SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Strictly: Drilling and oil-field services
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: diana g who wrote (33472)12/23/1998 6:48:00 PM
From: Platter  Read Replies (1) of 95453
 
Another acquistion!...SAN FRANCISCO, Dec. 23 /PRNewswire/ -- Chevron announced today it has executed a definitive merger agreement to acquire Rutherford Moran Oil Corp. [Nasdaq:RMOC - news] for approximately $91 million. Rutherford Moran owns a 46.34 percent interest in Block B8/32 in the Gulf of Thailand.

''This acquisition provides Chevron with a strategic entry into the Thailand gas market,'' said Richard Matzke, president of Chevron Overseas Petroleum Inc. and a director of Chevron Corp. ''We see long-term potential in Southeast Asia and are confident this entry will lead to additional attractive investments,'' he added.

''Chevron is extremely pleased to play a role in developing Thailand's oil and gas resources,'' said Matzke.

Block B8/32, located about 125 miles offshore, has proven reserves of 153 million barrels of oil equivalent gas with upside potential. Current production is from the Tantawan field with significant development and delineation currently underway in two new fields. Block B8/32 also has additional exploration potential and is adjacent to exploration Blocks 7, 8 and 9 in which Chevron holds an interest.

The agreement is subject to certain commercial conditions which must be satisfied for the transaction to be completed, and there can be no assurance these conditions will be met.

Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News