Addax Looking To The Long Term

Toronto- and London-listed Addax Petroleum announced on December 15 that it has increased its stakehold in the Gryphon Marin licence area off the coast of Gabon. The acquisition of the 18.75% stake, which increases its holding to 68.75%, is part of the company's strategy to increase production levels and develop its asset portfolio. Looking at Addax's share price, which has fallen to trade at GBp982 from a high of GBp2,780 this year, it seems that the company is taking a long-term view.

To read the full article, please choose one of the following options: