ARCO and British-Borneo Agree Asset Exchange

abarrelfullabarrelfull wrote on 09 Aug 2012 05:41

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25 November 1998

ARCO British Limited and British-Borneo Oil and Gas Limited have completed an exchange of licence interests. ARCO will acquire British-Borneo's entire 9.5% interest in licence P450 which encompasses the Boulton gas field in block 44/21a, and British-Borneo will acquire 16.0% from ARCO's 33.25% interest in licence P188(O), block 211/11a. In addition ARCO will pay a cash consideration.

The transaction has received the consent of licence partners and the Secretary of State for Trade and Industry.

ARCO's Managing Director David McManus said "We are very pleased to complete this transaction, which enhances and consolidates ARCO's position in the Carboniferous region of the Southern Gas Basin".

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