LUKOIL Overseas acquires 65% of issued and outstanding common shares of Nelson Resources Limited of Bermuda

    CALGARY, Oct. 14 /PRNewswire/ - LUKOIL Overseas announces that it has
 acquired 65% of the issued and outstanding common shares of Nelson Resources
 Limited. These shares have been acquired from the major shareholders with whom
 LUKOIL Overseas had entered into irrevocable agreements announced on October
 3, 2005.
     As a result of the above transaction, LUKOIL Overseas becomes the owner
 of 566,393,162 issued and outstanding common shares of Nelson Resources
 Limited.
     The acquisition price of US$ 2.1916 per share is the same as the
 consideration per share to be offered under the merger agreement entered into
 between LUKOIL Overseas, its affiliate and Nelson Resources Limited for US$
 2.0 billion, which was announced on October 13, 2005.
     LUKOIL Overseas, in addition, beneficially owns 18,250,000 common shares
 of Nelson Resources Limited issuable upon the exercise of stock options held
 by the major shareholders (approximately .7% of the diluted number of common
 shares) by virtue of having the right to acquire and the obligation to acquire
 such shares pursuant to the irrevocable agreements.
     LUKOIL Overseas does not act jointly with any person, other than its
 affiliate, in this regard. LUKOIL intends to acquire 100% of the issued and
 outstanding common shares of Nelson resources Limited pursuant to the merger
 agreement. Such intention may be varied as circumstances arise, including the
 discontinuance of such acquisition, a non-exercise of remaining rights of
 acquisition and/or the disposition of all or a portion of its interests in the
 securities.
 
 
 

SOURCE LUKOIL Overseas Holding Ltd.

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