NDT....no idea of why they picked the Toronto exhange. I do have an idea on why they also decided to list on the LSE:
Oil and gas firm Addax debuts Evening Standard 24 May 2007, 9:32am London-quoted oil explorers were put on bid alert today after the stock-market debut of acquisitive international producer Addax Petroleum.
Swiss-based, Toronto-listed Addax became the largest independent oil and gas company in London as its shares went to a small premium, at 1922½p. Valued at £2.9bn - half a billion pounds bigger than the London market's former stellar performer Cairn Energy and larger than £2.7bn-rated rising star Tullow Oil - West African driller Addax will use its newly traded London shares as 'acquisition currency', said chief executive Jean Claude Gandur.
Of the dozens of smaller explorers and producers quoted in London, Gandur said: 'We see a lot of opportunities among all these assets listed on the London Stock Exchange and AIM. We will look at companies valued between $50 million and $2bn.'
One target could be West African explorer BowLeven.
Gandur, whose stake in Addax gives him personal wealth of around £725m, said Addax is looking for companies already operating in its African home market and the Middle East. The firm's current 110,000 barrels of oil a day all come from its Nigerian operations.
NDT - 1. Many companies are moving to the London Stock Exchange One of the main reasons is the reporting burden of the - Sarbanes-Oxley Act of 2002. Why did the NYSE recently try to acquire the LSE?
2. Historically the LSE places a higher value on Oil Company reserves.
3. I seriously doubt that ADDAX was ever thinking about ERHC when they came out on the Toronto exchange or most recently their move to trade on the LSE.
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