N. SEA ASSETS TO BE TRADED

Elf U.K. plc and Ultramar Exploration Ltd. have agreed to an exchange of certain assets in the U.K. North Sea. Elf will assign its 54.5% interest in Block 49/5a, which contains part of the Ultramar operated Markham gas field, in exchange for Ultramar's 21.25% interest in Block 29/5b, which holds the Franklin gas/condensate discovery. Elf also will pay Ultramar 45 million ($72.9 million). Markham is scheduled to land first gas in Holland in 1992. Franklin has estimated reserves of 2 tcf of

Aug. 26, 1991

Elf U.K. plc and Ultramar Exploration Ltd. have agreed to an exchange of certain assets in the U.K. North Sea.

Elf will assign its 54.5% interest in Block 49/5a, which contains part of the Ultramar operated Markham gas field, in exchange for Ultramar's 21.25% interest in Block 29/5b, which holds the Franklin gas/condensate discovery. Elf also will pay Ultramar 45 million ($72.9 million).

Markham is scheduled to land first gas in Holland in 1992. Franklin has estimated reserves of 2 tcf of gas and 250 million bbl of liquids.

The Ultramar exchange will boost Elf's stake in the field to 36.25%. Development plans are still tentative.

Interest in the area around Franklin was heightened by Elf's discovery in the adjoining Block 22/30c north of Franklin this summer. Its high pressure well flowed 13 MMcfd of gas and 3,300 b/d of liquids. Industry sources estimate reserves at 1 tcf of gas and 200 million bbl of liquids.