U.K. NORTH SEA GAS DESTINED FOR NETHERLANDS

Ultramar Exploration Ltd. has agreed in principle to the first export of British gas from the North Sea. The company agreed to sell gas reserves in the British part of the Anglo-Dutch Markham field in the U.K. southern basin, owned by Ultramar, DNO Offshore Ltd. and Ranger Oil (U.K.) Ltd. to Nederlandse Gasunie of Holland. Dutch reserves were also sold to Gasunie earlier this year.

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