30th Sep 2005 09:57
LukOil (OAO)30 September 2005 LUKOIL Overseas Holding Ltd., a 100% subsidiary of LUKOIL has made an offer toacquire 100% of the share capital of Nelson Resources Limited for US$2 billion. In addition, LUKOIL now reached an agreement with the shareholders of NelsonResources Limited, holding in aggregate approximately 65% of the outstandingshares 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 priceof Nelson Resources Limited. In order to treat all shareholders equally, LUKOILhas entered into negotiations with Nelson with a view to extending the offer tominority shareholders at the same price. LUKOIL intends to immediately start to work closely with the Kazakh authoritiesto secure all necessary approvals to consummate this transaction. Nelson Resources Limited takes part in the hydrocarbon production projects inthe western part of the Republic of Kazakhstan. The proven and probable reservesof Nelson Resources Limited amount to 269.6 mmbbl. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
NLG.L