UCL Unocal Corp

CNOOC Limited Files CFIUS Notice HONG KONG, July 1 /PRNewswire-FirstCall/ -- CNOOC Limited (SEHK:0883) ( NYSE: CEO) announced today that it has filed a notice with the Committee on Foreign Investment in the United States (CFIUS) so that the Committee can begin to review CNOOC's proposal to merge with Unocal Corp (NYSE:UCL). CFIUS regulations provide that the Committee will ask Unocal to respond to its questions with respect to the transaction within seven days of the Committee's request. "We have given Unocal certainty with regard to our proposal, which is all cash, and assurances with regard to the regulatory approval process," said Yang Hua, CNOOC Limited Chief Financial Officer. "Once we have an opportunity to proceed with a CFIUS review, we remain confident that we will be able to obtain Exon-Florio clearance by addressing the Committee's concerns. We are cooperating fully and look forward to a formal review conducted in an expeditious manner." Mr. Yang added, "CNOOC's proposed transaction with Unocal has generated a significant amount of interest, and we look forward to beginning the CFIUS review in order to respond to that interest and provide timing certainty to Unocal stockholders for our superior offer. This filing gives CNOOC the opportunity to comply with all U.S. rules and regulations in an open and transparent manner, and to fully discuss our proposal. We welcome this opportunity and believe that once all the facts are known and the commercial purpose and terms of the transaction are fully understood, many initial misimpressions will be corrected, and many doubts and questions will be favorably resolved." Contacts Investor Xiao Zongwei 86 10 8452 1646 CNOOC Limited (Beijing) Media Hong Kong: Tim Payne or Ray Bashford 852 3512 5000 Brunswick Group Beijing: Caroline Jinqing Cai 86 10 8580 5203 Brunswick Group New York: Steve Lipin or Michael Buckley 212 333 3810 Brunswick Group Washington, D.C.: Mark Palmer 202 419 3557 Public Strategies, Inc Notes: CNOOC LIMITED - BACKGROUND CNOOC Limited (the "Company", together with its subsidiaries, the "Group"), was listed on the New York Stock Exchange ("NYSE") (code: CEO) and The Stock Exchange of Hong Kong Limited ("HKSE") (code: 0883) on 27 and 28 February 2001, respectively. The Company was admitted as a constituent stock of the Hang Seng Index in July 2001. The Group is China's largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world. The Company mainly engages in offshore oil and natural gas exploration, development, production and sales. The Company has four major oil production areas offshore China which are Bohai Bay, Western South China Sea, Eastern South China Sea and East China Sea. It is the largest offshore crude producer in Indonesia. The Group also has certain upstream assets in regions such as Australia. As at 31 December 2004, the Company owned net proved reserves of approximately 2.2 billion barrels-of-oil equivalent and its annual daily average net production was 382,513 barrels-of-oil equivalent per day. The Group had 2,524 employees and total assets of approximately RMB 94.1 billion. Important Notice: This document contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The following important factors could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: whether a transaction with Unocal will occur and the terms and conditions of any such transaction; the extent and timing of our ability to realize synergies from the transaction; the effect of the transaction on employees, customers and other persons that have a material commercial relationship with CNOOC Limited or Unocal and our ability to maximize the value of those relationships; the possibility that the anticipated benefits from the acquisition cannot be fully realized; the possibility that costs or difficulties related to the integration of Unocal operations will be greater than expected; the impact of competition; the parties' ability to obtain required regulatory and other approvals in connection with the transaction; and other risk factors relating to our industry as detailed from time to time in each of CNOOC Limited's and Unocal's reports filed with the SEC. In addition, future results could also differ materially from those expressed in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, CNOOC Limited undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. DATASOURCE: CNOOC Limited CONTACT: Xiao Zongwei, Investor, CNOOC Limited (Beijing), +86-10-8452-1646; or Media: Hong Kong: Tim Payne or Ray Bashford, +852-3512-5000, or Beijing: Caroline Jinqing Cai, +86-10-8580-5203, or New York: Steve Lipin or Michael Buckley, +1-212-333-3810, all of Brunswick Group; or Washington, D.C.: Mark Palmer, +1-202-419-3557, of Public Strategies, Inc

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