SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): September 25,
1995
UNION TEXAS PETROLEUM HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-9019 76-0040040
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
1330 Post Oak Boulevard, Houston, Texas 77056
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 623-6544
<PAGE> 2
Item 5. OTHER EVENTS.
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The information set forth in the press releases of the
registrant dated September 6, 1995, September 13, 1995 and
September 22, 1995, which are filed as exhibits hereto, are
incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(c) Exhibits:
Exhibit
Number Description
- ------ -----------
99.1 Press release dated September 6, 1995
99.2 Press release dated September 13, 1995
99.3 Press release dated September 22, 1995
<PAGE> 3
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.
UNION TEXAS PETROLEUM
HOLDINGS, INC.
By: /s/ NEWTON W. WILSON, III
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NEWTON W. WILSON, III
General Counsel,
Vice President-Administration
and Secretary
Date: September 25, 1995
<PAGE> 4
INDEX TO EXHIBITS
Exhibit
Number Description
- ------ -----------
99.1 Press release dated September 6, 1995
99.2 Press release dated September 13, 1995
99.3 Press release dated September 22, 1995
EXHIBIT 99.1
UNION TEXAS PETROLEUM
(LETTERHEAD)
NEWS RELEASE
Contact: Carol L. Cox
(713) 968-2714
UNION TEXAS PETROLEUM AGREES TO PARTICIPATE IN
BARAGIANO EXPLORATION CONCESSION IN ITALY
Houston, September 6, 1995 -- Union Texas Petroleum
Holdings, Inc. today announced that its wholly-owned
subsidiary, Union Texas Adriatic Inc., has entered into an
agreement to acquire an interest in the onshore Baragiano
exploration permit area in the Southern Apennines oil play
in the Basilicata region of Southern Italy. The agreement
is subject to final approval by the Italian government.
Union Texas Adriatic has agreed to acquire from
Enterprise Oil Exploration Ltd. a 20% working interest in
the Baragiano permit, which covers about 92.890 acres.
Enterprise serves as operator and will retain a 30% working
interest. The remaining working interest is held by Mobil
Adriatic Development Company, Inc. with 25% and Fina
Italiana S.p.A. with 25%.
Site preparations are underway for the permit's first
exploration well, Monte Foi-1, which is expected to be
spudded in the fourth quarter of 1995. The well is expected
to be drilled to a total depth of about 6,300 meters (20,670
feet) and to take up to 12 months to drill and evaluate.
Union Texas' agreement to acquire an interest in the
Baragiano permit represents the independent worldwide oil
and gas producer's fourth permit in the emerging Southern
Apennines oil play. Earlier in 1995, the company acquired
interests in the Serra Corneta, Tempa dei Mercanti and
Forenza permit areas in the same region. Union Texas'
working interests in these permit areas are 42%, 33.33% and
20%, respectively. Union Texas Adriatic serves as operator
of the Serra Corneta permit. The Italian government has
approved Union Texas' acquisition of interests in the Serra
Corneta, Tempa dei Mercanti and Forenza permits. The company
also has filed an application with the Italian government for
an additional exploration permit area near the Serra Corneta
and Tempa dei Mercanti permit areas.
- more -
<PAGE> 2
"We are excited about continuing to expand our activities
in Italy with the acquisition of an interest in the Baragiano
permit," said Roger Pierce, Union Texas General Manager-
Exploration Operations. "Over the past few years, the
Southern Apennines area has seen a number of important
exploration successes. The region has attracted increasing
attention from the petroleum industry. We look forward to
participating in the exploration of this highly prospective
area during the next several years."
One of the largest independent producers located in the
U.S., Houston-based Union Texas Petroleum Holdings, Inc.
(NYSE: UTH) explores for and produces oil and gas overseas
primarily in the U.K. North Sea, Indonesia and other
strategic areas. The company has petrochemical operations
in Louisiana.
# # #
EXHIBIT 99.2
UNION TEXAS PETROLEUM
(LETTERHEAD)
NEWS RELEASE
Contact: Carol L. Cox
(713) 968-2714
UNION TEXAS PETROLEUM ANNOUNCES RESULTS
OF OFFSHORE TUNISIA EXPLORATION WELL
Houston, September 13, 1995 -- Union Texas Maghreb, Inc.,
a subsidiary of Union Texas Petroleum Holdings, Inc., today
announced the results of an exploration well drilled on the
Ramla block offshore Tunisia. Union Texas, as operator, said
that while the M'Sela No. 1 well found a significant oil
column and an active hydrocarbon system, poor reservoir quality
at this location makes the accumulation non-commercial.
Additional exploration drilling on the block is planned for
1996.
The M'Sela well began drilling on June 2, 1995, and is in
the process of being plugged and abandoned, after reaching a
total depth of 2,922 meters (9,587 feet). Union Texas said
the well encountered a 150-meter gross (492 foot) oil column
in fractured volcanics, but only conducted a test over 30
meters (98 feet) of the oil column due to operational reasons.
The testing produced flow rates of up to 1,100 barrels a day
of 35 degree API gravity oil. Union Texas said that production
at these rates from volcanics is not commercial and that future
exploration drilling on the Ramla block would focus on other
structures which would be expected to have different types of
reservoir rock. The M'Sela well also flowed 15 degree API oil
from a carbonate section below the volcanics.
"Based on information from the M'Sela well, we are
planning an active exploration program in this area during
1996. We expect to acquire up to 1,000 kilometers of
additional seismic on the Ramla block, which would be
followed with further exploration drilling in 1996," said
Union Texas Senior Vice President Art Peabody.
The 1-million acre Ramla block is situated about 80
miles offshore in the Gulf of Gabes, approximately 140 miles
southeast of the city of Tunis. Water depths in the area
average about 200 feet.
<PAGE> 2
- more -
Union Texas Maghreb, Inc., LL&E Tunisia Ltd., a
wholly-owned subsidiary of the Louisiana Land and
Exploration Company, and "L'Entreprise Tunisienne
d'Activities Petrolieres" (ETAP), the Tunisian National
Oil Company, are co-venturers in the Ramla block. Union
Texas Maghreb has a 50% working interest and LL&E also has
a 50% working interest. ETAP has the right to participate
for up to a 50% working interest in the event that a
discovery is developed on the Ramla block.
One of the largest independent producers located in the
U.S., Houston-based Union Texas Petroleum Holdings, Inc.
(NYSE: UTH) explores for and produces oil and gas overseas
primarily in the U.K. North Sea, Indonesia and other
strategic areas. The company has petrochemical operations
in Louisiana.
# # #
A map of the Ramla block is available by contacting Union
Texas at 713-968-2712.
EXHIBIT 99.3
UNION TEXAS PETROLEUM
(LETTERHEAD)
NEWS RELEASE
Contact: Carol L. Cox
(713) 968-2714
UNION TEXAS PETROLEUM UPDATES OFFSHORE
VIETNAM EXPLORATION PROGRAM
Houston, September 22, 1995 -- Union Texas Asia
Corporation, a wholly-owned subsidiary of Union Texas
Petroleum Holdings, Inc., today issued an update on the
exploration drilling program in the South Con Son Basin
offshore Vietnam.
The 04-2-HT-01X well, which is the first exploration
well of a two-well program for 1995, commenced drilling on
July 12, 1995. The well was plugged and abandoned on
September 21, 1995. The well reached a total depth of 4,548
meters (14,922 feet). Although gas shows were encountered
over a large interval while drilling, no flow tests were
conducted due to poor reservoir quality.
The second well of the 1995 exploration program is
expected to begin drilling operations within the next several
days. The well will be situated approximately 17 miles
southwest of 04-2-HT-01X.
The wells are located on the 628,000-acre Block 04.2 in
the South Con Son Basin in the South China Sea, about 125
miles southeast of Vung Tau. The venture is operated by LASMO
Vietnam Limited, a subsidiary of LASMO plc, which has a 37.5%
working interest in the block. Union Texas Asia has a 25%
working interest. The remaining 37.5% working interest is held
by CIECO Con Son, Inc.
One of the largest independent producers located in the
U.S., Houston-based Union Texas Petroleum Holdings, Inc.
(NYSE: UTH) explores for and produces oil and gas overseas
primarily in the U.K. North Sea, Indonesia and other
strategic areas. The company has petrochemical operations
in Louisiana.
# # #
