Nigeria: Shareholders Okay AP, Zenon Merger At AGM

30 April 2008

Lagos — Shareholders of African Petroleum (AP) Plc, yesterday, unanimously endorsed the proposed merger plan between the oil giant and Zenon Petroleum and Gas Limited. They also approved the proposed plan by the Board of Directors of AP to raise N110 billion from the nation's capital market via a hybrid offering.

The shareholders at the 29th Annual General Meeting (AGM) of the company, held in Ibadan, commended the Board, management and staff for the impressive results recorded by the company for the financial year ended December 31, 2007.

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