HONG KONG, April 1 /Xinhua-PRNewswire-FirstCall/ -- CNOOC Limited (the "Company"; NYSE: CEO; SEHK: 0883) announced today that the resolution in respect of the Deposit Services and the Proposed Cap provided by CNOOC Finance was not passed following a vote by the independent shareholders.
Votes cast at the Extraordinary General Meeting (EGM) on March 30, 2007 totaled over 6.6 billion, representing about 46% of all the shares entitling independent shareholders to vote at the EGM. Approximately 48% of the votes cast supported and 52% were against the resolution.
Mr. Fu Chengyu, Chairman and Chief Executive Officer of the Company said, "We of course respect the decision of the independent shareholders on this issue. Nonetheless, the Board of Directors strongly believes that our current arrangements with CNOOC Finance, including the Deposit Services, are beneficial to the Company and its shareholders as a whole. They allow the Company to handle transactions flexibly and efficiently, and the interests of the Company are protected by robust checks and balances. Our connected transactions with CNOOC Finance are in full compliance with the Listing Rules of the Stock Exchange of Hong Kong and good corporate governance practices."
"The Company will continue to utilize non-deposit services provided by CNOOC Finance, such as settlement and discounting services, which are exempted from the reporting, announcement and independent shareholders' approval requirements under the Listing Rules. The Company will re-assess the position with respect to the Deposit Services following the shareholders' vote, and will seek a way forward that is in the best interests of all shareholders as well as the Company," Mr. Fu concluded.
Notes to Editors:
More information about the Company is available at http://www.cnoocltd.com .
This press release contains statements that are not historical facts, including statements about beliefs and expectations of the directors of the Company on the Company and its development and future plans. These forward-looking statements reflect the directors' current views with respect to future events and are not a guarantee of future performance, and therefore shareholders and potential investors should not place undue reliance on them. The directors of the Company undertake no obligation to update or revise publicly any of these forward-looking statements, whether in light of new information, future events or otherwise. Forward-looking statements involve inherent risks and uncertainties. Shareholders and potential investors are cautioned that a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, changes in the Chinese economic, political and social conditions and government policies and in the oil and gas industry.
For further enquiries, please contact:
Mr. Xiao Zongwei
General Manager of Investor Relations
CNOOC Limited
Tel: +86-10-8452-1646
Fax: +86-10-8452-1441
Email: xiaozw@cnooc.com.cn
Ms. Carol Wong
Account Manager
Ketchum Hong Kong
Tel: +852-3141-8098
Fax: +852-2510-8199
Email: carol.wong@knprhk.com
