CALGARY, Nov. 27, 2012 /CNW/ - By mutual agreement with the Committee on
Foreign Investment in the United States (CFIUS), CNOOC Limited and
Nexen Inc. withdrew and resubmitted a Joint Voluntary Notice with
respect to the proposed acquisition of Nexen by CNOOC Limited.
Discussions with CFIUS continue, with a view to completing the CFIUS
review process as expeditiously as possible.
The closing of the arrangement remains subject to the receipt of
applicable government and regulatory approvals, by the relevant
authorities in Canada, the U.S., the EU and China, and the satisfaction
or waiver of the other customary closing conditions.
About Nexen
Nexen Inc. is a Canadian-based global energy company, listed on the
Toronto and New York stock exchanges under the symbol NXY. Nexen is
focused on three growth strategies: oil sands and shale gas in Western
Canada and conventional exploration and development primarily in the
North Sea, offshore West Africa and deepwater Gulf of Mexico. Nexen
adds value for shareholders through successful full-cycle oil and gas
exploration and development, and leadership in ethics, integrity,
governance and environmental stewardship.
Forward-Looking Statements
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws and which are based on the expectations, estimates and projections
of management of the parties as of the date of this news release unless
otherwise stated. The use of any of the words "expect", "anticipate",
"continue", "estimate", "objective", "ongoing", "may", "will",
"project", "should", "believe", "plans", "intends" and similar
expressions are intended to identify forward-looking statements or
information. More particularly and without limitation, this press
release contains forward-looking statements and information concerning:
the anticipated benefits of the transaction to the parties, their
respective security holders and certain of the countries in which Nexen
operates; the timing and anticipated receipt of required regulatory and
court approvals for the transaction; the ability of the parties to
satisfy the other conditions to, and to complete, the transaction; and
the anticipated timing of the closing of the transaction.
In respect of the forward-looking statements and information concerning
the anticipated benefits and completion of the proposed transaction and
the anticipated timing for completion of the transaction, Nexen has
provided such in reliance on certain assumptions that they believe are
reasonable at this time, including assumptions as to the ability of the
parties to receive, in a timely manner and on satisfactory terms, the
necessary regulatory, court, stock exchange and other third-party
approvals, including but not limited to the receipt of applicable
foreign investment approval required in Canada and elsewhere and the
required approvals from the Government of the People's Republic of
China and in other foreign jurisdictions; the ability of the parties to
satisfy, in a timely manner, the other conditions to the closing of the
transaction; and other expectations and assumptions concerning the
transaction and the operations and capital expenditure plans of Nexen
following completion of the transaction. The anticipated dates provided
may change for a number of reasons, including the inability to secure
necessary regulatory, court or other third party approvals in the time
assumed or the need for additional time to satisfy the other conditions
to the completion of the transaction. Accordingly, readers should not
place undue reliance on the forward-looking statements and information
contained in this press release.
Since forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. Risks and
uncertainties inherent in the nature of the transaction include the
failure of Nexen and CNOOC Limited to obtain necessary regulatory,
court and other third party approvals, including those noted above, or
to otherwise satisfy the conditions to the completion of the
transaction, in a timely manner, or at all. Failure to so obtain such
approvals, or the failure of the parties to otherwise satisfy the
conditions to or complete the transaction, may result in the
transaction not being completed on the proposed terms, or at all. In
addition, if the transaction is not completed, and Nexen continues as
an independent entity, there are risks that the announcement of the
transaction and the dedication of substantial resources of Nexen to the
completion of the transaction could have an impact on Nexen's current
business relationships (including with future and prospective
employees, customers, distributors, suppliers and partners) and could
have a material adverse effect on the current and future operations,
financial condition and prospects of Nexen. Furthermore, the failure of
Nexen to comply with the terms of the definitive agreement may result
in Nexen being required to pay a fee to CNOOC Limited, the result of
which could have a material adverse effect on Nexen's financial
position and results of operations and its ability to fund growth
prospects and current operations.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on other factors that could affect
the operations or financial results of the parties are included in
reports on file with applicable securities regulatory authorities.
The forward-looking statements and information contained in this press
release are made as of the date hereof and the parties undertake no
obligation to update publicly or revise any forward-looking statements
or information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
SOURCE: Nexen Inc.