The Addax and Oryx Group acquires additional shares of Oryx Petroleum
Monday, Dec 11, 2017
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”) ownership and control of an additional 24,481,049 common shares (“Common Shares”) from treasury of Oryx Petroleum Corporation Limited (the “Issuer”), representing approximately 5.65% of the issued and outstanding Common Shares prior to giving effect to the issuance, for aggregate consideration of the US dollar equivalent of CAD$5,121,435.45 (CAD$0.2092 per Common Share) (converted in US dollars based on the Bank of Canada CAD:USD  November 6 to November 10, 2017 average exchange rate).

Prior to the Acquisition, the Acquiror and its affiliates, through direct and indirect ownership, beneficially owned, controlled or directed 266,314,286 Common Shares, representing approximately 61.4% 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 290,795,335 Common Shares, representing approximately 63.5% 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 interests under the Loan Agreement.

For more information, please visit: http://www.aoginvest.com/
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