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
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|Date:||Nov 18, 1991|
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