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PHILLIPS SLATED TO EXPLORE OFF EGYPT

Feb. 17, 1992

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

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 drilling one well within the next 15 months. Work is to be-in by the end of March.

Phillips said the group is exploring for Tertiary oil.

Nearest production is Abu Madi gas field on the Nile delta.

Partners with operator Phillips 37.5% are Texaco Exploration North Egypt Inc. 37.5% and KM Egypt Inc,, a unit of Kerr-McGee Corp., 25%.