ARCO Purchases St James's Oil & Gas Limited

abarrelfullabarrelfull wrote on 06 Aug 2012 06:05

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31 January 1995

ARCO British International Inc., the holding company for ARCO British Limited, has today completed the purchase of St James's Oil and Gas Limited in a cash agreement effective from 31 December 1994.

The acquisition gives ARCO ownership of St James's 25% share in Block 44/18 covering the Tyne discovery, and its 18.75% share of Block 43/24 covering the Trent discovery, both of which are operated by ARCO British Limited (ABL), as well as a 25% share in Texaco operated Block 48/9a. The vendors of St James's , OMV (UK) Limited and Clyde Expro Plc, will share the remaining assets, blocks 13/23, 14/18b, 22/13a and 29/6a between them.

According to ARCO British Limited's Commercial Director, David McManus, "This acquisition is consistent with ABL's strategy of actively looking for opportunities to grow in areas close to our existing asset base. The purchase of St James's adds strength to our position in the Carboniferous region, increasing our ownership position in two potential developments, Trent and Tyne."

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