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CNOOC Plans To Acquire Nexen For $15 Billion

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July 23, 2012

HIGHLIGHTS

-- 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

-- ...

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