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Addax Petroleum profit falls as tax losses are used up
Canadian Press

CALGARY — Addax Petroleum Corp. reported Monday a 12-per-cent drop in third-quarter profits to $75.2-million (U.S.) from a year-earlier $85.6-million, as it booked tax losses in the prior-year quarter that were not available this year.

The profit amounted to 51 cents per share, versus a year-ago 73 cents per share.

Addax, which operates oil and gas exploration and production assets in Africa and the Middle East, said petroleum sales before royalties for the quarter were 583.9-million, up 51 per cent from a year-earlier $385.7-million.

“Our Nigeria operations continued to deliver excellent performance including the successful change-out of the OML123 FPSO (licence) and surpassing, for the first time in Addax Petroleum's history, the production milestone of 100,000 barrels in one day,” president and chief executive Jean Claude Gandur said in a statement.

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Addax Petroleum
In early September, Addax completed its purchase of the major assets of Pan-Ocean Energy Corp. Ltd. for $1.61-billion, creating one of the largest exploration and production companies in oil-rich West Africa.

“There has been minimal operating and financial contribution to our third quarter results, however, we anticipate an ever growing contribution from the Gabon operations,” Mr. Gandur said.

Shares in Addax were ahead 17 cents at $27.47 in morning trading on the Toronto Stock Exchange.