Stabilisation Notice

1 Dec 2006 07:53

Citigroup Global Markets Limited01 December 2006 1 December 2006 Stabilisation Notice: Oil & Gas Development Company Limited (the "Company") In connection with the Global Offering of 408,588,000 ordinary shares in theform of ordinary shares (the "Shares") and Global Depositary Shares ("GDSs" andtogether with the Shares, the "Securities") by the Islamic Republic of Pakistan(the "Selling Shareholder"), with one GDS representing 10 Shares at a price ofUS$18.90 per GDS ISIN codes: 144A: US67778Q1013; Reg S: US67778Q2003 Citigroup Global Markets Limited ("Citigroup") as stabilisation manager, or itsagents, may in consultation and after agreement with the other Joint GlobalCoordinator and Bookrunner, on behalf of the Underwriters, overallot or effecttransactions in the GDSs and Shares with a view to supporting the market priceof the Securities at a level higher than that which might otherwise prevail inthe open market from 9:00a.m. London time on 1 December 2006 to 30 December2006. However, Citigroup and its agents have no obligation to do so. Suchstabilisation transactions may be effected on the London Stock Exchange and anyother securities market, over the counter market, stock exchange or otherwise.Such stabilisation transactions, if commenced, may be discontinued at any timeand must end no later than 30 December 2006. There are no associated instrumentsthat are subject to stabilisation. The Selling Shareholder has granted the Underwriters an over-allotment option(the "Over-allotment Option"), solely to cover over-allotments in the Offering,exercisable, on or before 30 December 2006 which, if exercised will require theSelling Shareholder to sell to the Underwriters additional Shares in the form ofGDSs, up to a maximum of 15.0 per cent. of the aggregate number of Securitiesbeing offered in the Offering (before any exercise of the Over-allotment Option)at the Offer Price of US$18.90 per GDS to cover such over-allotments (if any)and/or to cover short positions arising from sales of GDSs effected by it duringthe stabilising period. The securities to be stabilised are GDSs of the Company. Number of Shares in the Offering: 355,294,000Number of GDSs subject to the Over-allotment Option: 53,294,000(1 GDS represents 10 Shares) The Offer Price per GDS was set at US$18.90 on 1 December 2006 Citigroup contact: Peter Moore +44 207 986 0310 This announcement may not be distributed, directly or indirectly, in or into theUnited States, Canada, Australia, Japan or Russia. This announcement is for information purposes only and does not constitute aninvitation or offer to underwrite, subscribe for or otherwise acquire or disposeof any securities of the Company in any jurisdiction. In addition, if and to the extent that this announcement is communicated in, orthe offer of the securities to which it relates is made in, any EEA Member Statethat has implemented Directive 2003/71/EC (together with any applicableimplementing measures in any Member State, the "Prospectus Directive") beforethe publication of a prospectus in relation to the securities which has beenapproved by the competent authority in that Member State in accordance with theProspectus Directive (or which has been approved by a competent authority inanother Member State and notified to the competent authority in that MemberState in accordance with the Prospectus Directive), this announcement and theGlobal Offer are only addressed to and directed at persons in that Member Statewho are qualified investors within the meaning of the Prospectus Directive (orwho are other persons to whom the offer may lawfully be addressed) and must notbe acted on or relied on by other persons in that Member State. The Global Offering and the distribution of this announcement and otherinformation in connection with the Global Offering in certain jurisdictions maybe restricted by law and persons into whose possession any document or otherinformation referred to herein comes should inform themselves about and observeany such restriction. Any failure to comply with these restrictions mayconstitute a violation of the securities laws of any such jurisdiction. This announcement is not an offer of securities for sale into the United States.The securities have not been, and will not be, registered under the U.S.Securities Act of 1933 and may not be offered or sold in the United Statesabsent registration or an exemption from registration. There will be no publicoffer of securities in the United States. END This information is provided by RNS The company news service from the London Stock Exchange