Pittencrieff eyes Sumatra area

Pittencrieff eyes Sumatra area

LONDON (Reuters): British oil and gas exploration and
production company Pittencrieff Resources Plc announced plans
yesterday to acquire two oil interests and raise 44.6 million
pounds through a placing and open offer.

The company would acquire Novus Petroleum's 3.7 percent
working interest in the south east Sumatra production sharing
contract in offshore Indonesia for $20 million.

The company would place 140 million shares at 30 pence each,
out of which a unit of Enron Corp has agreed to subscribe 35
million shares valued at 10.5 million pounds.

While 22 million pounds will be used to pay for the
acquisitions, the remainder will be used for further development.