TEXACO TO EXPLORE IN PANAMA

Texaco Exploration Panama Inc. has signed an exploration and production contract with Panama. Contract signing by the unit of Texaco Inc. followed approval by Panama's Council of Ministers, giving the company the rights to explore 1,1 13,157 acres onshore and offshore the country's northwest coast. Under the terms of the agreement, Texaco's frontier exploration department will proceed with exploration of Blocks 1 and 2. Details of the program were not disclosed. The acreage lies

Feb. 4, 1991

Texaco Exploration Panama Inc. has signed an exploration and production contract with Panama.

Contract signing by the unit of Texaco Inc. followed approval by Panama's Council of Ministers, giving the company the rights to explore 1,1 13,157 acres onshore and offshore the country's northwest coast.

Under the terms of the agreement, Texaco's frontier exploration department will proceed with exploration of Blocks 1 and 2.

Details of the program were not disclosed.

The acreage lies about 200 miles northwest of Panama City.