GLOBAL NATURAL RESOURCES IN MALAYSIA
GLOBAL NATURAL RESOURCES IN MALAYSIA HOUSTON, Sept. 18 /PRNewswire/ -- Global Natural Resources Inc.
(NYSE: GNR) announced today that it has entered into an agreement to acquire an interest in a contract area offshore Malaysia. Subject to ratification by Petronas, the state oil company, Global will purchase from Hall-Houston Malaysia Ltd., a 10 percent interest in a production sharing contract covering Block SB4 offshore Sabah. Under the terms of this agreement, Global has the right to increase its interest to 20 percent in subsequent prospects.
"The hydrocarbon potential of this block, combined with its relatively modest costs, represents the type of international opportunity which Global is seeking," said Robert Vagt, president and chief executive officer. Global Natural Resources Inc. is a Houston-based energy company engaged in the exploration, development and production of oil and gas in North America. The company also owns an interest in long-term oil and gas production sharing contracts in Indonesia and has joint venture projects in Tatarstan-Russia and Argentina. -0- 9/18/92 /CONTACT: Robert F. Vagt or William Hubbard of Global Natural Resources, 713-880-5464/ (GNR) CO: Global Natural Resources, Inc. ST: Texas IN: OIL SU:
KD -- NY046 -- 1142 09/18/92 13:03 EDT
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|Date:||Sep 18, 1992|
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