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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 6893b ATLANTIC RICHFIELD COMPANY 9th June 1998 ARCO, CNOOC Expand Cooperation Agreement For Development of Gas Fields in South China Sea LOS ANGELES, June 9 /PRNewswire/ -- A cooperation agreement signed last October between Los Angeles-based ARCO and the China National Offshore Oil Corp' (CNOOC) for development of the Ledong natural gas fields in the South China Sea was expanded today to include structures in the nearby Wenchang area where gas was previously discovered. The supplementary agreement, signed today by CNOOC President Wang Yan and ARCO President William E. Wade, Jr., increases the likelihood that a commercially viable project can be developed by combining the Ledong/Wenchang prospects with the nearby ARCO-operated Yacheng 13-1 gas field which has been supplying qas to Hong Kong since 1996. An expanded feasibility study is scheduled to be completed by the end of this month. The Wenchang area has three geological structures, two of which -- 9-1 and 9-2 -- have been drilled and found to contain gas. The Wenchang area is about 20 miles from the midpoint of the 480-mile pipeline that carries natural gas from the Yacheng field to Hong Kong. The three Ledong fields, covering about 925 square kilometers (357 square miles), were discovered in 1996 by China National Offshore Nanhai West Corporation, a CNOOC subsidiary, about 100 kilometers (62 miles) southwest of Hainan Island. The Ledong fields are approximately 20 miles west of Yacheng 13-1, China's largest offshore natural gas field. "Adding Wenchang to our study of the Ledong fields brings a whole new dimension to this project," said Wade. "If development proceeds, the project will enable CNOOC and ARCO to build additional value in the South China Sea and supply cleaner-burning natural gas for the energy growth needs of southern China." The feasibility studies currently underway include an engineering and geological evaluation of the fields, an assessment of recoverable reserves, and identification of possible markets for the gas. If the two companies agree that the area is worth joint development, they will begin further cooperation in the near future. In 1982, ARCO became the first foreign oil company to sign an offshore exploration contract with the China National Offshore Oil Corp. This led to the 1983 discovery of the Yacheng 13-1 gas field with its 3 trillion cubic feet of reserves southwest of Hainan Island. CNOOC, ARCO and Kuwait Foreign Petroleum Exploration Co. are joint developers of that field. Most of the Yacheng gas is delivered to the Black Point Power Plant in Hong Kong. Another pipeline makes gas deliveries to Hainan Island. For a menu of ARCO's news releases or to retrieve a specific release, visit our Web site at http://www.arco.com on the Internet. CONTACT: Albert Greenstein of ARCO, 213-486-3384/ Web site: http://www.arco.com/ (ARC) END MSCFBFBFVQKBBKZ
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