Abacan Corporate Update.CALGARY, ALBERTA--(BUSINESS WIRE)--March 17, 1998--Abacan (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) Abacan Resource Corporation (TSE: "ABC":; NASDAQ: "ABACF") announced today 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. , West African West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. Resources Corp., has entered into a letter of intent with a subsidiary of a major international gas transmission and power generation company to jointly evaluate a proposed independent power project in Cotonou, Benin. Plans would include using Abacan Benin Basin gas reserves for the power plant feedstock. Start-up could occur as early as mid-1999. Certain statements in this News Release constitute "forward looking statements" within the meaning of the Private Securities Litigations Reform Act 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, these include the risk that a formal agreement with the major international gas transmission and power generation company will not be finalized, that the proposed power project will not be completed and that Abacan Benin gas will not be delivered as expected. CONTACT: Abacan Resource Corporation Jim Harvie, 403/262-1220 |
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