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): May 7, 1997
UNION TEXAS PETROLEUM HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 1-9019 76-0040040
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
</TABLE>
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.
Press Releases. The information set forth in the press
releases of the registrant dated May 1, 1997 and May 7, 1997, which are filed as
exhibits hereto, are incorporated herein by reference.
The press releases contain forward-looking statements within
the meaning of and in reliance upon the "safe harbor" provisions of the Private
Securities Litigation Reform Act, as set forth in Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended, that involve risks and uncertainties, including price volatility,
exploration, development, operational, implementation, marketing and opportunity
risks, and other factors described from time to time in the registrant's
publicly available SEC reports, which could cause actual results to differ
materially.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits:
Exhibit
Number Description
99.1 Press release dated May 1, 1997
99.2 Press release dated May 7, 1997
<PAGE>
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/ Alan R. Crain, Jr.
Alan R. Crain, Jr.
Vice President and General Counsel
Date: May 7, 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description
99.1 Press release dated May 1, 1997
99.2 Press release dated May 7, 1997
Exhibit 99.1
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News Release
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[GRAPHIC OMITTED] Union Texas Petroleum 1330 Post Oak Boulevard
P.O. Box 2120
Houston, Texas 77252-2120
(713)623-6544
UNION TEXAS PETROLEUM TO JOIN EXPLORATION VENTURE IN ALGERIA
Contact: Carol Cox
713-968-2714
Houston, May 1, 1997 -- Union Texas Petroleum Holdings, Inc. (NYSE:
UTH) today announced that a wholly-owned subsidiary has agreed in principle to
acquire a 30% working interest in an exploration joint venture in the Ghadames
Basin in Algeria. Definitive agreements are being prepared.
Union Texas is acquiring its interest in two blocks in the Ghadames
Basin from Phillips Petroleum Company Algeria, a subsidiary of Phillips
Petroleum Company, which serves as operator and holds the remaining 70% working
interest. Terms of the acquisition, which are subject to final approvals from
the Algerian Ministry of Energy, were not disclosed.
The Bordj Messouda Blocks 406B and 209 comprise a total of about 1.5
million acres and are located in southeastern Algeria. Approximately 1,570
kilometers of 2-D seismic data over the two blocks have been acquired. The
venture plans to begin drilling the first of two exploratory wells in the third
quarter of 1997.
"This joint venture in the Bordj Messouda Blocks offers Union Texas
an outstanding opportunity to enter a high-quality exploration play in Algeria,"
said Union Texas Chairman and CEO John Whitmire. "Over the past several years, a
number of very significant oil discoveries have been made in this highly
prolific area in Algeria. We believe this area holds superior exploration
potential and we are excited to join this venture."
The Bordj Messouda joint venture represents the seventh new
exploration venture that Union Texas has joined since early 1997. In previous
announcements, Union Texas has reported that it is joining new ventures in
China, Yemen, Jordan, Bolivia, Greece and Papua New Guinea.
Union Texas also reported today that it has received final approval
from the Natural Resources Authority of the Hashemite Kingdom of Jordan to
acquire a 50% working interest from a subsidiary of Anadarko Petroleum Corp. in
an oil and gas production-sharing contract in Jordan.
<PAGE>
Two stratigraphic test wells are planned to be drilled in 1997 to evaluate the
area's stratigraphic column and confirm the presence of a working petroleum
system.
Union Texas also is pursuing other high-potential exploration
ventures to further expand its exploration portfolio. The company plans to
participate in 25 to 30 exploration wells during 1997, including exploration
programs at its producing ventures in the U.K. North Sea, Indonesia and
Pakistan, up from 13 exploration wells in 1996.
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.
This news release contains forward-looking statements within the
meaning of the Securities Litigation Reform Act that involve risks and
uncertainties, including exploration, development, operational and
implementation risks, and other factors described from time to time in the
company's publicly available SEC reports, which could cause actual results to
differ materially.
# # #
For additional information, contact:
Carol Cox, media John Zimmerman, analysts and investors
713-968-2714 713-968-2740
A map of the Bordj Messouda Blocks is available by contacting Union Texas
Petroleum at (713) 968-2716.
Exhibit 99.2
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News Release
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[GRAPHIC OMITTED] Union Texas Petroleum 1330 Post Oak Boulevard
P.O. Box 2120
Houston, Texas 77252-2120
(713)623-6544
UNION TEXAS PETROLEUM AND OMAN OIL COMPANY FORM NEW
EXPLORATION VENTURE ONSHORE KAZAKSTAN AND
OFFSHORE IN CASPIAN SEA
Contact: Carol Cox
713-968-2714
Houston, May 7, 1997 -- Union Texas Petroleum Holdings, Inc. (NYSE:
UTH) today announced that it has signed agreements to form a joint venture with
Oman Oil Company Limited to explore for, develop and produce oil and gas onshore
Kazakstan and offshore in the Kazakstan sector of the Caspian Sea.
Union Texas will serve as operator of the new venture and will own a
75% interest. Oman Oil, a state-owned project development company of Oman, will
retain a 25% interest. Terms of the agreements were not disclosed.
The venture will conduct exploration activities on two onshore blocks
in the Atyrau region of Kazakstan. Known as Blocks A and E, the tracts are
located north of the Tengiz oil field in northwestern Kazakstan. Block E borders
the Caspian Sea. The two tracts cover a total of about 4 million acres (16,000
square kilometers). The venture expects to acquire about 1,245 miles (2,000
kilometers) of seismic data over Blocks A and E during 1997 and 1998 and plans
to drill two exploration wells in 1999. The venture has budgeted approximately
$11 million gross for seismic and other exploration activities during 1997.
The Union Texas and Oman Oil joint venture has preferential rights to
select two offshore blocks in the unexplored but highly prospective Kazakstan
sector of the Caspian Sea. The Republic of Kazakstan plans to divide the
offshore sector into approximately 200 blocks encompassing a total of 103,000
square kilometers. The Union Texas and Oman Oil joint venture has the right to
make the 15th and 16th offshore block selections, respectively, following the
Kazakstancaspishelf Consortium members' selections of the first 14 blocks. The
Union Texas and Oman Oil joint venture will have the same terms for the offshore
blocks as the consortium members. The offshore block selections are expected to
take place during 1997's third quarter. The Republic of Kazakstan is then
anticipated to offer the remaining offshore acreage via an international bid
tender.
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Union Texas has opened an office in Almaty, the capital of Kazakstan.
John W. J. Hardy, who recently directed Union Texas' U.K. North Sea operations
from its London offices, serves as President of the new venture in Kazakstan.
"This joint venture with Oman Oil Company marks a major milestone in
Union Texas' strategy to expand our operations and create a significant new core
oil and gas asset," said Union Texas Chairman and CEO John Whitmire. "Central
Asia offers unparalleled opportunities to add world-class production and
reserves. This opportunity gives us access to one of the early Kazakstan
production-sharing contracts with attractive fiscal terms. We are extremely
pleased to have this opportunity to work with Oman Oil in Kazakstan and the
Caspian Sea and look forward to beginning an aggressive exploration program this
year."
A spokesman for Oman Oil commented, "We are very happy to enter into
a long-term partnership with Union Texas, which is one of the largest
independent oil and gas companies and has over forty years of international
experience. Union Texas is a long-term partner of choice, financially strong and
a low-cost operator."
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.
This news release contains forward-looking statements within the
meaning of the Securities Litigation Reform Act that involve risks and
uncertainties, including exploration, development, operational, marketing and
implementation risks, and other factors described from time to time in the
company's publicly available SEC reports, which could cause actual results to
differ materially.
# # #
For additional information, contact:
Carol Cox, media John Zimmerman, analysts and investors
713-968-2714 713-968-2740
A map is available by contacting Union Texas Petroleum at 713-968-2716.
