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LYKES AGAIN INCREASES ITS STAKE IN COASTAL PETROLEUM

 TALLAHASSEE, Fla., Oct. 13 /PRNewswire/ -- Coastal Caribbean Oils & Minerals, Ltd. (Boston: CCO-B, CCO-BN) today said it sold 15 additional shares of its subsidiary, Coastal Petroleum Company, to Lykes Minerals Corp., Tampa, at $40,000 per share.
 The company said Lykes purchased six of the shares under an option it held, and acquired the balance under a second option that became available to Lykes when another investor declined to exercise it.
 The $600,000 acquisition increases Lykes' stake in Coastal Petroleum Company to 11.3 percent (33 shares), with Coastal Caribbean's interest having been reduced to 75.7 percent, a spokesman said.
 -0- 10/13/93
 /CONTACT: Arthur B. O'Donnell of Coastal, 203-525-1202/


CO: Coastal Caribbean Oils & Minerals, Ltd.; Coastal Petroleum Company;
 Lykes Minerals Corp. ST: Florida IN: OIL SU: TNM


LG-TS -- NY012 -- 1594 10/13/93 11:00 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
Words:139
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