Small Businesses in Nigeria Are Still in Danger, Facing Remote Desktop Protocol Attacks in 2022

PRESS RELEASE

Small Businesses in Nigeria Are Still in Danger, Facing an 89% Increase in Remote Desktop Protocol Attacks in 2022

In 2022, the number of Trojan-PSW (Password Stealing Ware) detections in Nigeria more than doubled when compared to the same period in 2021

LAGOS, Nigeria, May 30, 2022/ -- When a small business owner is faced with the responsibilities of production economics, financial reports and marketing all at the same time, cybersecurity can often appear complicated and, at times, unnecessary. However, this disregard for IT security is being exploited by cybercriminals. Kaspersky (www.Kaspersky.co.za) researchers assessed the dynamics of attacks on small and medium-sized businesses between January and April 2022 and the same period in 2021, to identify which threats pose an increasing danger to entrepreneurs.

In 2022, the number of Trojan-PSW (Password Stealing Ware) detections in Nigeria more than doubled when compared to the same period in 2021 - 2654 detections in 2022 compared to 1076 in 2021. Trojan-PSW is a malware that steals passwords, along with other account information, which then allows attackers to gain access to the corporate network and steal sensitive information.

Another popular attack tool used on small businesses is Internet attacks, specifically, web pages with redirects to exploits, sites containing exploits and other malicious programs, botnet C&C centers, etc. While the number of these attacks decreased in the first four months of 2022 in Nigeria (56 836 infections in 2022 compared to 99 146 infections in 2021), Internet attacks are still a concern and need to be protected against.

With the shift towards remote working, many companies have introduced the Remote Desktop Protocol (RDP), a technology that enables computers on the same corporate network to be linked together and accessed remotely, even when the employees are at home. The number of attacks on RDP has increased significantly in Nigeria, by 89%. In the first four months of 2021, there were 161 000 RDP attacks detected and blocked by Kaspersky in the country. For the same period in 2022 the number has risen to 303 500 attacks.

Having a special security solution enables attack visualisation and provides IT administrators with a convenient tool for incident analysis. The faster they can analyse where and how a leak occurred, the better they will be able to solve any negative consequences. The new edition of Kaspersky Endpoint Security Cloud, dubbed Kaspersky Endpoint Security Cloud Pro (https://bit.ly/3NHNAZP), contains advanced new capabilities, including automated response options and an extended set of security controls in a single solution. The Pro version also includes built-in training for IT workers seeking to boost their cybersecurity skills and make the most out of their specialised security products.

Even small businesses with limited IT resources still need to protect all their working devices, including computers and mobile phones, from cyberthreats. The updated Kaspersky Small Office Security (https://bit.ly/3t4dH5i) is a key tool for startups, small online-stores and local businesses to keep all of their work devices protected, safely transfer any valuable business-related files and avoid falling victim to ransomware.

“With the shift to remote working and the introduction of numerous advanced technologies in the daily operations of even small companies, security measures need to evolve to support these sophisticated setups. Cybercriminals are already way ahead of the curve, so much so that virtually every organisation will experience a breach attempt at some point. For small companies today, it's not a matter of whether a cybersecurity incident will happen but when. Having trained staff and an educated IT-specialist is no longer a luxury but a must-have part of your business development,” comments Denis Parinov, security researcher at Kaspersky.

To protect your business, Kaspersky recommends:

•Providing your staff with basic cybersecurity hygiene training (https://bit.ly/3N2SdxR) as many targeted attacks start with phishing or other social engineering techniques.

• Using a protection solution for endpoints and mail servers with anti-phishing capabilities to decrease the chance of infection through phishing emails.

• Taking key data protection measures. Always safeguard corporate data and devices, including by using password protection, encrypting work devices and ensuring data is backed up.

• Keeping work devices physically safe – do not leave them unattended in public, always lock them and use strong passwords and encryption software.

Distributed by APO Group on behalf of Kaspersky.

For further information please contact:
Nicole Allman | INK&Co. (www.InkAndCo.co.za)
Cell: +27 83 251 2769
nicole@inkandco.co.za

Social Media:
Facebook: https://bit.ly/3wZnMS7
Twitter: https://bit.ly/3M0M4kl
YouTube: https://bit.ly/3Mdr1vb
Instagram: https://bit.ly/3t40I3N
Blog: https://bit.ly/3N1bIXz

About Kaspersky:

Kaspersky is a global cybersecurity and digital privacy company founded in 1997. Kaspersky’s deep threat intelligence and security expertise is constantly transforming into innovative security solutions and services to protect businesses, critical infrastructure, governments and consumers around the globe. The company’s comprehensive security portfolio includes leading endpoint protection and a number of specialized security solutions and services to fight sophisticated and evolving digital threats. Over 400 million users are protected by Kaspersky technologies and we help 240,000 corporate clients protect what matters most to them. Learn more at www.Kaspersky.co.za.  

SOURCE

Kaspersky

Political Upheaval Prompts Rethink on Terrorism Risk Management

7 Jun 2011 13:00 Africa/Lagos


Political Upheaval Prompts Rethink on Terrorism Risk Management: Aon Map
Political violence, strikes and war join terrorism as key threats to businesses

PR Newswire

CHICAGO and LONDON, June 7, 2011

CHICAGO and LONDON, June 7, 2011 /PRNewswire/ -- Political violence, strikes, riots, civil war and war threaten the sustainable growth, continuity and profitability of businesses as much as terrorism, according to Aon Risk Solutions, the risk management business of Aon Corporation (NYSE: AON). Consequently, for the first time in its 10-year history, Aon's annual Terrorism Threat Map now also takes these factors into account in assessing the severity of threats businesses face around the world.

(Logo: http://photos.prnewswire.com/prnh/20100719/AQ37264LOGO)

The 2011 Aon Terrorism and Political Violence Map shows increased risk of political violence in the Middle East and North Africa, reflecting the significant turbulence of the Arab Spring uprisings in the region. The risk of coup d'etat and rebellions in Africa reflect a continent that presents a significant political violence risk. Civil unrest and labor disputes arising from austerity measures in Western European nations such as Greece, France, Spain and the UK are also reflected on the map. Meanwhile, terrorism continues to severely afflict established conflict zones like Iraq, Afghanistan, Pakistan and Somalia as well as parts of Nigeria and the Sahel region. The threat of occasional acts of international terrorism remains significant for most Western nations and major powers.

The map, produced by Aon in collaboration with the security consultancy firm Janusian, which is part of The Risk Advisory Group, reflects data recorded by Terrorism Tracker*, which monitors global indicators of terrorism threat, including attacks, plots, communiqués and government countermeasures, Aon WorldAware*, which provides country risk information for business travelers and an expert assessment of the security situation in more than 200 countries. Each country is assigned a threat level, starting at negligible, and rising through low, medium, high and severe.

The Aon Terrorism and Political Violence Map acts as a gauge for the intensity of the threat of political violence to international business in each country and three icons indicate the forms of political violence likely to be encountered:

* Terrorism and sabotage
* Strikes, riots, civil commotion and malicious damage to property
* Political insurrection, revolution, rebellion, mutiny, coup d'etat, war and civil war


Neil Henderson , head of terrorism in Aon Risk Solutions' Crisis Management team, commented: "While the attacks of September 11 were the genesis for the Aon Terrorism Threat Map, the issues that should be of most concern to people and businesses have evolved greatly in the nearly 10 years since. While terrorism remains a very real threat around the world, the reality is that threats to business continuity are also coming from political violence in all its many forms. The change in the way the map is scored should not be seen as a decrease in the incidence or severity of terrorist threats, but rather the fact that it provides businesses with a more inclusive view of some of the risk management issues they are facing around the world.

"Businesses should, as a first step, identify the threats they face and implement a comprehensive risk management program to protect their employees, physical assets and ultimately, their bottom line. As the insurance market for terrorism insurance is very mature and can cope with complex international risks, it should be considered as part of a sound risk management program."

Dr. David Claridge , managing director of Janusian , added: "The threat of terrorism remains a daily concern for business risk managers. Islamist terrorist groups continue to pursue a global agenda, illustrated by plots such as Al-Qaeda in the Arabian Peninsula's attempt to bomb cargo planes last October last year as well as internationalizing local grievances by attacking targets like Moscow's Domodedovo airport, which was bombed in January.

"The uprisings in the Middle East and North Africa have highlighted the need for risk managers to take a comprehensive approach by assessing exposure to political violence in all its forms."

Access to Aon's online 2011 Terrorism and Political Violence Threat Map and hard copies can be requested via http://www.aon.com/terrorismmap.

*Notes to editors

A collaboration between Aon and Janusian, Terrorism Tracker is a set of tools to help businesses assess and manage terrorism risk. At its center is the Terrorism Tracker database, which allows subscribers to conduct their own research on terrorist activity around the world and display their results using Google Maps. The database informs Janusian's ratings for the annual Aon map and supports a monthly newsletter available to Aon's clients.

Terrorism threat is defined as an assessment of the intent and capability that terrorist groups will stage attacks and the likelihood that they will succeed.

Aon WorldAware is a country risk information service available online to Aon clients as well as via mobile apps. The information is provided by Janusian and is updated on a daily basis to reflect the ever changing political and security situations around the world.

Follow Aon on Twitter: http://www.twitter.com/aoncorp

Sign up for News Alerts: http://aon.mediaroom.com/index.php?s=58

About Aon

Aon Corporation (NYSE: AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human resources solutions and outsourcing. Through its more than 59,000 colleagues worldwide, Aon unites to deliver distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally in over 120 countries. Named the world's best broker by Euromoney magazine's 2008, 2009 and 2010 Insurance Survey, Aon also ranked highest on Business Insurance 's listing of the world's insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008 and 2009. A.M. Best deemed Aon the number one insurance broker based on revenues in 2007, 2008 and 2009, and Aon was voted best insurance intermediary 2007-2010, best reinsurance intermediary 2006-2010, best captives manager 2009-2010, and best employee benefits consulting firm 2007-2009 by the readers of Business Insurance. Visit http://www.aon.com for more information on Aon and http://www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.

About Risk Advisory and Janusian

The Risk Advisory Group is an intelligence, investigations and security company. Risk Advisory guides corporations, financial institutions and individuals through an increasingly complex international environment. It operates under two brands: Risk Advisory, specialising in intelligence and investigations services, and Janusian, whose services include security analysis, security operations and political risk analysis. For more information please see www.riskadvisory.net.

David Skapinker


Kelly Drinkwine


+44.(0)20.7505.7478


+312.381.2684


david.skapinker@aon.co.uk


kelly.drinkwine@aon.com




SOURCE Aon Corporation

Web Site: http://www.aon.com

New Financial Boost for Businesses in Developing Countries from the UK Government

2 Apr 2009 11:20 Africa/Lagos

New financial boost for businesses in developing countries from the UK Government

London, 2 April/GNN/ --

DEPARTMENT FOR INTERNATIONAL DEVELOPMENT News Release (G20) issued by COI
News Distribution Service on 2 April 2009
Businesses in developing countries are struggling to survive due to the
economic downturn and need urgent financial support, said Secretary of State
for International Development Douglas Alexander.

At the London Summit, world leaders are working to stabilise financial markets
and help families and businesses across the world to get through the recession.

And the UK Government today (THURS) intends to take practical action to
support firms across the globe, helping stimulate trade in developing
countries and ensuring sustainable growth.

This will be done through the World Bank's new initiative called the Global
Trade Liquidity Programme (GTLP) set up to support small and medium businesses
by helping address the trade finance shortage in developing countries through
international banks.

The UK Government, through its development finance institution CDC, intends
to make a contribution of up to £300m to the GTLP.

Secretary of State for International Development Douglas Alexander said:
"Private sector businesses are an essential engine of growth and play a vital
role in stimulating global trade, which provides a lifeline to millions of
people across the globe.

"People in developing countries have been disproportionately hard-hit by the
economic crisis. This money will help firms keep going during the difficult
climate and help to protect and create jobs.

"This is not an initiative to help make commercial banks richer.

Participating banks must all commit to using the money to support trade in
developing countries. In the first phase, this will include Kenya, Angola,
Ghana, Nigeria, Mauritius, Malawi, Mozambique, Seychelles and Zambia." The
proposed sum alone could help fund beween £2bn and £3bn of trade over the next
two years, helping small and medium firms to import and export products. The
UK money will be invested in the GTLP on a loan basis.

The shortage in trade finance, due to the current economic crisis, is a
significant threat to world trade - already projected to decline by about
nine per cent this year. The World Trade Organisation has suggested there
could be a global shortfall of between $100bn and $300bn.

Notes to Editors:

1. The GTLP, which is due to become operational May, will provide capital to
international banks specialising in trade finance in the developing world
over a period of two, may be three years. The programme raises funds from
development finance institutions, governments, and works through global
and regional banks to extend trade finance to importers and exporters in
developing countries.

The GTLP will be based on a commitment of $1bn from IFC, a member of the
World Bank Group. The IFC is seeking a further $3bn to $4bn from donors. It
is expected to support up to $50bn of trade over three years.

2. CDC is the UK Government's development finance institution. CDC's mission
is to generate wealth by providing capital for investment in sustainable and
responsibly managed private sector businesses. It uses its own balance sheet
to invest in private equity funds focused on the emerging markets of south
Asia and sub-Saharan Africa. For further information visit www.cdcgroup.com

For more information call the DFID press office on 0207 023 0600.

DFID, the Department for International Development: leading the British
government's fight against world poverty. One in five people in the world
today, over 1 billion people, live in poverty on less than one dollar a
day. Information Department 1 Palace Street, London SW1E 5HE.

Website: www.dfid.gov.uk
Press enquiries 020 7023 0600 (overseas +44 20 7023 0600)
Public enquiries 0845 300 4100 (overseas +44 1355 84 3132)



Source: Department for International Development



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Addax Petroleum Announces Record Results for 2008

4 Mar 2009 16:08 Africa/Lagos

Addax Petroleum Announces Record Results for 2008

CALGARY, Canada, March 4/PRNewswire-FirstCall/ --



- 41 per cent increase in Funds Flow From Operations to US$1,850 million
- 63 per cent increase in Net Income to US$784 million
- 8 per cent increase in Production to 136.5 Mbbl/d
- 20 per cent increase in Proved plus Probable Reserves to 536.7 MMbbl




Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC), today announced its results for the year ended December 31, 2008. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars.


A conference call will be held for analysts and investors today Wednesday, March 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. Time. Full details can be found at the end of this announcement.


CEO's Comment


Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "I take great pleasure to report that Addax Petroleum's 2008 performance has resulted in another year of record operational performance, robust reserves growth and a significant increase in our prospective oil resources. Despite a challenging environment in the fourth quarter of 2008, Addax Petroleum achieved record production of 142.5 Mbbl/d in the quarter and ended the year with a significant discovery at the Njaba prospect. We advanced our early entrant position in the rapidly developing Kurdistan Region of Iraq through the completion of a 30 Mbbl/d facility which is expected to translate into first commercial oil production later this year. In recognition of the current challenging environment, we have undertaken an aggressive cost control program and are prudently managing our business to protect our balance sheet and maintain ongoing liquidity. Addax Petroleum has operated successfully in previous low oil price environments similar to the one we are currently experiencing today and is positioning itself to do so again. I would like to thank our employees, management, board of directors, business partners and shareholders for their support and contribution to Addax Petroleum's outstanding performance in 2008."

- Petroleum sales before royalties in 2008 amounted to US$4,607 million,an increase of 35 per cent over petroleum sales before royalties of US$3,412 million in 2007.

The increase in petroleum sales before royalties was primarily driven by a 29 per cent increase in average crude oil sales price in 2008 to US$94.38 per barrel (/bbl)as compared to US$72.94/bbl realized in 2007 and an increase of 8 per cent in the
average gross working interest oil production. The Corporation experienced a build up of crude oil inventory in the fourth quarter of approximately 540 Mbbl (equivalent to approximately 5.9 Mbbl/d) as production volumes exceeded sales volumes. This crude oil inventory is expected to decline in the first half of 2009.

- Funds Flow From Operations for the fourth quarter of 2008 decreased 26 per cent to US$318 million (US$2.03 per basic share) compared to US$428 million (US$2.75 per basic share) in the fourth quarter of 2007.

On an annual basis, Funds Flow From Operations for 2008 increased 41 per cent to US$1,850 million (US$11.86 per basic share) compared to US$1,313 million (US$8.45 per basic share) in 2007.

- Net Income for the fourth quarter of 2008 decreased 98 per cent to US$3 million (US$0.02 per basic share) compared to US$180 million (US$1.16 per basic share) in the fourth quarter of 2007. On an annual basis, Net Income for 2008 increased 63 per cent to US$784 million (US$5.03 per basic share) compared to US$482 million (US$3.10 per basic share) in 2007.

- Capital expenditures, excluding corporate and acquisition costs, totaled US$521 million in the fourth quarter of 2008 and were comprised of US$406 million for development and US$115 million for exploration and appraisal activities. Capital expenditures, excluding corporate and acquisition costs, increased by 56 per cent to US$1,694 million in 2008 from US$1,088 million in 2007. Development capital expenditures totaled US$1,376 million in 2008, an increase of 67 per cent over development capital expenditure of US$822 million in 2007. Exploration and appraisal capital expenditures totaled US$318 million in 2008, a 20 per cent increase over exploration and appraisal capital expenditures of US$266 million in 2007.

- Corporate and acquisition costs associated with new business activities were US$82 million in 2008 as compared to US$84 million in 2007. New business activities included the acquisition of four new exploration license areas for the Corporation's property portfolio, the increase of the Corporation's working interest in one exploration license area and the commencement of an integrated gas utilization project in Nigeria.

- Bank debt increased in 2008 by US$250 million to US$1,200 million and is currently drawn under two facilities that consist of a US$1.6 billion senior secured reducing revolving borrowing base facility (of which US$1.3 billion can be drawn as debt) and a US$500 million senior unsecured revolving facility that was entered into during the year.

- Average gross working interest oil production in 2008 was 136,450 bbl/d, an increase of approximately 8 per cent over the 2007 average production of 125,940bbl/d. Average oil production for 2008 included 107,980 bbl/d from Nigeria and 28,470 bbl/d from Gabon.

- Total gross working interest proved plus probable reserves, as evaluated in accordance with National Instrument 51-101 by Netherland, Sewell & Associates("NSAI") as at December 31, 2008, increased by approximately 20 per cent to 536.7 MMbbl from 446.7 MMbbl as at December 31, 2007. The Corporation did not make reserves acquisitions or disposals during the year and the 2008 reserve additions arose primarily from the Corporation's operational activity, including extensions and discoveries. Proved reserves decreased by 8 per cent in the same period as NSAI has not assigned proved reserves to wells without production test results. Addax Management elected not to test the Kita Marine appraisal wells in 2008, where 34.0 MMbbl of proved plus probable (2P) reserves were added during the year, given Addax Petroleum had previously tested the initial discovery in 2007 and has adequate data to submit a Field Development Plan to the Government. Similarly, 42.0 MMbbl of 2P
reserves were added from the Njaba well but there were no proved (1P) reserves booked due to the fact that the well was drilled late in the year and had not been production tested within the year. Management expects a portion of these reserves to be reclassified as 1P reserves through additional drilling in 2009.

- The Corporation's overall 2008 reserves replacement ratio was 281 per cent. The reserves replacement ratio is calculated by dividing the gross working interest 2P reserve additions of 140.0 MMbbl (before deduction of 2008 production of 49.9 MMbbl) by the 2008 production.

- Development project highlights in 2008 include:

Nigeria

- drilled 12 successful new development wells offshore, 10 in OML123 and two in OML126, all of which were placed on production during the year;

- drilled two successful new development wells onshore in OML124, all of which were placed on production during the year;

- initial production from the Inagha field in OML123; and,

- ongoing full field development at the Adanga North Horst field in OML123 and at the Okwori field in OML126.


Dividends


The Corporation declared and paid aggregate dividends in 2008 of CDN$0 .40 per share. A dividend of CDN$0.10 per share was declared on March 3, 2009, payable on April 2, 2009 to shareholders of record on March 19, 2009. In accordance with Canada Revenue Agency Guidelines, dividends paid by the Corporation during the period are eligible dividends.


Recent Developments


In January 2009, the Corporation announced a significant discovery from the Njaba 2 well in the eastern part of the OML124 license area in Nigeria. The discovery resulted in Addax Petroleum booking 42.0 MMbbl of probable reserves from this well as at December 31, 2008.


In January 2009, the Corporation commenced production from the Ebouri field in the Etame Marin license area, offshore Gabon.


In February 2009, the operator completed drilling the North Etame exploration well in the Corporation's Etame Marin license area offshore Gabon. The well encountered lower than anticipated hydrocarbons, was water bearing and is expected to be plugged and abandoned.


2009 Outlook & Capital Budget


For 2009, Addax Petroleum has budgeted total capital expenditures of approximately US$1.6 billion (excluding acquisitions), which are expected to result in total production averaging between 140 Mbbl/d to 145 Mbbl/d from its Nigeria and Gabon operations. This budget is consistent with the Corporation's philosophy of funding capital expenditures from internally generated cash flow and has been determined using the average Brent Crude price of US$60/bbl. Should the prevailing Brent Crude price continue to be below US$60/bbl for the balance of 2009, Addax Petroleum intends, and has the flexibility, to reduce its capital expenditures such that total capital expenditures continue to be funded by internally generated cash flow. An average Brent Crude price of US$40/bbl would result in a reduction of capital expenditures to approximately US$1 billion and the associated reduced drilling and facilities expenditures would result in Addax Petroleum's total production for 2009 averaging between 132 Mbbl/d and 137 Mbbl/d.


Regulatory Filings


This announcement coincides with the filing with the Canadian and U.K. securities regulatory authorities of Addax Petroleum's Audited Consolidated Financial Statements for the year ended December 31, 2008 and related Management's Discussion and Analysis, as well as Addax Petroleum's Annual Information Form including the Corporation's Statement of Reserves Data and Other Information, Report of the Independent Qualified Reserves Evaluator and Report of Management and Directors. Copies of these documents may be obtained via http://www.sedar.com, http://www.londonstockexchange.com and the Corporation's website, http://www.addaxpetroleum.com.


Analyst Conference Call


Financial analysts are invited to participate in a conference call today Wednesday, March, 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. time with Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. Michael Ebsary, Chief Financial Officer and Mr. James Pearce, Chief Operating Officer. The media and shareholders may participate on a listen only basis. To participate in the conference call, please dial one of the following:



Toronto: 416-644-3420
Toll-free (Canada and the US): 1-800-731-5319
Toll-free (UK): 00-800-2288-3501
Toll-free (Switzerland): 00-800-2288-3501




A replay of the call will be available at +1-(416)-640-1917 or +1-(877)-289-8525, passcode 21296229 followed by the number sign until Wednesday, March 18, 2009.





Capital Markets Day


Addax Petroleum will host a Capital Markets Day presentation to financial analysts and investors on Monday, March 23, 2009 in London, UK and Tuesday, March 24, 2008 in Toronto, Canada. The Corporation's senior management team will discuss the Corporation's most recent operating results and expectations regarding future operations. A live webcast of the presentations will be made available and the Capital Markets Day presentation materials will be available on the Corporation's website at http://www.addaxpetroleum.com prior to the event. Interested attendees are encouraged to contact any of the individuals listed at the end of this announcement in order to register in advance.


Reader Advisory Regarding Forward-Looking Information


Certain statements contained in this news release, including statements related to future capital expenditures, business strategy and goals, future commodity prices, reserves and resources estimates, drilling plans, development plans and schedules, future seismic activity, production levels and sources of growth thereof, results of exploration activities and dates that areas may come on-stream, royalties payable, contingent liabilities and statements that contain words such as "may", "will", "would ", "could", "should", "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook", "propose", "project", and statements relating to matters that are not historical fact constitute forward-looking information within the meaning of applicable Canadian securities legislation.


Forward-looking information is subject to known and unknown risks and uncertainties attendant with oil and gas operations, and other factors, which include, but are not limited to: imprecision of reserves and resources estimates; ultimate recovery of reserves; commodity prices; general economic, market and business conditions; industry capacity; competitive action by other companies; refining and market margins; the ability to produce and transport crude oil and natural gas to markets; weather and climate conditions; results of exploration and development drilling and other related activities; fluctuation in interest rates and foreign currency exchange rates; ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; international political events; and expected rates of return. More specifically, production may be affected by exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability and seismic costs.

The Corporation's actual results could differ materially from those anticipated in these forward-looking statements if the assumptions underlying them prove incorrect, or if one or more of the uncertainties or risks described above materializes. Risk factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.


Readers are strongly cautioned that the above list of factors affecting forward-looking information is not exhaustive. Further, forward- looking statements are made as at the date they are given and, except as required by applicable law, Addax Petroleum does not intend, and does not assume any obligation, to update any forward-looking statements, whether as a result of new information or otherwise. The forward-looking statements contained in this new release are expressly qualified by this advisory.


Non-GAAP Measures


Addax Petroleum defines "Funds Flow From Operations" or "FFFO" as net cash from operating activities before changes in non-cash working capital. Management believes that in addition to net income, FFFO is a useful measure as it demonstrates Addax Petroleum's ability to generate the cash necessary to repay debt or fund future growth through capital investment. Addax Petroleum also assesses its performance utilizing Operating Netbacks which it defines as the per barrel pre-tax profit margin associated with the production and sale of crude oil and is calculated as the average realized sales price less royalties and operating expenses, on a per barrel basis. FFFO and Operating Netback are not recognized measures under Canadian GAAP. Readers are cautioned that these measures should not be construed as an alternative to net income or cash flow from operating activities determined in accordance with Canadian GAAP or as an indication of Addax Petroleum's performance. Addax Petroleum's method of calculating these measures may differ from other companies and accordingly, it may not be comparable to measures used by other companies.


For further information: Mr. Michael Ebsary, Chief Financial Officer, Tel.: +41(0)22-702-94-03, michael.ebsary@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-80-11, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com


Source: Addax Petroleum Corporation

For further information: Mr. Michael Ebsary, Chief Financial Officer, Tel.: +41(0)22-702-94-03, michael.ebsary@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-80-11, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com


N.B:
PLEASE, CLICK ON THE NEWS RELEASE FROM ADDAX PETROLEUM CORPORATION BELOW FOR THE FULL DETAILS OF THIS REPORT.


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4 Mar 2009
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Addax Petroleum Announces Record Results for 2008
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Addax Petroleum announces record results for 2008
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Virtualization Saves Microsoft Customers Nearly a Half-Million Dollars Per Year

Virtualization Saves Microsoft Customers Nearly a Half-Million Dollars Per Year

Businesses gain value via server consolidation, integrated management tools and application management.

REDMOND, Wash. - Feb. 9, 2009 /PRNewswire/ — Microsoft Corp. today announced that some business customers around the world have saved on average $470,000 (U.S.) per year through IT projects using Microsoft virtualization software. Microsoft's business customers have been able to use virtualization to help reduce operations and capital expenses via reduced electrical power consumption and cooling within datacenters, reduced hardware acquisition costs, automation of desktop and server management, and centralized application deployment.

The cost of running IT systems has increased as electrical power, cooling and physical space has become constrained. In his 2008 refereed journal article, "Worldwide electricity used in data centers," Jonathan Koomey, Ph.D., of Lawrence Berkeley National Laboratory and Stanford University concluded that total datacenter power was about 1.5 percent of all U.S. electricity use in 2005, with 80 percent of that amount going toward powering and cooling servers.

A separate report, by Gartner Inc., stated that "the effective use of virtualization can reduce server energy consumption by up to 82 percent and floor space by 85 percent" (Gartner: "Energy Savings via Virtualization: Green IT on a Budget"; Nov. 12, 2008).

"Businesses are looking to reduce and manage computing costs in datacenters and across server and client computing devices," said David Greschler, director of integrated virtualization at Microsoft. "Virtualization software allows businesses to pool computing resources to drive down IT costs, increase IT efficiency and be more responsive to business needs. Customers are getting a better bang for their buck with the Microsoft platform and virtualization solutions because virtualization is in both the operating system and in the holistic management tools. Customers can manage IT services and a broad set of applications across the datacenter and desktops. There is less of a learning curve for customers, and it eases interoperability with existing systems."

Savings Through Available Built-In Virtualization and Management Automation
Microsoft's approach to virtualization, which incorporates server and presentation virtualization into Windows Server 2008 and unlimited virtual machine management with Microsoft System Center suite license, is helping break down barriers to broad virtualization adoption.

"The VMware ESX solution would have cost $30,000 (U.S.) for four servers. With Microsoft, we have a service provider agreement that allows for monthly payments with no capital costs — costing us less than $1,000 over the life of the contract," said David Straede, president and chief operating officer for Santa Barbara Web Hosting. "Windows Server 2008 Hyper-V has the core features businesses need. It's the Windows people know, is installed just like other Windows-based applications, and works in a management console that IT staff are already using. The ESX feature set simply doesn't justify its additional expense."

If making it easy for customers to implement virtualization is important, making it easy to manage the environment is just as critical for saving time and money. With Microsoft System Center, customers have a single solution for managing the entire IT life cycle, from deployment and provisioning to monitoring and backup. Equally important, customers can manage both server and desktop resources, both virtual and physical assets, and both Microsoft and VMware hypervisors, all with the same platform.

These capabilities helped Banverket ICT choose Microsoft for its virtualization strategy. "We knew we wanted to build a compatible virtualization platform that would encompass server consolidation, Terminal Services and application virtualization that we could manage with a single set of tools," said Pontus Blomkvist, service design manager, Banverket ICT. "With Microsoft Application Virtualization for Terminal Services, we have been able to reduce the number of terminal servers because we can run many applications on any server at any time, without worrying about conflicts. With Hyper-V, we are now running 50 virtual machines in production, with a utilization rate of 80 percent for some of the servers as opposed to 15 percent before we deployed Hyper-V."

Savings Through Consolidation, Reductions in Power
By running multiple virtual machines on fewer physical servers, Microsoft customers are drastically cutting hardware requirements and easing server management. For example, Indiana University's Auxiliary IT Department went from 152 to just 32 servers, which it expects will save $85,000 (U.S.) annually. Saxo Bank had an average physical server utilization of just 20 percent and was deploying nearly 200 new servers per year before using server virtualization. Windows Server 2008 Hyper-V allowed the bank to reduce the number of servers needed by 36 percent and realize savings equivalent to $1 million (U.S.), because of lower server hardware costs and associated reductions in space, power and cooling costs.

Many customers have realized similarly dramatic electrical savings as a result of server consolidation, which is a particularly important benefit in today's climate of volatile power prices. TALX expects to save approximately 50 percent in annual power and cooling costs by consolidating its server environment with Hyper-V. HotSchedules, which noted that its No. 1 cost in the datacenter is power, spent about $11,000 (U.S.) a month on datacenter power costs, but with Hyper-V it anticipates that this monthly figure will go down to $2,500. Santa Barbara Web Hosting uses Hyper-V to reduce its power consumption costs by $5,220 (U.S.) per month, helping the company provide more cost-effective services to its customers. And Slough Borough Council took advantage of the savings from eliminating 10 physical servers to preserve the electrical power needed to turn on a new storage area network.

"I wouldn't be surprised to see us virtualize 60 servers once our physical-to-virtual analysis is complete, which represents nearly half our server holdings," said Chris Wintermute, technical infrastructure manager for Slough Borough Council. "We've achieved hardware savings of $148,000 (U.S.), and we expect to reduce server deployment costs by $23,700 (U.S.) annually, based on rolling out 20 servers a year."

Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

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