PetroFina, Eni, Enterprise Oil and Mobil today announced the joint acquisition of LASMO's interest in the Tempa Rossa Field in Southern Italy. The joint consideration, which includes stakes in the concessions of Gorgoglione and Tempa d'Emma, in addition to nearby exploration acreage, is US$ 33.6 million, and the transfer will be effective 1st July 1998, subject to the approval of Italian Government Authorities.

The acquisition is made through the purchase of Lasmo's interest by the existing four owners of the field, Eni, Enterprise, Fina and Mobil, such that each of the four companies will ultimately hold similar equity in a unified development. The acquisition has allowed partners to progress the development plans for this heavy oil field on the basis of equities fixed for field life and agreed arrangements for operatorship, with Eni operating the development and Fina the production.

The acquiring companies expressed satisfaction for the purchase given the encouraging results obtained from the Tempa d'Emma well earlier this year, which showed a potential for significant increase of the reserves.