Conoco Canada closes tender offer for Gulf Indonesia

Conoco Canada Resources Limited, a wholly owned subsidiary of Conoco Inc., and Gulf Indonesia Resources Limited announced on Wednesday that the tender offer for all the outstanding shares of Gulf Indonesia not owned by Conoco Canada had expired on July 30, 2002.

Conoco Canada said during the offering period it successfully bought another 27.16 percent shares of Gulf Indonesia at the price of US$13.25 per share.

Following the tender offer transaction Conoco Canada will own 99.16 percent of Gulf Indonesia shareholdings.

Furthermore, Conoco Canada said the remaining shares of Gulf Indonesia will be promptly acquired pursuant to a compulsory acquisition effected under the laws of New Brunswick, Canada.

?As a result of the compulsory acquisition, Gulf Indonesia will become our wholly owned subsidiary,? Conoco said in a statement.

Gulf Indonesia is currently Indonesia?s non-LNG gas producer with oil and gas interests spanning from Southern part of Sumatra to East Java, while Conoco Indonesia focuses on oil and gas developments offshore West Natuna. (robert)