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.