EXPLORATION DUE OFF ARGENTINA

Feb. 19, 1990
Union Texas (Argentina) Ltd. has signed an exploration/production agreement with Yacimentos Petroliferos Fiscales SA (YPF), Argentina's national oil company, covering 4.4 million acre Block CCM-1. The tract lies in the Colorado basin, about 155 miles off Argentina in the South Atlantic Ocean. The area is located about 310 miles south of Buenos Aires. The agreement calls for a 3 year seismic program with an option to enter into a 4 year exploration program. Union Texas, with an 85% interest,

Union Texas (Argentina) Ltd. has signed an exploration/production agreement with Yacimentos Petroliferos Fiscales SA (YPF), Argentina's national oil company, covering 4.4 million acre Block CCM-1.

The tract lies in the Colorado basin, about 155 miles off Argentina in the South Atlantic Ocean.

The area is located about 310 miles south of Buenos Aires.

The agreement calls for a 3 year seismic program with an option to enter into a 4 year exploration program.

Union Texas, with an 85% interest, will serve as the operator.

Perez Companc, Argentina's largest private oil company, holds the remaining interest.

Union Texas already is active in Argentina.

Onshore, the company has a 16.67% working interest in the Cuyo basin's Block 7559, an area held under a production service contract with YPF.

Union Texas' share of production from the contract area was 3,775 b/d of oil in 1989.

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