PanOcean - September 2006

The team at Mourant du Feu & Jeune, led by Brian Scholfield and Rob Hickling, advised on the Pan-Ocean CDN$1.6 billion sale to Addax Petroleum and share repurchase of Class A and Class B shares.

Mourant du Feu & Jeune acted as Jersey counsel to Pan-Ocean Energy Corporation Limited in relation to Pan-Ocean’s sale of substantially all of its assets and operations to Addax Petroleum Corporation for cash consideration of CDN$1.605 billion. The transaction was structured as a scheme of arrangement under the Companies (Jersey) Law 1991.

PanOcean is an international energy company engaged in the exploration, production and marketing of oil and natural gas and its Class A Shares and Class B Shares are listed on the Toronto Stock Exchange. Addax Petroleum is a mid-sized independent oil producing companywhose shares are also listed on the Toronto Stock Exchange.