Addax Petroleum acquires Shell's 80% interest in Pecten Cameroon for US$538 million
Addax has acquired Shell's interests in Cameroon for US$538 million. The portfolio comprises a cluster of mature oil fields spanning eight shallow water concessions. Production is firmly in the decline phase, and future activity will be geared towards minimising expenditure and maximising recovery. Addax's partner, and operator of most of the concessions, is mature asset specialist Perenco. Their interests are well aligned: Perenco acquired its position from Total in November 2010. ...