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TEXACO ACQUIRES AN INTEREST IN FRANKLIN AND ELGIN

 LONDON, Feb. 22 /PRNewswire/ -- Texaco (NYSE: TX) announced today that it has completed the acquisition of Union Jack Oil plc's 7.5 percent interest in United Kingdom Continental Shelf Block 29/5b. Situated approximately 150 miles east of Scotland in the central area of the North Sea, Block 29/5b contains the Franklin prospect, as well as an extension of the Elgin prospect, both deep, high pressure, gas/condensate discoveries.
 The ownership of Block 29/5b is now held as follows: Elf Exploration UK plc (operator) 48.75 percent; British Gas Exploration and Production Ltd. 23.75 percent; Ranger Oil plc 10 percent; Ruhrgas UK Exploration and Production Ltd. 10 percent; and Texaco North Sea UK Company 7.5 percent.
 The joint development of Franklin and Elgin is currently under evaluation with first production potential in 1998. The acquisition of the interest in this Block provides an important potential for synergy with Texaco's existing interest in the Erskine prospect, located approximately eight miles northeast of Franklin.
 Don Bennett, managing director-Exploration and Production, Texaco Ltd., said, "Cooperation between companies currently involved in developing the gas/condensate fields of the central North Sea has the potential to generate significant cost savings. With its expanded presence in the area, Texaco will be in an even better position to help encourage such cooperation."
 -0- 2/22/93
 /NOTE TO EDITORS: A map showing the location of the Franklin and Elgin prospects is available upon request/
 /CONTACT: Cynthia Boyd of Texaco, 914-253-4743; or Gwyneth Hughes of the Texaco Press Office in London: 44-071-719-4467/
 (TX)


CO: Texaco Inc. ST: New York IN: OIL SU: TNM

TS -- NY036 -- 8866 02/22/93 10:17 EST
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Publication:PR Newswire
Date:Feb 22, 1993
Words:278
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