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SUN FARMS OUT HALF ITS INTEREST IN NEW ZEALAND PROSPECTING LICENSE

 SUN FARMS OUT HALF ITS INTEREST IN NEW ZEALAND PROSPECTING LICENSE
 PHILADELPHIA, March 18 /PRNewswire/ -- Sun Company (NYSE: SUN) today said its subsidiary Sun Oil New Zealand Limited has farmed out half of its 89 percent beneficial interest in an offshore New Zealand petroleum prospecting license to Shell Petroleum Mining Limited and Todd Petroleum Mining Limited, each of whom now has a 22.25 percent interest.
 The remaining 11 percent interest is retained by the New Zealand Ministry of Energy on behalf of the Crown.
 V. Ray Harlow, president of Sun's international exploration and production company, said the farm-out, which is subject to the consent of the Ministry of Energy, is in line with Sun's strategy of managing its exposure in frontier prospects where it is the sole commercial presence.
 The license (PPL 38444) covers an offshore block in the Taranaki Basin between 40 kilometers and 80 kilometers west of New Plymouth, New Zealand. Under the agreement, Shell Todd Oil Services becomes the new operator of the license. Shell Todd, a special purpose joint venture company, is currently operator of the existing Maui Gas Field 60 kilometers to the south.
 Drilling of an exploration well, forecast to a depth of 4,700 meters, is expected to begin early in April and be completed in about two months.
 Sun Company is an energy company with interests in U.S. and Canadian petroleum refining and marketing, U.S. coal and coke production, synthetic crude oil production in Canada, and crude oil and natural gas exploration and production outside the United States. Branded marketing is carried out under the Sunoco brand in the United States and Canada and also under the Atlantic brand in the United States. Sun Company trades on the New York Stock Exchange and other stock exchanges with the symbol "Sun."
 /delval/
 -0- 3/18/92
 /CONTACT: Bud Davis of Sun Company, 215-977-3485/
 (SUN) CO: Sun Company Incorporated; Sun Oil New Zealand Limited;
 Todd Petroleum Mining Limited ST: Pennsylvania IN: OIL SU:


CC -- PH032 -- 9359 03/18/92 16:02 EST
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Publication:PR Newswire
Date:Mar 18, 1992
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