Addax yet to receive non-renewal notice from Gabon on oilfield license

6/6/2013

Addax yet to receive non-renewal notice from Gabon on oilfield license

BY SELINA WILLIAMS

LONDON -- Addax Petroleum said it has not received official notification from the government of Gabon of its intention not to renew one of its oil licenses.

The company said it had been aware of reports in the local press that Gabon's oil minister had said he was placing the Maghena license for the Tsengui onshore oil field that Addax operates "under review," and that the authorities may ask the company to leave the country.

Addax Petroleum wishes to continue its exploration and production activities in Gabon and has no intention to leave the country, a spokesman for Addax said.

Addax Petroleum already has an arbitration process against the Republic of Gabon over the Obangue oil field, which the government reclaimed last year, citing alleged breaches of contract. The arbitration process is set to go before the International Court of Arbitration in Paris.

Dow Jones Newswires

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