Abacan Announces Letter of Intent for Benin Basin Gas and Electrical Generation Project.HOUSTON--(BUSINESS WIRE)--June 4, 1998--Abacan Resource Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ABACF) announces that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Abacan Power (Benin) Limited has entered into a binding Letter of Intent with Enron Benin Power Ltd., a subsidiary of the Enron Corporation Enron Corporation, U.S. company that in 2001 became the largest bankruptcy and stock collapse in U.S. history up to that time. The company was formed in 1985 when InterNorth purchased Houston Natural Gas to create the country's longest natural-gas pipeline network. , and the government of Benin, for the development, financing, construction and operation of an electrical generation Power Plant to be located in Cotonou, Benin, and a natural gas pipeline to supply natural gas to the Power Plant. The technical terms of the project are being finalized with the Communaute Electrique du Benin (CEB CEB Chief Executives Board (United Nations) CEB Council of Europe Development Bank CEB Corporate Executive Board CEB Ceylon Electricity Board (Sri Lanka) ) of Benin and Togo. It is the intention of the parties to expand the sale of electricity to areas in the West-African sub-region. The required natural gas supply for the project will come from Abacan's gas reserves in the offshore Benin Basin. Abacan Power (Benin) Limited will have an ownership interest in the pipeline and power plant of up to 20 percent. Because of the present electricity supply crisis in the West-African sub-region, Enron and Abacan will be implementing the execution of the project as soon as practicable, targeting early to mid-1999 for start-up. Certain statements in this News Release constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. In particular, there is no assurance that the proposed electrical generation project will be completed or that the Corporation will be able to deliver the natural gas from its current concession blocks to the project as expected.
CONTACT: Abacan Resource Corporation
Jim Harvey, 281/721-0552
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