Enterprise Oil Acquires Petrobras U.K. Limited

Enterprise Oil announced the purchase of Petrobras U.K. Limited. The deal was agreed on the basis that the E&P assets of Petrobras U.K. Limited are valued at $157 million. Total costs of the acquisition will be funded from internal resources. The purchase is effective from 1 January 2001 and is subject to detailed agreements and DTI consent.

Petrobras U.K. Limited encompasses a broad portfolio including fields in production, potential developments and exploration acreage. In particular the assets include eight potential developments of which four are operated. The exploitation of such discoveries will play a key role in much of the future of North Sea activity.