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SUN SELLS EXPLORATORY INTERESTS IN GULF OF THAILAND TO BRITISH GAS PLC

 PHILADELPHIA, June 23 /PRNewswire/ -- Sun Company, Inc. (NYSE: SUN) announced today that it has completed the sale of its 50 percent interest in three exploratory blocks in the Gulf of Thailand to British Gas South East Asia Limited, a subsidiary of British Gas Plc.
 The purchase price was not disclosed.
 The blocks, designated by Thailand as Blocks 7, 8, and 9, comprise a 10,420 sq km area in the Gulf of Thailand. Although there have been no discoveries on the blocks, they are located in a basin where gas is currently being produced. Activity on the blocks is currently suspended pending resolution of overlapping claims between Thailand and Cambodia.
 Sun Company Chairman/CEO Robert H. Campbell said the sale is in line with Sun's strategy, announced last fall, of exiting from international oil and gas exploration activities.
 The transaction was accomplished through the sale of all shares of Sun Thailand Oil Company, a Sun subsidiary, to British Gas. The new company will become British Gas Asia, Inc.
 The remaining 50 percent equity interest is held by Chevron (33.33 percent) and Petroleum Resources (Thailand) Pty Limited (16.67 percent).
 /delval/
 -0- 6/23/93
 /CONTACT: Katie Turner of Sun, 215-977-6106/
 (SUN)


CO: Sun Company, Inc.; British Gas South East Asia Limited ST: Pennsylvania IN: OIL SU:

MK -- PH004 -- 4879 06/23/93 09:23 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
Words:226
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