Volume 2, issue #8 - 25-03-1997

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Fina wins 20 blocks in Gulf of Mexico lease sale

Mar. 12, 1997 Fina, a US unit of Belgian Petrofina has, along with its partners successfully bid for 20 blocks in the Gulf of Mexico. The 20 blocks were among 39 it had bid for in the central OCS Lease Sale number 166 conducted on March 5 in New Orleans. It said the total amount of the 20 successful bids, including partners portions, was $ 19.5 mm. The 20 blocks cover 10 prospects with water depths ranging 538 to 8,438 feet - with an average depth of 5,553 feet.
"These blocks will add appreciably to the quality and quantity of the company's Gulf exploration inventory. The sale also reflects Fina's continued commitment to this most promising of world-wide geographical provinces," it said. Fina said it preferred participating with partners so that it would have between 25 and 50 % working interest in the prospects.
During mid-March a Fina-operated rig will be moved onto one of its prospects in the Gulf, the Ewing Banks 953, in 700 feet of water.