Addax Petroleum completes C$1.605 billion acquisition of Pan-Ocean Energy
Date Closed
September 7, 2006
Lead Office
Calgary
Value
1.61 Billion CAD
On September 7, 2006, Addax Petroleum Corporation ("Addax") completed the acquisition of two wholly-owned subsidiaries of Pan-Ocean Energy Corporation which conduct Pan-Ocean’s oil and gas business in Gabon, West Africa, for a payment of C$1.605 billion.
The overall transaction involved legal and regulatory issues in Canada; Jersey, Channel Islands; Gabon; Mauritius; the United Kingdom; and the British Virgin Islands, and included five separate, consecutively run shareholder meetings of Pan-Ocean as well as two applications before the Royal Courts of Jersey.
Addax Petroleum (now part of Sinopec Group) is an international oil and gas exploration and production company with a strategic focus on Africa, the Middle East and the North Sea.
McCarthy Tétrault LLP represented Addax, as acquirer, with a team that was led by William Smith.