Statement re Gulfsands

RNS Number : 4777L

Oil India Ltd & Indian Oil Corp Ltd

06 May 2010

 



FOR IMMEDIATE RELEASE

Oil India Limited and Indian Oil Corporation Limited

Statement regarding Gulfsands Petroleum plc ("Gulfsands")

Further to the announcement made on 4 May 2010 by Oil India Limited ("OIL") and Indian Oil Corporation Limited ("IOC"), OIL and IOC wish to clarify the circumstances in which the restrictions set out in Rule 2.8 of the City Code on Takeovers and Mergers (the "Code") may not apply.

For the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the "Code"), OIL and IOC reserve the right to announce or participate in an offer or possible offer for the shares in Gulfsands and/or to take any other action which would otherwise be restricted under Rule 2.8 of  the Code within 6 months of the date of this announcement: (i) with the agreement  or  recommendation of the board of directors of Gulfsands;  or (ii) following an announcement of a firm offer by or on behalf of a third party for Gulfsands;  or (iii)  following an announcement by or on behalf of Gulfsands of a "whitewash" proposal or a reverse takeover (in each case as defined in the  Code);  or (iv) with the consent of the Panel, if there is a  material change of circumstances.

Contacts:

Jonathan Wright

Seymour Pierce Limited                         020 7107 8000

Seymour Pierce Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser to Oil India Limited and Indian Oil Corporation Limited and no one else in connection with this announcement and will not be responsible to anyone other than Oil India Limited and Indian Oil Corporation Limited for providing the protections afforded to clients of Seymour Pierce or for providing advice in connection with this announcement or any other matter referred to herein.

 

END

 

 

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