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CNOOC Limited Files CFIUS Notice
HONG KONG, July 1 /PRNewswire-FirstCall/ -- CNOOC Limited (SEHK:0883) ( NYSE:
CEO) announced today that it has filed a notice with the Committee on Foreign
Investment in the United States (CFIUS) so that the Committee can begin to
review CNOOC's proposal to merge with Unocal Corp (NYSE:UCL). CFIUS
regulations provide that the Committee will ask Unocal to respond to its
questions with respect to the transaction within seven days of the Committee's
request.
"We have given Unocal certainty with regard to our proposal, which is all cash,
and assurances with regard to the regulatory approval process," said Yang Hua,
CNOOC Limited Chief Financial Officer. "Once we have an opportunity to proceed
with a CFIUS review, we remain confident that we will be able to obtain
Exon-Florio clearance by addressing the Committee's concerns. We are
cooperating fully and look forward to a formal review conducted in an
expeditious manner."
Mr. Yang added, "CNOOC's proposed transaction with Unocal has generated a
significant amount of interest, and we look forward to beginning the CFIUS
review in order to respond to that interest and provide timing certainty to
Unocal stockholders for our superior offer. This filing gives CNOOC the
opportunity to comply with all U.S. rules and regulations in an open and
transparent manner, and to fully discuss our proposal. We welcome this
opportunity and believe that once all the facts are known and the commercial
purpose and terms of the transaction are fully understood, many initial
misimpressions will be corrected, and many doubts and questions will be
favorably resolved."
Contacts
Investor Xiao Zongwei
86 10 8452 1646
CNOOC Limited (Beijing)
Media Hong Kong: Tim Payne or Ray Bashford
852 3512 5000
Brunswick Group
Beijing: Caroline Jinqing Cai
86 10 8580 5203
Brunswick Group
New York: Steve Lipin or Michael Buckley
212 333 3810
Brunswick Group
Washington, D.C.: Mark Palmer
202 419 3557
Public Strategies, Inc
Notes:
CNOOC LIMITED - BACKGROUND
CNOOC Limited (the "Company", together with its subsidiaries, the "Group"), was
listed on the New York Stock Exchange ("NYSE") (code: CEO) and The Stock
Exchange of Hong Kong Limited ("HKSE") (code: 0883) on 27 and 28 February 2001,
respectively. The Company was admitted as a constituent stock of the Hang Seng
Index in July 2001.
The Group is China's largest producer of offshore crude oil and natural gas and
one of the largest independent oil and gas exploration and production companies
in the world. The Company mainly engages in offshore oil and natural gas
exploration, development, production and sales.
The Company has four major oil production areas offshore China which are Bohai
Bay, Western South China Sea, Eastern South China Sea and East China Sea. It is
the largest offshore crude producer in Indonesia. The Group also has certain
upstream assets in regions such as Australia.
As at 31 December 2004, the Company owned net proved reserves of approximately
2.2 billion barrels-of-oil equivalent and its annual daily average net
production was 382,513 barrels-of-oil equivalent per day. The Group had 2,524
employees and total assets of approximately RMB 94.1 billion.
Important Notice:
This document contains statements about expected future events and financial
results that are forward-looking and subject to risks and uncertainties. For
those statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities Litigation
Reform Act of 1995. The following important factors could affect future
results and could cause those results to differ materially from those expressed
in the forward-looking statements: whether a transaction with Unocal will occur
and the terms and conditions of any such transaction; the extent and timing of
our ability to realize synergies from the transaction; the effect of the
transaction on employees, customers and other persons that have a material
commercial relationship with CNOOC Limited or Unocal and our ability to
maximize the value of those relationships; the possibility that the anticipated
benefits from the acquisition cannot be fully realized; the possibility that
costs or difficulties related to the integration of Unocal operations will be
greater than expected; the impact of competition; the parties' ability to
obtain required regulatory and other approvals in connection with the
transaction; and other risk factors relating to our industry as detailed from
time to time in each of CNOOC Limited's and Unocal's reports filed with the
SEC. In addition, future results could also differ materially from those
expressed in the forward-looking statements. You should not place undue
reliance on these forward-looking statements, which speak only as of the date
of this press release. Unless legally required, CNOOC Limited undertakes no
obligation to update publicly any forward-looking statements, whether as a
result of new information, future events or otherwise.
DATASOURCE: CNOOC Limited
CONTACT: Xiao Zongwei, Investor, CNOOC Limited (Beijing),
+86-10-8452-1646; or Media: Hong Kong: Tim Payne or Ray Bashford,
+852-3512-5000, or Beijing: Caroline Jinqing Cai, +86-10-8580-5203, or New
York: Steve Lipin or Michael Buckley, +1-212-333-3810, all of Brunswick Group;
or Washington, D.C.: Mark Palmer, +1-202-419-3557, of Public Strategies, Inc