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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
January 16, 1996
ENSERCH Corporation
(Exact name of Registrant as specified in its charter)
Texas 1-3183 75-0399066
(State or other (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
ENSERCH Center, 300 S. St. Paul, Dallas, Texas 75201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including Area Code: 214-651-8700
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ITEM 5. Other Events
A. Set forth below in its entirety is a news release issued
by ENSERCH Corporation on January 16, 1996:
ENSERCH ANNOUNCES FOURTH QUARTER INDICATIONS;
PROGRESS ON DEEP-WATER PROJECTS
DALLAS, TEXAS (January 16, 1996)--At an industry
conference today in Houston, David W. Biegler, chairman,
president and chief executive officer of ENSERCH
Corporation, commented that fourth-quarter 1995 results
to be released in mid-February are likely to be below the
current consensus of analysts' expectations.
The reduced income primarily reflects additional
interest costs, delays in production at Enserch
Exploration, Inc.'s (EEX) deep-water Gulf of Mexico
project Garden Banks 388 and recognition of losses on
1996 natural-gas hedging activities. The additional
interest costs are associated with the remaining debt
incurred upon the acquisition of DALEN Corporation
earlier this year.
Separately, Biegler announced the results of a third
productive well at Green Canyon 254, the Allegheny
Project. The OCS-G 7049 No.5 confirmation well, drilled
in 3,300 feet of water to a total depth of 15,066 feet,
encountered 180 feet of pay. A limited well test from
the lowest 30 feet of sand flowed at a rate of 3,000
barrels of oil equivalent per day on a 20/64-inch choke
with 3,300 pounds of tubing pressure and verified the
extent of the oil column.
"EEX drilled the #5 structurally up-dip from the
earlier discoveries to verify our expectations on the
size of this field. This latest well further supports
the estimated gross reserves of 111 million equivalent
barrels DeGolyer and MacNaughton has attributed to this
project," said Biegler.
Additionally, at Garden Banks Block 387, the SB-2
well has reached total depth and encountered over 160
feet of pay in two zones. This well, along with
discovery well SB-1, is being completed and will be tied
back to the floating production system on Block 388,
three miles away.
Further, the A-1 well at Garden Banks 388, the
Cooper Project, the first well drilled from the floating
production system, is drilling ahead below 5,800 feet.
The planned total depth of the well is 11,448 feet.
Current gross production from the initial two wells
on Garden Banks Block 388 is now averaging 4,000 barrels
of oil equivalent per day. Development wells will be
completed and brought on production throughout 1996.
First production from the Block 387 wells is expected in
May, some two months later than originally predicted due
to sidetracking the SB-2 well.
ENSERCH Corporation is an integrated natural-gas
company.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
ENSERCH Corporation
Date: January 16, 1996 By: /s/ A. E. Gallatin
A. E. Gallatin
Vice President and Treasurer
