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Aabar provides update on possible sale of Pearl Energy subsidiary

United Arab Emirates: Tuesday, January 15 - 2008 @ 09:49

Following the earlier announcement of 13 January 2008, Aabar Petroleum Investments Company PJSC (Aabar) confirms that it convened a meeting of the Board of Directors (the Board) at 3.00 pm on 14 January 2008 and the Board resolved to convene an Extraordinary General Meeting of Aabar’s shareholders to consider the sale to Mubadala Development Company (Mubadala) of ninety percent (90%) of the issued shares in Pearl Energy Limited (Pearl).

After the above Board resolution was passed, Aabar and Mubadala executed a non-binding heads of agreement (“HOA”) reflecting the basis of Mubadala’s possible purchase of the ninety percent (90%) of the issued shares in Pearl for a total consideration of approximately $877.5m.

The transaction contemplated under the HOA is subject to, amongst other things, the execution of a formal sale and purchase agreement.

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Tuesday, January 15- 2008 @ 9:49 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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