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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Atlantic Coal | LSE:ATC | London | Ordinary Share | GB00B142G994 | ORD 0.07P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS No 4644a ATLANTIC RICHFIELD COMPANY 17th July 1998 ARCO Acquires 25% Interest in Natural Gas Development Area in Gulf of Thailand LOS ANGELES, July 17 /PRNewswire/ -- ARCO (NYSE: ARC) announced today it has acquired a 25% interest in a major natural gas project in the Malaysia- Thailand Joint Development Area in the Gulf of Thailand. The acquisition came through a definitive agreement signed by ARCO with Triton Energy Limited (NYSE: OIL) in which ARCO will acquire 50% of the subsidiary holding Triton's interest in the Joint Development Area. Upon closing, Triton and ARCO will each hold a 25% interest in the Joint Development Area through their holdings in the subsidiary. The remaining 50% will continue to be owned by the Malaysian state oil company, Petronas. Gross resources are estimated to exceed 10 trillion cubic feet equivalent. Under the terms of the agreement, ARCO will pay $150 million to Triton upon closing. ARCO has also agreed to fund half of the project development costs until first commercial production, up to a maximum of $377 million. ARCO will recover these development costs under the terms of the production sharing contract once production commences. In addition, ARCO has agreed to make incentive payments of up to $65 million in 2002 and again in 2005 if specific development objectives are met over the life of the project. Development of the Joint Development Area is the responsibility of CTOC, an operating company formed between Triton and Caragali, the exploration and production arm of Petronas. Commenting on the agreement, ARCO Chairman and Chief Executive Officer Mike R. Bowlin said: "This project is very attractive for ARCO and consistent with our strategy of emphasizing exploration and production in our core focus areas. We view the Joint Development Area as a world-class asset with significant reserves strategically located in a high-potential gas market. ARCO has extensive experience in pipeline gas projects in Asia, as evidenced by our long-standing presence in Indonesia and our more recent Yacheng-13 project in China." "We have the greatest respect for Triton and look forward to working with them as partners to develop this important asset. We are also very excited to have the opportunity to continue to build our relationship with Petronas Caragali." Triton Chief Executive Officer Bob Holland added: "We are looking forward to working with ARCO, which has well-established and extensive project management experience. This, in turn, should enhance the value of the overall project." ARCO is a Los Angeles-based energy company focused on hydrocarbons. Worldwide operations include all aspects of exploration, production and marketing of crude oil, natural gas, and natural gas liquids, as well as refining, marketing and transportation of petroleum products. Triton Energy Limited is a Dallas-based international oil and gas exploration and production company primarily focused on large-scale projects and exploration opportunities around the world. The company has major projects underway in Latin America and Southeast Asia. Some or the matters discussed in this news release are forward-look statements that involve risks and uncertainties. Actual results could differ materially based on numerous factors, including the realized level of crude oil and natural gas production and other risks detailed from time to time in the company's SEC reports, including the 1997 report on Form 10-K. CONTACT: Albert Greenstein of ARCO, 213-486-3384/ Web site: http://www.arco.com/ (ARC OIL) END ACQNFLXXFEAPEFN
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