EANS-Adhoc: OMV Aktiengesellschaft / OMV expands Exploration and Production portfolio with major investment in Tunisia

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OMV / Oil / Gas / Austria

06.01.2011

• OMV acquires Tunisian Exploration and Production (E&P) subsidiaries
of Pioneer Natural Resources for USD 800 mn plus working capital •
Transaction adds immediate production and significant exploration and
development upside • Substantial operational synergy potential given
adjacency to OMV´s existing Tunisian assets • Acquisition in line
with the corporate strategy to pursue bolt-on acquisitions in E&P to
enable future growth

Today, OMV, the leading energy Group in the European growth belt,
through its fully owned subsidiary OMV (Tunesien) Production GmbH,
signed an agreement to purchase 100% of the 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, for a purchase
price of USD 800 mn plus working capital of Pioneer Tunisia. The
working capital amounts to USD 65.7 mn and will be adjusted as of
closing based on the 2010 audited financial statements as well as any
dividend distributions to and capital contributions from the seller
following December 31, 2010. Closing of the transaction is expected
in Q1/11.

The transaction will significantly strengthen OMV´s position in
Tunisia, an important country in the E&P core region North Africa.
OMV will acquire immediate production of approximately 5,700 boe/d
(average net production in Q4/10), 90% is attributable to oil and 10%
to gas. Based on a report by DeGolyer MacNaughton of June 2010,
Pioneer Tunisia´s acreage holds 2P reserves of 38 mn boe and 3P
reserves of 59 mn boe. The acreage offers considerable exploration
upside and will complement OMV´s existing south Tunisian assets,
Jenein Sud and Nawara, very well. From a strategic point of view, OMV
will be able to unlock substantial synergy potential in field
operational activities. Furthermore, Pioneer Tunisia and OMV are both
partners in the South Tunisia Gas Project (STGP) which aims to build
a 320 km gas pipeline from the Adam production concession to the city
of Gabes by 2014 to supply the Tunisian domestic market with gas.
With the now reached consolidated partnership structure, the decision
making process for the STGP will be facilitated.

The transaction consideration will be initially 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.

Pioneer Tunisia´s interest in the Anaguid exploration permit and in
the Mona/Durra production concession is subject to a pre-emption
right of Pioneer Tunisia´s partner under the respective Joint
Operating Agreement. Anaguid and Durra/Mona account for 13% of the
purchase price. In case the pre-emption right is exercised and
Pioneer Tunisia´s partner acquires the shares in Pioneer Natural
Resources Anaguid Ltd., the purchase price will be adjusted
accordingly.

end of announcement euro adhoc
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ots Originaltext: OMV Aktiengesellschaft
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

OMV
Investor Relations:
Angelika Altendorfer-Zwerenz
Tel. +43 1 40 440-21600
e-mail: investor.relations@omv.com

Media Relations:
Michaela Huber
Tel. +43 1 40 440-21661
e-mail: michaela.huber@omv.com

Internet Homepage: http://www.omv.com

Branche: Oil & Gas - Downstream activities
ISIN: AT0000743059
WKN: 874341
Index: ATX Prime, ATX
Börsen: Wien / official market