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NOBLE AFFILIATES ANNOUNCES INTENT TOPURCHASE CERTAIN FREEPORT-MCMORAN GULF PROPERTIES

 ARDMORE, Okla., June 22 (PRNewswire) -- Noble Affiliates, Inc. (NYSE: NBL) today announced its wholly owned subsidiary, Samedan Oil Corporation, has signed a letter of intent to purchase Freeport-McMoRan Inc.'s (NYSE: FTX) approximate 70 percent interest in the East Cameron 320, 331 and 332 federal offshore lease blocks in the Gulf of Mexico for $100 million in cash.
 Freeport-McMoRan Inc. discovered oil and gas/condensate on the blocks during 1992. Seven additional wells have been drilled to delineate and develop the field, which is located 100 miles offshore Louisiana in 250 feet of water. Samedan will become the operator of the blocks. Production facilities are currently in the design phase, and first production from the field is projected for late 1994 or early 1995.
 Completion of the transaction is subject to negotiation and execution of a definitive sale and purchase agreement and is scheduled to occur not later than Aug. 1, 1993. Noble Affiliates plans to finance the purchase with available cash.
 Noble Affiliates, Inc. is an independent energy company with exploration and production operations throughout major basins in the United States, including the Gulf of Mexico, as well as international operations primarily in Canada, Tunisia, Indonesia and Equatorial Guinea. Its common stock is listed on the NYSE under the symbol NBL.
 -0- 6/22/93
 /CONTACT: William D. Dickson of Noble Affiliates, 405-223-4110/
 (NBL FTX)


CO: Noble Affiliates, Inc.; Freeport-McMoRan Inc. ST: Oklahoma IN: OIL SU:

GK-MG -- NY067 -- 4661 06/22/93 15:39 EDT
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Publication:PR Newswire
Date:Jun 22, 1993
Words:246
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