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20/12/2007
OFFER FOR THE SHARES IN STAR ENERGY PLC
On 14 November 2007, PETRONAS International Corporation Ltd (PICL), the wholly owned overseas investment arm of the PETRONAS Group had announced that it had acquired 9,293,373 Star Energy Group PLC (Star Energy) Shares and that PICL was beneficially and legally interested in 36,290,750 Star Energy Shares, representing approximately 39.02 per cent. of the issued share capital of Star Energy. On 14 November 2007, PICL had also announced its cash offer for the entire issued and to be issued share capital of Star Energy not already held by PICL at 365 pence per Star Energy Share.
Star Energy is an energy company with a primary focus on developing and operating gas storage facilities via the conversion of oil and gas fields. In addition to its gas storage business, it owns and operates 25 oil and gas fields onshore the United Kingdom with oil, gas and electricity production activities. Star Energy has gas storage development interests in the United Kingdom sector of the North Sea, onshore Netherlands (Waalwijk), onshore Denmark and Italy.
On 19 December 2007, the boards of PICL and Star Energy have reached agreement on the terms of a recommended increased offer for the entire issued and to be issued share capital of Star Energy not already held by PICL.
20 December 2007
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