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Client Work

Nelson Resources in $2 billion acquisition by LUKOIL

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Confidential Client

On December 5, 2005, LUKOIL Overseas Holding Ltd., through its wholly-owned subsidiary Caspian Investments Resources Ltd., completed the acquisition of Nelson Resources Ltd., a leading oil exploration and production company operating in Kazakhstan and listed on the TSX and AIM, for a total purchase price of US$2 billion in cash. Initially LUKOIL acquired 65 per cent of the issued and outstanding common shares of Nelson from four principal shareholders of Nelson. The acquisition of the remaining common shares of Nelson was completed on December 5, 2005 by way of amalgamation/merger under the laws of Bermuda and the British Virgin Islands, following receipt of the approval of Nelson's shareholders at a meeting held on December 2, 2005. Fasken Martineau acted as counsel to the independent committee of Nelson's board of directors with a team that included William Orr, Aaron Atkinson and Richard Berrow.



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