HOUSTON, July 13 /PRNewswire/ -- Anadarko Petroleum Corporation
(NYSE: APC) together with its joint-venture partner LASMO plc today announced
an agreement to sell their companies' interests in an oil field development
project in Algeria to Agip Algeria Exploration B.V., a wholly-owned subsidiary
of ENI, for a combined total of $127 million. The sale is subject to
SONATRACH's preferential right to match the offer and to the approval of the
state authorities of Algeria.
The purchase agreement provides for the sale of contract interests
currently held by Anadarko (27.5%) and LASMO (13.75%) in Blocks 401a and 402a
located in the Berkine Basin of Algeria's Sahara Desert. Australia's BHP
Petroleum Corporation operates the blocks. These two blocks contain several
previously-announced oil discoveries and have additional exploration
potential. One of the discoveries (BSFN/ROD) extends onto the adjacent Agip-
operated Block 403; a joint unitized development plan is being evaluated.
Commenting on the sale, Robert J. Allison, Jr., Anadarko Chairman and CEO
said: "We believe this sale is a win-win move for all the companies involved.
For Anadarko it means better focus -- we capture the value of a non-operated
property and can use the proceeds and more efficiently use our people to
develop the large fields located on our primary contract area of Blocks 404
and 208. Of course, Agip has successful experience in the area and will make
a positive contribution to the efficient future exploration and development of
the blocks."
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Anadarko believes that its expectations are based on
reasonable assumptions. No assurances, however, can be given that its goals
will be achieved. See Additional Factors Affecting Business in the
Management's Discussion and Analysis (MD&A) included in the Company's 1998
Annual Report on Form 10-K.
SOURCE Anadarko Petroleum Corporation
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CONTACT:
analysts and investors, A. Paul Taylor, Jr.,
281-874-3471, or Steve C. Campbell, 281-874-3260, or media, Carol
L. Cox, 281-873-3855, all of Anadarko Petroleum Corporation
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