Printer Friendly

ENSERCH SELLS INTERESTS IN NORTH SEA PROPERTIES

 ENSERCH SELLS INTERESTS IN NORTH SEA PROPERTIES
 DALLAS, Nov. 18 /PRNewswire/ -- ENSERCH Corporation (NYSE: ENS)


today announced that Veba Oil Nederland B.V. has agreed to purchase the stock of ENSERCH Netherlands, Inc., a subsidiary of ENSERCH Corporation. A Hart-Scott-Rodino filing has been made, and closing of the transaction is expected shortly after clearance.
 Although specific terms of the transaction have not been disclosed, ENSERCH expects to record a before-tax gain of about $6 million (six cents per share after tax).
 The properties owned by ENSERCH Netherlands, Inc. consist principally of a 10 percent working interest in the Block P/15 Rijn oil field and a 6 percent working interest after government participation in that block's gas fields. Enserch Netherlands and Veba Oil Nederland B.V. have been partners in the P/15 gas development, in which Amoco Production Company is the operator. After the acquisition, Veba Oil Nederland B.V.'s working interest in the Rijn oil field will be 18.3 percent and will range from 8.5 percent to 11.3 percent in the gas fields.
 Enserch Netherlands, Inc. also holds a 25 percent interest in and is operator of Block P/5b.
 ENSERCH Corporation is a diversified energy, engineering and construction company.
 -0- 11/18/91
 /NOTE TO EDITORS: Correct style is ENSERCH Corporation./
 /CONTACT: Crystal Bell of ENSERCH, 214-670-2528/
 (ENS) CO: ENSERCH Corporation; Veba Oil Nederland B.V. ST: Texas IN: OIL SU: JT -- NY071 -- 4517 11/18/91 13:32 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1991
Words:247
Previous Article:YORK INTERNATIONAL ANNOUNCES REDEMPTION OF DEBENTURES
Next Article:MOOG AWARDED LARGE COMMERCIAL CONTRACT
Topics:


Related Articles
ENSERCH CAPITAL SPENDING PLANS FOR 1992
ENSERCH REPORTS 1991 RESULTS; BOARD DECLARES DIVIDEND
ENSERCH EXPLORATION PARTNERS, LTD. ANNOUNCES 1991 FINANCIAL RESULTS, RESERVES LEVELS
ENSERCH TO REDEEM DEBENTURES
DUFF & PHELPS LOWERS DEBT AND PREFERRED RATINGS OF ENSERCH CORP.
ENSERCH EXPLORATION PARTNERS, LTD. CONVERTED TO ENSERCH EXPLORATION, INC.
ENSERCH EXPLORATION ANNOUNCES THE OFFERING FOR SALE OF ROCKY MOUNTAIN PROPERTIES
ENSERCH CORPORATION AND TEXAS UTILITIES REACH AGREEMENT TO COMBINE COMPANIES
ENSERCH EXPLORATION REACHES AGREEMENTS TO SELL ROCKY MOUNTAIN PROPERTIES
ENSERCH Capital I $150 Million Preferred Securities Rated 'BBB-' by Fitch IBCA - Fitch IBCA Financial Wire -

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters