27 May 2010 07:00
FOR IMMEDIATE RELEASE
Oil India Limited and Indian Oil Corporation Limited
Statement regarding Gulfsands Petroleum plc ("Gulfsands")
Following inaccurate reporting of comments attributed to Mr N M Borah, Chairman and Managing Director of Oil India Limited ("OIL") yesterday, OIL and Indian Oil Corporation Limited ("IOC") wish to reiterate the statements made on 4 May 2010 and 6 May 2010 that OIL and IOC do not intend to make an offer to acquire the entire issued share capital of Gulfsands.
It has been agreed with the Panel on Takeovers and Mergers 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 six 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.