09:48 AM EST - Addax Petroleum Corp. : reported fourth-quarter net income of $3 million U.S. or $0.02 U.S. per basic share, compared to $180 million U.S. or $1.16 U.S. per basic share last year. Funds Flow From Operations for the fourth quarter decreased 26 per cent to $318 million U.S., or $2.03 U.S. per basic share from $428 million U.S. or $2.75 U.S. per basic share in the prior-year quarter. The company experienced a build up of crude oil inventory in the fourth quarter of approximately 540 Mbbl, or equivalent to approximately 5.9 Mbbl/d, as production volumes exceeded sales volumes. Addax Petroleum Corp.
shares T.AXC are trading up $0.80 at $23.10.
