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Philips: Sale of A-Fields, UK Southern North Sea

London

16 April 2000

Phillips Petroleum Company United Kingdom Limited announces the sale of its interests in the Audrey, Ann and Alison gas fields, and the pipelines connecting them to LOGGS, to Venture Production Company for an undisclosed consideration.

Audrey, Ann and Alison are situated approximately 100 km northeast of Great Yarmouth. The Ann field is located in Blocks 49/6a and 48/10a, the Alison field in Block 49/11a and the Audrey field straddles Block 49/11a (PPCoUK group) and Block 48/15a (Conoco group).

The Audrey field came into production in September 1988. The Ann field came onto production in 1993 and Alison followed in 1995.

Stellar acted as advisors to Phillips Petroleum Company United Kingdom Limited