HUNT PLANS TO EXPLORE JUNGLE FRONTIER AREA ON PERMIT IN GUYANA

Guyana has granted a petroleum exploration license and production sharing agreement to a unit of Hunt Oil Co., Dallas. The license awarded to Guyana Hunt Oil Co. covers 10,294 sq km, or 2,543,702 acres, encompassing all of the Takutu graben area in Guyana's dense jungle interior. The contract, effective Dec. 22, 1989, calls for an initial 4 year exploration term, with options for two more 3 year terms. It also calls for a 20 year production term.

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