Overview of the Tender Offer
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Purpose of the Tender Offer: The tender offer aims to terminate the listing status of Liaohe Oilfield to resolve competition issues between China National Petroleum and Liaohe Oilfield, and to reduce and further regulate related transactions between China National Petroleum, as the controlling shareholder, and Liaohe Oilfield.
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Target of the Tender Offer: All circulating shareholders of Liaohe Oilfield.
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Shares to be Acquired: All circulating shares issued by Liaohe Oilfield, totaling 200,000,000 shares.
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Offer Price: 8.80 CNY per share.
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Payment Method for Shares: Cash payment.
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Tender Offer Period: From November 15, 2005, to December 14, 2005.
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Conditions for Effectiveness: By 15:00 on the last trading day of the tender offer period, the number of shares temporarily held by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited must be no less than 35 million shares, ensuring that China National Petroleum will hold at least 85% of Liaohe Oilfield's total share capital, thus meeting the requirements for termination of stock listing as per Article 158 of the Company Law. If conditions are not met, the tender offer will be void from the start, and the original declarations will no longer be valid, with the depository company automatically releasing the temporary custody of the corresponding shares.