Update on HPD Exploration

Brancote Holdings PLC
20 December 2000



Date          20 December 2000


Contacts      Richard Prickett, Chairman
              Bill Humphries, Managing Director
              Brancote Holdings PLC                          020 7493 1002

              David Bick / Chris Steele
              Holborn Public Relations                       020 7929 5599
                                                [e-mail]
                                              [e-mail]



                           BRANCOTE HOLDINGS PLC

      Offer for Sale by Brancote Holdings plc of Shares in HPD Exploration plc

The basis of allocation of excess share applications has been determined as
follows:



*        Applications for 32,000 shares or less will be met in full;



*        Applications for more than 32,000 shares and less than 40,000 shares
         will be allotted 32,000 shares; and



*        Applications for 400,000 shares and above have not been successful.



It is anticipated that CREST accounts will be credited on 2 January 2001 and
that share certificates and refund cheques will be dispatched by 4 January
2001.







                                   - ENDS -