Union Texas Petroleum in exploration JV In Algeria

May 1, 1997 Union Texas Petroleum Holdings has announced that a wholly-owned subsidiary has agreed in principle to acquire a 30 % working interest in an exploration JV in the Ghadames Basin in Algeria. Definitive agreements are being prepared. Union Texas is acquiring its interest in two blocks in the Ghadames Basin from Phillips Petroleum Company Algeria which serves as operator and holds the remaining 70 % working interest.
The Bordj Messouda Blocks 406B and 209 comprise a total of about 1.5 million acres and are located in south-eastern Algeria. Approximately 1,570 km of 2-D seismic data over the two blocks have been acquired. The venture plans to begin drilling the first of two exploratory wells in the third quarter of 1997.
Since 1990, at least 10 new hydrocarbon discoveries have been made in the Ghadames Basin, which are believed to total in excess of 2 billion barrels of oil. Over the past several years, a number of very significant oil discoveries have been made in this highly prolific area inAlgeria.
The Bordj Messouda joint venture represents the seventh new exploration venture that Union Texas has joined since early 1997. In previous announcements, Union Texas has reported that it is joining new ventures in China, Yemen, Jordan, Bolivia, Greece and Papua New Guinea.