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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 5441c ATLANTIC RICHFIELD COMPANY 15th May 1998 ARCO, Sasol, Zarara Sign Production Sharing Agreement for Mozambique Exploration Program MAPUTO, Mozambique -- A Production Sharing Agreement to explore for natural gas in Mozambique was signed today by the government of Mozambique, the state oil company of Mozambique, a subsidiary of Los Angeles-based ARCO, and two South African companies, Sasol Petroleum International (Pty) Ltd. and Zarara Petroleum Resources. The PSA relates to the Temane Gas Field where the Temane Group (ARCO Mozambique (Temane) Ltd., SPI and Zarara) have interests of 47.62%, 47.62% and 4.76% respectively. ARCO is the operator. The agreement stipulates the commercial and fiscal arrangement between the Mozambican government, the state oil company Empresa Nacional de Hidrocarbonetos de Mocambique (ENH) and the Temane Group. The agreement calls for the consortium to conduct a seismic survey and drill up to five wells in the Temane block within a 7-year period. The first well will be drilled by June, 1998. Should gas be found, further wells will be drilled to assess the potential size of the field. The consortium also agreed to invest about US $10 million during this period in drilling and seismic work. The commitment includes financial assistance for the training of Mozambican citizens, the awarding of contracts to deserving Mozambican companies and the development of related exploration infrastructure. The Temane Group intends to supply gas from Temane to JCI's planned iron project in Beira and to various markets in South Africa. The Temane Group entered into a Technical Evaluation Agreement with JCI for the Temane Block in July, 1997, and together with ENH, has done a series of studies to determine the size of gas reserves in Temane. The Temane Group and its partners have interests in three exploration blocks in Mozambique, namely Temane, Sofala and M-10. NOTE TO EDITORS: For a menu of ARCO news releases or to retrieve a specific release, visit ARCO's Web site at http://www.arco.com on the Internet. CONTACT: Albert Greenstein of ARCO, 213-486-3384 Web site: http://www.arco.com END MSCGLGMKKKFLRMM
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