The Addax and Oryx Group Acquires Additional Shares of Oryx Petroleum

ST. JULIANS, Malta, July 04, 2018 (GLOBE NEWSWIRE) -- AOG Upstream B.V. (the “Acquiror”), an indirect wholly-owned subsidiary of The Addax and Oryx Group PLC (“AOG”), announces that it has acquired (the “Acquisition”) on July 3, 2018 ownership and control of an additional 22,188,975 common shares (“Common Shares”) from treasury of Oryx Petroleum Corporation Limited (the “Issuer”), representing approximately 4.84% of the issued and outstanding Common Shares prior to giving effect to the issuance, for aggregate consideration of the US dollar equivalent of CAD$ 5,092,370 (CAD$ 0.2295 per Common Share) (converted in US dollars based on the Bank of Canada CAD:USD May 4, 2018 to May 10, 2018 average exchange rate of 1:0.7774).

Prior to the Acquisition, the Acquiror and its affiliates, through direct and indirect ownership, beneficially owned, controlled or directed 290,795,335 Common Shares, representing approximately 63.43% of the then outstanding Common Shares. After giving effect to the Acquisition, the Acquiror and its affiliates, through direct and indirect ownership, beneficially own, control or direct 312,984,310 Common Shares, representing approximately 65.12% of the outstanding Common Shares.

The Common Shares were acquired for investment purposes. Depending on market conditions and other relevant factors, the Acquiror and its affiliates may acquire additional Common Shares either on the open market or through private acquisitions, including acquisitions from treasury of the Issuer, or sell Common Shares either on the open market or through private dispositions.

More specifically, based on the Loan Agreement dated March 11, 2015 as amended on April 28, 2017 between AOG International Holdings Limited, an affiliate of AOG, as lender, and Oryx Petroleum Middle East Limited, a wholly-owned subsidiary of the Issuer, as borrower, additional acquisitions of the Issuer’s Common Shares are forseen so that the proceeds from such acquisition can be used to repay accrued interest under the Loan Agreement.

ABOUT THE ADDAX AND ORYX GROUP

The Addax and Oryx Group PLC was incorporated in 1987, with a focus on energy in Africa, and has evolved into a diversified investment group, known simply as AOG. AOG invests in three key areas: energy, real estate and other capital investments. AOG’s energy investments include: (i) Oryx Petroleum; and (ii) Oryx Energies, an integrated trading and downstream platform active in petroleum and refined products trading, refined products storage and distribution, and specialized products/services including LPG, lubricants, bitumen and bunkering, across sub-Saharan Africa. AOG Real Estate invests mainly in commercial real estate properties in Western Europe and North America either directly, with partners or via specialized private equity funds. AOG Capital Investment focuses on generating higher returns than real estate yields, mainly through selected funds focusing on its preferred sectors and/or countries. Further information about AOG is available at www.aoginvest.com.

AOG’s registered office is located at Level 13, Portomaso Business Tower, Portomaso, St. Julians STJ4011, Malta.

For additional information or to obtain a copy of the early warning report to be filed by AOG Upstream BV in connection with the foregoing, please contact:

Ioana Condacci Reis
Group General Counsel and Group Corporate Secretary
Tel: +44 (0) 20 7408 2604
Email: ioana.condacci@aoginvest.com