Statement re Gulfsands

RNS Number : 2672L

Oil India Ltd & Indian Oil Corp Ltd

04 May 2010

 



FOR IMMEDIATE RELEASE

Oil India Limited and Indian Oil Corporation Limited

Statement regarding Gulfsands Petroleum plc ("Gulfsands")

On 23 March 2010, Oil India Limited ("OIL") and Indian Oil Corporation Limited ("IOC") announced that they had approached the Board of Gulfsands with an indicative offer proposal at 315p per Gulfsands share which included a request that the Board of Gulfsands permit OIL and IOC to conduct a focused due diligence exercise with a view to making a formal offer in due course.  

Since the Board of Gulfsands has not engaged with OIL, IOC or their advisers in a due diligence exercise, OIL and IOC announce that they do not intend to make an offer to acquire the entire issued share capital of Gulfsands.

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  or  possible 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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