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EXXON ACQUIRES INTEREST IN PAPUA NEW GUINEA ACREAGE

 IRVING, Texas, Dec. 8 /PRNewswire/ -- Exxon Corporation (NYSE: XON) announced today that it has acquired interest in two exploration blocks in Papua New Guinea from British Petroleum. The blocks, covering about 2 million acres (8000 square kilometers), are located in the southern highlands of Papua New Guinea, approximately 400 miles (650 kilometers) northwest of Port Moresby.
 Exxon has acquired a 47.5 percent interest in exploration block PPL 138/PDL 1 and a 21 percent interest in block PPL 101. Exxon and British Petroleum recently completed the Hides-3 well on block PPL 138/PDL 1 which encountered gas deeper than two previously drilled gas wells in this field. Further drilling will be required to determine the size of the field.
 Jon L. Thompson, president of Exxon Exploration Company, said, "By acquiring this interest, Exxon has accessed an area containing a potentially large hydrocarbon resource, and we look forward to continued exploration activity in this area. Although further exploration work will be required to adequately define this resource, the results of the Hides-3 well are encouraging."
 -0- 12/8/93
 /CONTACT: Doug Walt of Exxon Corp., 214-444-1109/
 (XON)


CO: Exxon Corporation ST: Texas IN: OIL SU: TNM

CK -- NY062 -- 1749 12/08/93 12:09 EST
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Publication:PR Newswire
Date:Dec 8, 1993
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