-- All-cash price of US$27.50 per Nexen common share
-- The price represents a premium of 61% to the closing price of Nexen's common shares on the NYSE on July 20, 2012, and a premium of 66% to Nexen's 20 trading-day volume-weighted average share price
-- Delivers significant and immediate value to Nexen shareholders
The five-year agreement calls for Genie Mongolia to explore, identify and characterize the oil shale resource in the exclusive survey area and to conduct a pilot test using in-situ technology on appropriate oil shale deposits.
A new policy would allow companies to extract shale oil and gas from blocks already awarded by the government.