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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 AND EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): February 22,
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
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Item 5. Other Events.
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The information set forth in the press releases of the
registrant dated February 7, 1995, February 15, 1995 and
February 21, 1995, which are filed as exhibits hereto, is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
---------------------------------
(c) Exhibits:
Exhibit
Number Description
- - - - ------ -----------
99.1 Press release dated February 7, 1995
99.2 Press release dated February 15, 1995
99.3 Press release dated February 21, 1995
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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.
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: February 22, 1995
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INDEX TO EXHIBITS
Exhibit
Number Description
- - - - ------ -----------
99.1 Press Release dated February 7, 1995
99.2 Press Release dated February 15, 1995
99.3 Press Release dated February 21, 1995
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EXHIBIT 99.1
UNION TEXAS PETROLEUM
(LETTERHEAD)
NEWS RELEASE
Contact: Carol L. Cox
(713) 968-2714
LARRY KALMBACH ASSUMES TITLE OF CHIEF FINANCIAL OFFICER AT
UNION TEXAS PETROLEUM
HOUSTON, FEBRUARY 7, 1995 -- Union Texas Petroleum Holdings,
Inc. today announced that Larry D. Kalmbach has been named Vice
President and Chief Financial Officer of the company. He
previously served as Vice President-Finance.
Mr. Kalmbach will continue to be responsible for Union
Texas' accounting, treasury, tax, audit and management
information systems functions. In connection with this promotion,
he also will assume responsibility for the company's planning and
investor relations function.
Mr. Kalmbach began his career with Union Texas in 1974 as
an accountant and subsequently held a number of management
positions in the company's accounting and treasury departments.
He was named Vice President-Finance in February 1993.
A graduate of Texas Tech University with a bachelor's degree
in accounting, Mr. Kalmbach is a Certified Public Accountant and
is a member of the American Institute of Certified Public
Accountants and the Financial Executives Institute.
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 also has petrochemicals interests in the
U.S.
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EXHIBIT 99.2
UNION TEXAS PETROLEUM
(LETTERHEAD)
NEWS RELEASE
Contact: Carol L. Cox
(713) 968-2714
UNION TEXAS PETROLEUM AGREES TO PARTICIPATE IN EXPLORATION
PROGRAMS IN ITALY
HOUSTON, FEBRUARY 15, 1995 -- Union Texas Petroleum Holdings,
Inc. today announced that its wholly-owned subsidiary, Union
Texas Adriatic Inc., has entered into agreements to acquire
interests in three onshore exploration permit areas in southern
Italy. The agreements, which are subject to final approval by
the Italian government, will enable Union Texas Adriatic to
participate in the exploration of the emerging Southern Apennines
oil play, situated in the Basilicata region of southern Italy.
The exploration permits cover a total of approximately
217,000 acres and are located in the geological province that
includes the Monte Alpi oil field, which is operated by AGIP
Petroleum. Union Texas Adriatic will serve as operator of and
have a 42% working interest in the Serra Corneta permit, which
encompasses about 29, 150 acres. Union Texas has agreed to
acquire the interest in the Serra Corneta permit from Italmin
Petroli S.r.l.
Union Texas Adriatic also has agreed to acquire from LASMO
Italia Sud S.p.A. a 33.33% working interest in the Tempa dei
Mercanti permit, which covers about 90,000 acres. Union Texas
Adriatic has agreed to acquire from LASMO International Limited
a 20% working interest in the Forenza permit, which encompasses
about 97,560 acres.
Union Texas said geological reconnaissance and the acquisition
of seismic data on the three permit areas are expected to begin in
1995. The company said exploration drilling could commence in 1997
or 1998, depending upon the results of the geological studies and
seismic data.
The Serra Corneta, Tempa dei Mercanti and Forenza permit
areas are located in proximity to a proposed oil pipeline, which
is planned to be in operation by 1997 and will link oil fields in
the area to the port city of Taranto on the Gulf of Taranto.
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Union Texas also noted that it has filed an application with
the Italian government for a fourth exploration permit area
situated southeast of the Monte Alpi field and adjacent to the
Serra Corneta and Tempa dei Mercanti permit areas.
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 also has petrochemicals interests in the
U.S.
Background information:
- - - - ----------------------
A map of the Italy permit areas is available by contacting Carol
Cox at 713-968-2714
Following are additional details about the proposed ownership
interests and operators of each permit:
Serra Corneta
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Union Texas Adriatic, Inc. (Operator) 42%
Pict Petroleum plc 40%
Italmin Petroli S.r.l. 18%
Tempa dei Mercanti
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Union Texas Adriatic, Inc. 33.33%
Edison Gas (Operator) 33.33%
LASMO Italia Sud S.p.A. 33.33%
Forenza
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Union Texas Adriatic, Inc. 20%
LASMO International Limited (Operator) 20%
Fiat Rimi S.p.A. 30%
Fina Italiana S.p.A. 15%
Canada Northwest Italiana S.p.A. 15%
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EXHIBIT 99.3
UNION TEXAS PETROLEUM
(LETTERHEAD)
NEWS RELEASE
Contact: Carol L. Cox
(713) 968-2714
UNION TEXAS PETROLEUM REPORTS THREE DISCOVERIES IN PAKISTAN
HOUSTON, FEBRUARY 21, 1995 -- Union Texas Petroleum Holdings,
Inc. today reported three discoveries in the Badin area of
southeastern Pakistan by its wholly-owned subsidiary, Union Texas
Pakistan, Inc. Union Texas Pakistan serves as operator of a joint
venture group with the Oil and Gas Development Corporation (OGDC),
which is the Pakistan government oil company, and Occidental
Petroleum (Pakistan), Inc.
The Tangri No. 2 exploration well flowed at a daily rate of
1,704 barrels of oil on a 16/64-inch choke with 850 pounds-per-
square-inch (psi) flowing tubing pressure from the Lower Goru
formation between 7,180 and 7,192 feet. Union Texas Pakistan
said an initial production facility currently is being installed
at the Tangri location, which is the venture's northernmost oil
discovery to date in its Badin concession area. Production from
the Tangri well is expected to commence in the first quarter of
1995.
The Liari Deep No. 1 exploration well was drilled to test
deeper horizons beneath the Liari field's oil pay zones in the
upper sands of the Lower Goru formation. The Liari Deep No. 1
well flowed at a daily rate of 2 million cubic feet of gas on a
54/64-inch choke with 118 psi flowing tubing pressure from the
basal sands of the Lower Goru between 9,683 and 9,726 feet.
The well also was tested at a daily rate of 7 million cubic feet
of gas and 188 barrels of oil on a 32/64-inch choke with 1,700
psi flowing tubing pressure from the middle sands of the Lower
Goru between 8,828 and 8,883 feet. Union Texas Pakistan has shut
in the well until the shallower oil pays have been depleted and
an existing oil pipeline can be converted to a gas transmission
line.
Both the Tangri and Liari Deep discoveries are located on
the venture's Badin-I concession area. Union Texas Pakistan
and Occidental Petroleum (Pakistan) each has a 30% working
interest in the Tangri and Liari Deep wells, with OGDC holding
the remaining 40% working interest.
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The Zaur No. 1 exploration well has not yet been tested,
pending evaluation of the oil rim potential by an appraisal well.
Union Texas said a second well is planned to be drilled on the
Zaur field during 1995 and a gas pipeline is being evaluated to
link the Zaur field to the venture's gas processing facility at
the Bukhari field. The Zaur well is located on the venture's
Badin-II concession area, in which Union Texas Pakistan and
Occidental Petroleum (Pakistan) each holds a 25.5% working
interest. The remaining working interest is held by OGDC with
49%.
Since 1977, the Union Texas Pakistan venture has drilled a
total of 114 exploration and appraisal wells in the Badin
concession areas, of which 62 have been successful. The venture
plans to drill as many as 15 exploration wells in 1995.
During 1994, the venture produced an average of about
19,800 barrels of oil and 170 million cubic feet of gas daily,
accounting for about 33% of Pakistan's total domestic oil
production and approximately 10% of the country's gas output.
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 Pakistan.
The company also has petrochemical interests in the
U.S.
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