Beryl Field Consortium Buys Conoco Interests.

FAIRFAX, Va.--(BUSINESS WIRE)--Oct. 20, 1997--Mobil Corp. Monday announced that it, along with its Beryl Field partners, has agreed to acquire Conoco's entire interests in UKCS Quadrant 9.

The Beryl Field partners include Mobil North Sea Ltd. as operator, Enterprise Oil Plc., Amerada Hess Ltd., and OMV (UK) Ltd. The field is located 215 miles northeast of Aberdeen, Scotland.

The transaction gives the Beryl consortium partners interests in three near-term developments, Buckland, Sorby and Maclure located close to the Beryl Field, plus significant exploration potential in adjacent blocks.

It is anticipated that the Buckland and Sorby discoveries will be developed as sub-sea tie-backs to existing Beryl facilities. Production is expected to begin in 1999 at 9,500 BOE per day rising to 70,000 BOE within a year.

Through this acquisition, Mobil's shares of the Buckland, Sorby and Maclure fields will increase by approximately eight percent, five percent, and 17 percent, respectively. Mobil will own approximately 35 percent of the estimated 200-300 MMBOE contained in the three fields.

"This strategic acquisition reinforces Beryl's position as a hub of North Sea production activity," said John Cousins, chairman of Mobil North Sea Ltd. "With this additional production in such close proximity to our existing properties and infrastructure, we will be able to extend the life of our existing properties, maximize the return on our Beryl field development costs, and contribute to Mobil's worldwide goal of profitably growing its oil production and reserve base."

The sale and purchase agreement with Conoco was executed on Monday, Oct. 13, with the bid now beginning a 60-day pre-emption period. The transaction, which is subject to government approval, is expected to be completed by the end of 1997, with ownership interests retroactively effective July 1, 1997.

CONTACT: Mobil Corp.

H. Lloyd Slater, (UK) [phone]

Bill Cummings, 703/846-3110