PHILLIPS SLATED TO EXPLORE OFF EGYPT

A Phillips Petroleum Co. group has signed an exploration and production agreement with Egyptian General Petroleum Corp. and Egypt's minister of petroleum and natural resources covering Block A in the Mediterranean Sea. The 870,000 acre block is off North Sinai northeast of Port Said in the eastern part of the Nile delta basin. Water depths range to 660 ft. First phase of the agreement covers 2-1/2 years and includes reprocessing and evaluating seismic data, acquiring seismic data, and

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