KERR-MCGEE ACQUISITION

Kerr-McGee Oil (U.K.) Plc, a subsidiary of Kerr-McGee Corp. has acquired a 56% interest in North Sea block 9/23a from Shell U.K. Limited and Esso Exploration and Production UK Limited. The transaction is effective July 1. This block is adjacent to and south of Block 9/18b, which contains the Gryphon field. Kerr-McGee operates Gryphon and currently owns 46.5%, with an agreement to acquire an additional 15% in the Gryphon field, subject to partner approval. "These transactions continue to build Kerr-McGee's holdings in the Gryphon core area," said Luke R. Corbett, Kerr-McGee's chairman and chief executive officer. "The company will operate four adjacent blocks in the area that provide exploratory opportunities and existing infrastructure."
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