GULF CANADA <GOC> ACQUIRES SUEZ OIL STAKE
Gulf Canada Corp said it
acquired a 25 pct working interest in the Gulf of Suez oil
concession for undisclosed terms.
    The company said its agreement with operator Conoco
Hurghada Inc and Hispanoil covered the 168,374-acre East
Hurghada offshore concession. It said a 15.6 mln U.S. dlr
four-well program was planned for 1987.
    After the acquisition, which is subject to Egyptian
government approval, working interests in the Hurghada block
will be Conoco Hurghada at 45 pct, Hispanoil 30 pct and Gulf
Canada the balance.
 Reuter
