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APCO ARGENTINA REPORTS INCOME

 TULSA, Okla., Aug. 12 /PRNewsire/ -- Apco Argentina Inc. today reported unaudited net income of $3.1 million, or 42 cents per share, and $6.2 million, or 84 cents per share, for the three and six months ended June 30, 1993. This compares with unaudited net income of $3.2 million, or 43 cents per share, and $5.4 million, or 73 cents per share, for the respective periods in 1992. Although net income for the second quarters 1993 and 1992 were comparable, lower equity income from the company's Entre Lomas investments was offset by lower general and administrative expense. A decrease in operating results of the Entre Lomas joint venture was caused by lower oil sales volumes combined with costs incurred in 1993 associated with seismic and other expenditures related to the current exploration effort, partially offset by lower operating expenses.
 The increase in net income for the six months ended June 30, 1993, compared with the same period in 1992, was primarily due to equity income from the company's Entre Lomas investments and because of the absence of a charge that reduced results for the period last year.
 Operating results of the Entre Lomas joint venture improved during the six month period due to increased oil prices and lower operating expenses partially offset by lower oil sales volumes and costs incurred in 1993 associated with the aforementioned exploration effort. Additionally, equity income increased because of the effect of a one-time tax charge by Petrolera, the operator of the Entre Lomas concession, reflecting changes that were made in Argentine tax law in 1992. Apco owns 33.6 percent of Petrolera's stock.
 Apco Argentina Inc. is engaged in joint ventures in oil and gas exploration, development and production in Argentina.
 -0- 8/12/93
 /CONTACT: Thomas Bueno of Apco Argentina, 918-588-2164/


CO: Apco Argentina ST: Oklahoma IN: OIL SU: ERN

TM -- SF010 -- 2194 08/12/93 14:51 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
Words:319
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