CNOOC to Acquire OPTI Canada - CNOOC will Strengthen its Presence in Canadian Oil Sands - Deal Analysis from GlobalData by GlobalData

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									           CNOOC to Acquire OPTI Canada - CNOOC will Strengthen its
              Presence in Canadian Oil Sands - Deal Analysis from
                                 GlobalData
       Reference Code: GDGE0316M&A                                                                                                           Publication Date: July 2011


       1         Table of Contents                                                                  Figure 5:   CNOOC – OPTI Deal, Contribution to Daily
                                                                                                                Production Growth of CNOOC ................................. 4
       1 Table of Contents.................................................................1
        1.1 List of Tables .................................................................1
        1.2 List of Figures ................................................................1
       2 CNOOC to Acquire OPTI Canada........................................2
        2.1 Deal Overview ...............................................................2
        2.2 Deal in Brief ...................................................................2
        2.3 Following the Completion of the Acquisition, OPTI will
             Become an Indirect Wholly-owned Subsidiary of
             CNOOC .........................................................................2
        2.4 CNOOC is Using M&A Route to Map Growth Strategy
             and Diversify its Geographical Presence.......................5
        2.4 CNOOC is Using M&A Route to Map Growth Strategy
             and Diversify its Geographical Presence.......................5
        2.5 OPTI has been Looking for Strategic Alternatives to
             Address its Leverage and Liquidity Position ..................6
        2.6 The Current Deal is Under-priced Compared to Other
             Oil Sands Asset Transactions and Acquisitions in
             Canada in 2010 .............................................................6
        2.7 Deal Financials and Valuations .....................................6
       3 Appendix ..............................................................................8
        3.1 Methodology ..................................................................8
        3.2 Contact Us.....................................................................9
        3.3 Disclaimer......................................................................9

       1.1       List of Tables
       Table 1:   CNOOC, Asset Transactions, Acquisitions and
                  Partnership Details, January 2010 – July 2011 ........5
       Table 2: Canada, Oil Sands Asset Transactions and
                  Acquisitions Details, 2010 ........................................6
       Table 3: Companies Involved ....................................................6
       Table 4: Financials of the Deal ..................................................7
       Table 5: Advisor Information ......................................................7
       Table 6: Target Information .......................................................7
       Table 7: Target’s Financial Information.....................................7
       Table 8: Share Price Information ...............................................7
       Table 9: Company Valuation Multiples ......................................7
       Table 10: Target’s Production and Reserves Information ..........8
       Table 11: Company Valuation Multiples ....................................8
       Table 12: Commodity Prices in $, Last Close ............................8
       Table 13: Acquirer Information ..................................................8

       1.2       List of Figures
       Figure 1: Ownership Structure of Long Lake, Kinosis,
                 Leismer, and Cottonwood Assets Post – Acquisition2
       Figure 2: OPTI, Oil Sands Assets, Location Map, February
                 2011 .........................................................................3
       Figure 3: OPTI, Oil Sands /Bitumen Reserves and Resources,
                 December 31, 2010 ..................................................3
       Figure 4: CNOOC – OPTI Deal, Contribution to Proved
                 Reserves Growth of CNOOC ...................................4



                                                                                                                                           GDGE0316M&A /Published JUL 2011
CNOOC to Acquire OPTI Canada - CNOOC will Strengthen its Presence                                                                                                   Page 1
in Canadian Oil Sands
                                                                                                     © GlobalData. This report is a licensed product and is not to be photocopied
                                                                          issued and outstanding common shares of OPTI at a price of
                                                                          $0.12 per share for a cash payment of $34m. Additionally,
       2       CNOOC to Acquire OPTI Canada                               CNOOC, through its subsidiaries, will assume, in accordance
                                                                          with the notes’ indentures, OPTI’s $300m 9.75% first lien notes
       2.1    Deal Overview                                               due 2013 and its $525m 9% first lien notes due 2012
       Deal Type:               Acquisition                               (collectively called first lien notes).

       Deal Status:             Announced                                 The transaction is subject to certain terms and conditions,
                                                                          including government and regulatory approvals by the relevant
       Announced Date:          July 20, 2011
                                                                         
								
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