RNS No 3875k
ATLANTIC RICHFIELD COMPANY
15th July 1998


ARCO, Sasol, Zarara Sign Two Production Sharing Agreements in Mozambique

MAPUTO, Mozambique, July 15 /PRNewswire/ -- Two production sharing agreements to
explore for natural gas in Mozambique have been signed by the government of
Mozambique, the state oil company ENH, and three international energy companies
- Sasol Petroleum (Pty) Ltd. of South Africa, Zarara Petroleum Resources, and a
subsidiary of Los Angeles-based ARCO (NYSE: ARC).

The PSAs relate to the offshore Sofala and M-10 blocks where ARCO Mozambique
Ltd., Sasol and Zarara have interests of 47.62%, 47.62% and 4.76% respectively.

In May, 1998, the same parties signed a PSA to explore for naturl gas in the
onshore Temane block in central Mozambique.

Sofala and M-10 are continguous, 6,060 square mile blocks located offshore
central Mozambique. ARCO will be operator for both blocks.

The partners will conduct seismic surveys and drill up to five wells on the
Sofala Block and four on the M-10 block, spending at least $30 million over the
seven-year life of the agreements. The commitment also includes financial
assistance for the training of Mozambican citizens, the tendering of contracts
to qualified Mozambican companies, and the development of infrastructure.

Gas discoveries from the Sofala and M-10 blocks may be marketed within
Mozambique or to other countries in southern Africa.

For a menu of ARCO news releases or to retrieve a specific release, visit our
Website at http://www.arco.com on the Internet.

Contact: Albert Greenstein of ARCO Media Relations, 213-486-3384//Web Site:
http://www.arco.com/

END

MSCBRGBRLUBCCIU
Atlantic Coal (LSE:ATC)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Atlantic Coal Charts.
Atlantic Coal (LSE:ATC)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Atlantic Coal Charts.