburg and Dar es Salaam.

AOG has become a major player in the jet fuel and diesel oil markets operating in the Middle East and the Mediterranean region. A strong emphasis was placed on the Caspian Sea markets lately, where the Group has invested heavily in rail haulage, thus identifying the region as an area of vital importance for its future expansion.

Its strong expertise in the petroleum trade has enabled the Group to pursue an active development stratagem intended at securing new markets.

With the know-how and expertise gained in working its core activity, the group's objective is focused on exploring, identifying and developing new opportunities.

The Group established Addax Petroleum in 1994 to expand its investment in the upstream sector. The company's growth was followed by the acquisition of under-developed properties in established basins and by employing highly developed and proven technologies to optimize oil recoveries.

The principal oil and gas properties owned by Addax Petroleum are situated in the West African countries of Nigeria, Cameroon and Gabon. The Company made noteworthy additions to its high quality asset base in 2006 when it acquired substantial positions in three highly prospective exploration blocks in the Joint Development Zone (offshore Nigeria) and in the Kurdistan Region in Northern Iraq.

Addax Petroleum is listed on the Toronto Stock Exchange and the London Stock Exchange. The trading symbol it is listed under is "AXC".

Since 2002 the brand name Oryx is used as a "strategic umbrella" for all the Group's activities in the petroleum downstream sector.

Having completed its infrastructure work in the harbor in 2007 in Abidjan, Oryx added a brand new jetty and directly connected to the Gestoci tank farm and to the pipe network of the local refinery.

With the new acquisition situated in the Free Trade Zone, Calabar, Oryx is able to penetrate the vast Nigerian market and to offer bunkering and re-export services to the international and Nigerian operators alike.

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