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OMV closes acquisition of Pioneer’s subsidiaries in Tunisia

February 18, 2011 - 14:45 pm (CET)

  • Share purchase of Tunisian exploration and production (E&P) business of Pioneer Natural Resources successfully completed as of February 18, 2011
  • OMV paid USD 800 mn plus USD 39.3 mn working capital
  • Pre-emption right for Anaguid exploration permit and Mona/Durra production concession not exercised by the joint venture partner
  • Acquisition in line with corporate strategy to pursue bolt-on acquisitions in E&P to enable further growth
  • OMV remains committed to maintaining a strong investment grade
  • credit rating

Today, OMV, the leading energy Group in the European growth belt, through its fully owned subsidiary OMV (Tunesien) Production GmbH, completed the acquisition of 100% of the entire issued share capital of Pioneer Natural Resources Tunisia Ltd. and Pioneer Natural Resources Anaguid Ltd. (together “Pioneer Tunisia”) from Pioneer Natural Resources, an independent US oil and gas company. The transaction was aligned with the Tunisian government.

OMV has paid USD 800 mn as purchase price plus USD 39.3 mn as working capital which has been adjusted for USD 37.0 mn of dividends distributed to, and USD 10.6 mn of capital contributions made by the seller between signing and closing. The working capital amount will be finally adjusted based on the 2010 audited financial statements, which are expected in Q1/11.

The pre-emption right regarding the Anaguid interest has not been exercised by the joint venture partner. OMV therefore also acquired the rights in the Anaguid exploration permit and the Mona/Durra production concession.

From a strategic point of view, the acquired acreage offers considerable exploration upside and complements OMV’s existing south Tunisian assets, Jenein Sud and Nawara, very well. With closing of the transaction, OMV doubles its daily production in Tunisia, totalling above 10,000 boe and will benefit from immediate realization of operational synergies. Both OMV's and Pioneer Tunisia's operations were maintained throughout the recent weeks and their staff were actively pursuing transition activities. This acquisition underlines OMV's view on the potential in the South and our long-term commitment to the country.

The transaction consideration has been funded with existing cash and committed credit lines. OMV remains committed to strict capital discipline and retains the clear objective of maintaining a strong investment grade credit rating.

Background information:

OMV Aktiengesellschaft
With Group sales of EUR 17.92 bn and a workforce of 34,676 employees in 2009, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. As the leading energy Group in the European growth belt, OMV is active in Refining & Marketing (R&M) in 13 countries. In Exploration & Production (E&P) OMV is active in 16 countries on four continents. In Gas & Power (G&P) OMV sells approximately 13 bcm gas per year. Through its 2,000 km long gas pipeline network in Austria G&P transports approximately 75 bcm gas annually. OMV’s Central European Gas Hub is with around 23 bcm annual trading volume one of the most important gas hubs in Continental Europe.

OMV is the leading energy Group in the European growth belt with oil and gas reserves of approximately 1.19 bn boe, daily production of around 316,000 boe in Q3/10 and an annual refining capacity of approximately 26 mn t. OMV now has 2,310 filling stations as of Q3/10. The market share of the group in the R&M business segment in the Danube Region is now 20%.

OMV further strengthened its leading position in the European growth belt through the acquisition of a majority stake in Petrol Ofisi, Turkey’s leading company in the retail and commercial business.

Under its 3plus strategy, OMV combines the strengths of its E&P, G&P and R&M business units in order to ensure that it provides the best possible supply service to its three core markets of Central and Eastern Europe, Southeast Europe and Turkey. OMV uses the synergies that result from the combination of these strengths to extend its supply chain from oil and gas through to electricity and eventually renewable energy.

Sustainability
OMV is a signatory to the UN Global Compact, and an active supporter to the values enshrined in its Code of Conduct. These include a strong sense of responsibility towards the social and natural environment, especially in economically weak regions. OMV continuously addresses economic, environmental and social issues related to its business in a responsible manner. The Company reports on its activities in a sustainability report in accordance with
 
the Global Reporting Initiative Guidelines. This report is published at the same time as the annual report.

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