BRIEF-South Sea Petroleum terminates transaction related to formation of joint-investment graphite co

April 18 (Reuters) - South Sea Petroleum Holdings Ltd :

* Termination of a discloseable transaction

* Both MGL and GSL agreed to unconditionally release each

other from joint-investment plan

* South sea petroleum holdings ltd - termination of a

transaction in relation to formation of a joint-investment

graphite company

* South sea petroleum - termination agreement was signed

regarding establishment of joint-investment company for

producing graphite products

* South sea petroleum holdings ltd - company decided to

establish a wholly-owned subsidiary to develop graphite business

* South sea petroleum holdings ltd - company will use us$6

million as working capital for new wholly-owned subsidiary

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