Aabar Energy Receives Offer from Mubadala



Further to the invitation to attend the Extraordinary General Meeting of the shareholders of the Company, Aabar Energy's Board of Directors informs the Company's shareholders that the Company has received an offer from Mubadala Development Company to purchase 100% of the shares owned directly or indirectly by the Company in Pearl Energy Limited for $833,333,000 (eight hundred and thirty three million three hundred and thirty three thousand United States Dollars), in substitution for Mubadala Development Company's previous offer of $877,500,000 (eight hundred and seventy seven million and five hundred thousand United States Dollars) to purchase 90% of the shares owned directly or indirectly by the Company in Pearl Energy Limited.

Hence the item concerning this matter in the agenda of the EGM to be convened at 5:00 pm in the evening of Sunday 9 March 2008 at Abu Dhabi Chamber of Commerce and Industry in Abu Dhabi has been amended to read, "The sale by the Company of 443,601,016 shares held directly or indirectly by the Company in Pearl Energy Limited (representing 100% of the issued and paid-up share capital of Pearl Energy Limited) to Mubadala Development Company or its nominee for approximately $833,333,000 subject to any working capital adjustments agreed by the Company and Mubadala Development Company or its nominee, pursuant to a sale and purchase agreement to be agreed and executed by the parties thereto no later than 30 June 2008."


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