CNOOC Limited Completes Acquisition of Nexen Inc.
HONG KONG, Feb. 25, 2013
HONG KONG, Feb. 25, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883) announced today that it has completed its acquisition of
Nexen Inc. ("Nexen"). Total consideration of approximately US$15.1 billion has
been paid for Nexen's common and preferred shares.
Mr. Wang Yilin, Chairman of CNOOC Limited said, "The Company is delighted to
acquire a leading international platform through the acquisition of Nexen. We
strongly believe that this acquisition is a good strategic fit for us and will
create long-term value for our shareholders."
Mr. Li Fanrong, Chief Executive Officer of the Company commented, "Nexen is a
strong, diverse company with attractive growth prospects, a large resource and
reserve base, high potential exploration prospects, and high quality talented
employees capable of extracting the value of these assets. We will thoroughly
utilize the platform it provides to further our overseas business."
Nexen will operate as a wholly-owned subsidiary of CNOOC Limited, and will
continue to be led by CEO, Kevin Reinhart, who has been with Nexen for over 18
years. A new Board of Directors comprised of CNOOC Limited, existing Nexen
management and Canadian independent directors has been established, with Mr.
Li Fanrong as Chairman of the Board.
Notes to Editors:
More information about the Company is available at http://www.cnoocltd.com.
This press release includes "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995, including
statements regarding expected future events, business prospectus or financial
results. The words "believe", "intend", "expect", "anticipate", "project",
"estimate", "plan", "predict" and similar expressions are intended to identify
such forward-looking statements. These statements are based on assumptions and
analysis made by the Company in light of its experience and perception of
historical trends, current conditions and expected future developments, as
well as other factors that the Company believes reasonable under the
circumstances. However, whether actual results and developments will meet the
Company's expectations and predictions depends on a number of risks and
uncertainties which could cause the actual results, performance and financial
conditions to differ materially from the Company's expectations, including
those associated with fluctuations in crude oil and natural gas prices, the
exploration or development activities, the capital expenditure requirements,
the business strategy, the highly competitive nature of the oil and natural
gas industries, the foreign operations, environmental liabilities and
compliance requirements, and economic and political conditions in the People's
Republic of China. For a description of these and other risks and
uncertainties, please see the documents the Company has filed from time to
time with the United States Securities and Exchange Commission, including 2011
Annual Report on Form 20-F filed on April 20, 2012.
Consequently, all of the forward-looking statements made in this press release
are qualified by these cautionary statements. The Company cannot assure that
the actual results or developments anticipated will be realized or, even if
substantially realized, that they will have the expected effect on the
Company, its business or operations.
For further enquiries, please contact:
Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
Vice President, Corporate Relations
Tel: +1 403 699 5202
Ms. Angela Hui
Ketchum Newscan Public Relations Ltd
SOURCE CNOOC Limited
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