UNION TEXAS TO EXPLORE OFF ARGENTINA

A Union Texas (Argentina) Ltd. (UTA) group plans to spud a wildcat in second quarter 1994 about 155 miles off Argentina in the South Atlantic Ocean. UTA and partners will drill the test on the 4.4 million acre Cuenca Colorado Marina-1 (CCM-1) block under a 1990 risk service contract with the Argentine government that was converted last August to an exploration permit. UTA can extend the permit term to 1999 by drilling as many as four wells. More Extensions are possible.

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