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ASTRA COMPLETES PURCHASE OF 20 PERCENT OF THE SHARE CAPITAL OF OCCIDENTAL EXPLORATION OF ARGENTINA

 -- Announces Joint Venture With Shell C.A.P.S.A. --
 BUENOS AIRES, Argentina, Aug. 30 /PRNewswire/ -- ASTRA C.A.P.S.A.


(ASTR) today announced the closing of its purchase of 20 percent of the share capital of Occidental Exploration of Argentina Inc. and the acquisition of the option to buy the remaining 80 percent of this company, originally announced July 30, 1993 and Aug. 19, 1993.
 Additionally, today ASTRA has agreed with Shell Compania Argentina de Petroleo Sociedad Anonima to the transfer, retroactively from Aug. 1, 1993, of a 65 percent joint ownership of the rights, titles and obligations corresponding to ASTRA in the concession for the exploitation of hydro-carbons in the areas of "Canadon Seco" and "Meseta Espinosa," for a price of US$23,400,000. On Dec. 31, 1992 the audited proved reserves of the two areas amounted to 4,894,000 barrels.
 As a result of this transaction ASTRA C.A.P.S.A. will maintain a 35 percent share in the "Canadon Seco" and "Meseta Espinosa" areas while keeping its role of sole operator of both areas.
 This transfer is subject to approval of the National Executive Power and to the publication of the corresponding decree in the Official Report before Oct. 29, 1993.
 ASTRA is a major oil and gas producer which has expanded into electricity and natural gas utilities through Argentina's privatization program. Domestically ASTRA is the fourth largest oil and gas producer. Its shares are quoted in Switzerland as well as on the Buenos Aires Stock Exchange.
 -0- 8/30/93
 /CONTACT: Mr. Ernesto Brennan, or Ms. Monica Demaestri, or Ms. Victoria Premrou, all of ASTRA C.A.P.S.A., 54-1-334-0916/18, or fax 54-1-334-1057, or Edmund R. Belak of Georgeson & Co., 212-440-9801, or fax 212-440-9014, for ASTRA C.A.P.S.A./


CO: ASTRA C.A.P.S.A.; Occidental Exploration of Argentina Inc. ST: IN: OIL SU: TNM

CK-LD -- NY084 -- 7250 08/30/93 17:26 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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