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Statoil extends bid fir Canadian NAOSC

AFP
OSLO
Petroleumworld.com 06 12 07

The Norwegian oil group Statoil said on Tuesday it was extending by two weeks its 2.0-billion-US-dollar offer for NAOSC of Canada in the absence of authorisation from Canadian regulatory authorities.

It said its bid for the North American Oil Sands Corporation, which specialises in bitumen extraction from oil sands in western Canada, would remain in effect -- barring new delays or a withdrawal -- until June 25.

The initial offer, worth 1.5 billion euros, expired on Monday.

Statoil as of Monday controlled 93.5 percent of NAOSC.

"All conditions (for the offer) have been met, with the exception of approval from the necesssary regulatory bodies," Statoil said in a statement.

But it added that it had "no reason to believe that the approvals will not be received before the expiration of the extended offer."

AFP 12 0953 GMT 06 07

Copyright© 2007 AFP. All Rights Reserved.

 

 

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