Agreement with Nelson
September 30 2005 - 5:57AM
UK Regulatory
RNS Number:0079S
LukOil (OAO)
30 September 2005
LUKOIL Overseas Holding Ltd., a 100% subsidiary of LUKOIL has made an offer to
acquire 100% of the share capital of Nelson Resources Limited for US$2 billion.
In addition, LUKOIL now reached an agreement with the shareholders of Nelson
Resources Limited, holding in aggregate approximately 65% of the outstanding
shares of Nelson Resources Limited, to purchase their shares at the offer price.
This price represents a premium of 27.5% to the six-month average trading price
of Nelson Resources Limited. In order to treat all shareholders equally, LUKOIL
has entered into negotiations with Nelson with a view to extending the offer to
minority shareholders at the same price.
LUKOIL intends to immediately start to work closely with the Kazakh authorities
to secure all necessary approvals to consummate this transaction.
Nelson Resources Limited takes part in the hydrocarbon production projects in
the western part of the Republic of Kazakhstan. The proven and probable reserves
of Nelson Resources Limited amount to 269.6 mmbbl.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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