OilVoice - Sinopec Launches Take-over Bid For Tanganyika Oil

Sinopec Launches Take-over Bid For Tanganyika Oil

Friday, October 31, 2008

Sinopec International Petroleum Exploration and Production Corporation announced today that its indirect, wholly-owned subsidiary, Mirror Lake Oil and Gas Company Limited (“Mirror Lake”), has officially made an offer (the “Offer”) to purchase all of the issued and outstanding common shares in the capital of Tanganyika Oil Company Ltd. (“Tanganyika”) at a price of C$31.50 per share, including all the common shares which may become outstanding upon the exercise of outstanding stock options or which are represented by Swedish Depositary Receipts.

The Offer is open for acceptance until 10:00 a.m. (Calgary time) on December 5, 2008, unless withdrawn or extended. The Offer is subject to certain conditions, including acceptance of the Offer by holders of at least 66 percent of the outstanding common shares of Tanganyika, calculated on a fully diluted basis, and receipt of all required regulatory approvals, including all required approvals from the government of The People’s Republic of China.

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