Printer Friendly

SUN BUYS ARCO'S INTERESTS IN TWO NORTH SEA PRODUCTION BLOCKS

 PHILADELPHIA, July 30 /PRNewswire/ -- Sun Company, Inc. (NYSE: SUN) announced today that a Sun subsidiary has purchased all of ARCO British Limited's oil producing interests in the Balmoral and Stirling fields of the U.K. North Sea.
 V. Ray Harlow, president of Sun Oil Britain Limited in London, said that purchase of the interests by Sun Oil North Sea Limited "complements our
existing interests in these fields." Sun is operator of both fields.
 ARCO's interests were 7.458 percent in Balmoral and 17.68 percent in Stirling, bringing Sun's total interests to 58.9964 percent in Balmoral and 54.88 percent in Stirling.
 "This acquisition is in line with Sun's strategy, announced last fall, of focusing on international oil and gas production while exiting from international exploration activities," Harlow said.
 Effective date of the sale was July 1, 1993. Terms were not disclosed.
 -0- 7/30/93
 /CONTACT: Beverly Dotter, 215-977-6537, for Sun Company/
 (SUN)


CO: Sun Company, Inc.; ARCO British Limited ST: Pennsylvania IN: OIL SU: TNM

SH -- NY023 -- 7666 07/30/93 10:28 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1993
Words:177
Previous Article:NOBLE DRILLING DECLARES DIVIDEND ON PREFERRED STOCK
Next Article:BILL M. THOMPSON NAMED DIRECTOR OF NOBLE DRILLING CORPORATION
Topics:

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