RNS Number:7750H
Energy Capital Investment Co.PLC
20 February 2003

                 ENERGY CAPITAL INVESTMENT COMPANY PLC ("ECIC")

                              Announcement re 3TEC

                                20 February 2003


The Board of ECIC announces that Plains Exploration & Production Company
("Plains Exploration") has conditionally agreed to buy 3TEC Energy Corporation
("3TEC"). ECIC's ownership of 3TEC includes 447,095 shares of common stock,
131,498 warrants (to be exchanged for 92,048 shares in Plains Exploration and
$0.9 million cash) and convertible preferred stock with a liquidation preference
of $1.7 million. ECIC's interests in 3TEC will be acquired for a cash
consideration of $6.4 million and 472,079 shares of Plains Exploration with an
estimated value (assuming the current share price of Plains Exploration of $9.44
as at 18 February 2003) of $4.5 million. The Offer is subject to adjustments
depending on movements in the share price of Plains Exploration prior to
closing. This adjustment mechanism is intended to provide that the total value
of the consideration received in respect of a 3TEC share will be between $15 and
$19. The aggregate of $10.9 million compares with the valuation of $9.4 million
as at 31 December 2002 and $11.3 million included in the reported figures for
the half year ended 30 June 2002. Completion is anticipated in the second
quarter of 2003.


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