8-KOther EventsExhibits & Filings

IMPERIAL OIL LTD 8-K Report, Corporate Update (Oct 17, 2012)

Filed October 17, 2012For Securities:IMO

Summary

Imperial Oil Ltd. (IMO) has filed an 8-K report on October 17, 2012, to disclose information regarding a potential future participation in an acquisition. While Imperial Oil is not directly involved in the current transaction, its affiliate, ExxonMobil Canada, has announced an agreement to acquire Celtic Exploration Ltd. This acquisition is being made by an ExxonMobil Canada affiliate, not directly by Imperial Oil. However, the filing highlights that Imperial Oil has the option to participate in this new Canadian upstream opportunity at a later date, based on an existing agreement with ExxonMobil Canada that allows for equal participation. Investors should monitor future announcements regarding Imperial Oil's decision on whether to exercise this participation right.

Key Highlights

  • 1ExxonMobil Canada (an affiliate of Imperial Oil) announced an agreement to acquire Celtic Exploration Ltd.
  • 2Imperial Oil Ltd. is not a direct party to this acquisition agreement.
  • 3Imperial Oil has the option to participate in the Celtic Exploration acquisition at a later date.
  • 4Participation is contingent on an existing agreement with ExxonMobil Canada for upstream opportunities in Canada.
  • 5The agreement allows for up to equal participation by Imperial Oil in new Canadian upstream opportunities.
  • 6The filing is primarily to disclose this potential future involvement and includes ExxonMobil Canada's press release as an exhibit.

Frequently Asked Questions

No, Imperial Oil is not a direct party to the acquisition agreement. The agreement is between an ExxonMobil Canada affiliate and Celtic Exploration Ltd.

Imperial Oil is filing this report to disclose a potential future opportunity. Under an existing agreement with ExxonMobil Canada, Imperial Oil may elect to participate at a later date in this new Canadian upstream opportunity.

Imperial Oil has the right to 'elect to participate at a later date' in the acquisition of Celtic Exploration, based on an agreement that allows for up to equal participation in new Canadian upstream opportunities with ExxonMobil Canada.

While not detailed in this 8-K, Celtic Exploration Ltd. is the target company being acquired by an ExxonMobil Canada affiliate. It is likely an entity involved in upstream oil and gas operations, given the context of Imperial Oil's potential participation in 'new Canadian upstream opportunities'.