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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 2611a ATLANTIC RICHFIELD CO 19th February 1998 PARTNERS SIGN PRODUCTION SHARING CONTRACT FOR OFFSHORE TRINIDAD EXPLORATION Los Angeles, February 18 - A production sharing contract covering the deep water Block 27 offshore Trinidad was signed in Port of Spain today by the government of Trinidad and Tobago and a consortium of three companies headed by project operator ARCO Trinidad Exploration and Production Company, a subsidiary of Los Angeles-based ARCO (NYSE: ARC). Other signers were Petrobras Trinidad Ltd., a subsidiary of Brazil's Petrobras Internacional S.A., and Union Texas Trinidad Limited, a subsidiary of Houston-based Union Texas Petroleum Holdings (NYSE: UTH). Representing the government was Senator Finbar Gangar, Minister of Energy and Energy Industries. Block 27 was awarded to the three companies as part of Trinidad and Tobago's Phase 3 Competitive Bidding Round, a bid round which received considerable industry attention. ARCO holds a 45 per cent working interest in the block, followed by Petrobas with 40 per cent and Union Texas with 15 per cent. The block is approximately 291,000 acres (1,180 sq. km) and is located about 75 miles (120 km) southeast of Trinidad where water depths range from 1,700 to 3,500 feet (520-1,000 meters). Planning is underway to acquire advanced 3-D seismic later this year. Project operator ARCO will drill at least two wells during the initial exploration phase. Keith Weiser, Vice President of ARCO's Latin America Region, said: "ARCO looks forward to exploring this exciting area. We have a good block, a good strategy, good technology and good partners. With the support of Minister Gangar and the government of Trinidad, we are optimistic about our chances." James D. Robertson, ARCO Vice President for International Exploration, said: "ARCO is committing substantial resources to deep water exploration worldwide. We have ongoing deep water programs in the Gulf of Mexico, United Kingdom, Gabon, and the Philippines. Block 27 is an important addition to this strategy." Petrobras Internacional S.A-Braspetro was represented at the signing ceremony by Jose Coutinho Barbosa, Executive Vice President. Union Texas Petroleum Holdings was represented by Roger Pierce, Vice President of Exploration. Contact: Albert Greenstein, ARCO Media Relations, tel US 001-213-486-3384 Web site: http://www.arco.com END MSCGLGMZRLVLRMG
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