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): August 18, 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
2
Item 5. OTHER EVENTS.
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Eastern Indonesia. The Barakan exploratory well located
on the Kai-Tanimbar-Rebi blocks in Eastern Indonesia has
recently been plugged and abandoned. Results of the well
are under review to determine what future exploration program
should be undertaken in the area. A subsidiary of Union
Texas Petroleum Holdings, Inc. serves as operator and has a
33.3% working interest.
Press Release. The information set forth in the press
release of the registrant dated July 27, 1995, which is filed
as an exhibit hereto, is incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(c) Exhibits:
Exhibit
Number Description
------ -----------
99.1 Press release dated July 27, 1995
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: August 18, 1995
4
INDEX TO EXHIBITS
Exhibit
Number Description
------ -----------
99.1 Press release dated July 27, 1995
5
EXHIBIT 99.1
UNION TEXAS PETROLEUM
(LETTERHEAD)
NEWS RELEASE
Contact: Carol L. Cox
(713) 968-2714
UNION TEXAS PETROLEUM ANNOUNCES
TWO NATURAL GAS DISCOVERIES IN PAKISTAN
Houston, July 27, 1995 -- Union Texas Petroleum Holdings,
Inc. today reported two natural gas discoveries in the Badin-I
concession area of southeastern Pakistan by its wholly-owned
subsidiary, Union Texas Pakistan, Inc.
Union Texas Pakistan serves as operator of a joint
venture group and has a 30% working interest. The Oil and Gas
Development Corporation (OGDC), which is the Pakistan
government oil company, has a 40% working interest and
Occidental Petroleum (Pakistan), Inc. holds the remaining 30%.
The two wells -- the Makhdumpur Deep No. 1 and the
Khorewah Deep No. 1 -- represent the Union Texas Pakistan
venture's 40th and 41st discoveries, respectively, since the
venture began exploration operations in the Badin area in April
1977. The venture has achieved a success ratio of
approximately 50% in its exploration programs.
The Makhdumpur Deep No. 1 exploration well flowed at a
daily rate of 15.2 million cubic feet of gas on a 40/64-inch
choke with 1,780 pounds-per-square-inch flowing tubing pressure
from the basal sands of the Lower Goru formation between 10,776
and 10,832 feet.
-more-
6
The Makhdumpur well is the deepest commercially
productive well operated by the Union Texas Pakistan venture.
The Khorewah Deep No. 1 exploration well was tested at a
daily rate of 6.4 million cubic feet of gas on a 32/64-inch
choke with 1,370 pounds-per-square-inch flowing tubing
pressure from the basal sands of the Lower Goru formation
between 9,157 and 9,200 feet.
The Makhdumpur and Khorewah wells are part of the Union
Texas Pakistan venture's program designed to test deeper
zones beneath the venture's existing fields, most of which
produce from the upper sands of the Lower Goru. In addition
to the Makhdumpur and Khorewah wells, the venture's Turk Deep
No. 1, drilled in 1994, was also successful in the basal
sands. Two more wells are planned for 1995 to test the
potential of the middle and basal sands. During 1995, the
Union Texas Pakistan venture expects to drill a total of up
to 13 exploration wells in the Badin area.
In the first quarter of 1995, the venture produced an
average of approximately 173 million gross cubic feet of gas
and about 20,500 gross barrels of oil a day, accounting for
about 9% of Pakistan's total domestic gas production and
approximately 34% of the country's oil 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 other
strategic areas. The company has petrochemical operations
in Louisiana.
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