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SUN OIL BRITAIN TO SELL EXPLORATION ACREAGE TO AMOCO

 PHILADELPHIA, May 11 /PRNewswire/ -- Sun Company's (NYSE: SUN) London-based subsidiary, Sun Oil Britain Limited, has agreed to sell its exploration interests in 10 U.K. North Sea blocks to Amoco (UK) Exploration Company, for an undisclosed sum.
 V. Ray Harlow, president and managing director of Sun Oil Britain, said the sale, one of the largest of its kind in the U.K. in recent years, represents the majority of Sun's U.K. exploration portfolio, which totalled 17 blocks.
 "This sale largely completes Sun Company's new upstream strategy of exiting exploration and focusing on oil and gas production and development," said Harlow. He said discussions are continuing with potential buyers of the remaining seven exploration blocks.
 Sun's oil and gas production is centered on the U.K. North Sea. Production has also recently begun in Colombia.
 The sale is subject to approval from the British Department of Trade and Industry and to pre-emption rights of existing license partners in some of the blocks. Sun is operator on seven of the 10 blocks being sold.
 Sun Company, Inc., headquartered in Philadelphia, operates five domestic refineries and is engaged principally in retail gasoline marketing in the Northeastern quadrant of the United States, petrochemical sales throughout the U.S., sales of lubricants worldwide, and the operation of domestic pipelines and terminals. Sun also produces crude oil and natural gas internationally and is 55 percent owner of Suncor, a fully integrated Canadian oil company.
 /delval/
 -0- 5/11/93
 /CONTACT: Bud Davis of Sun Co., 215-977-3485/
 (SUN)


CO: Sun Company Incorporated; Sun Oil Britain Limited; Amoco
 Exploration Company ST: Pennsylvania IN: OIL SU: TNM


JM -- PH004 -- 6908 05/11/93 09:45 EDT
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Publication:PR Newswire
Date:May 11, 1993
Words:278
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