Phillips Named Operator Of Greenland Exploration License; Reprocessing of Seismic Data Identifies Promising Geologic Structures.BARTLESVILLE, Okla.--(BUSINESS WIRE)--July 7, 1998--Phillips Petroleum Greenland Ltd., a division of Phillips The Division of Phillip was an Australian Electoral Division in the state of New South Wales. It was located in the Sydney's eastern suburbs, and was named after Captain Arthur Phillip, captain of the First Fleet and first Governor of New South Wales. Petroleum Company (NYSE NYSE See: New York Stock Exchange : P), has been awarded a 34 percent interest in and operatorship of the Sisimiut exploration license off the western coast of Greenland. Using advanced reprocessing Reprocessing may refer to:
n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. structures in the Sisimiut area that weren't visible during original data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a more than 20 years ago. The 1.2 million-acre Sisimiut license is located about 75 miles offshore Holsteinborg, Greenland. The company plans to continue reprocessing existing seismic data in order to develop a better picture of the potential structures. This will be followed by the acquisition of new seismic data, planned for 1999. "The Sisimiut license represents a high-risk, but potentially high-reward opportunity consistent with our worldwide growth strategy," says Mike Coffelt, vice president of worldwide exploration. "We are also excited to have the opportunity to build on existing relationships with our Fylla co-venturers and the Greenland-Danish authorities." Greenland's Joint Committee for Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature awarded the exploration license along with a 34 percent interest to Phillips. Other co-venturers are: Statoil, 34 percent; Dansk Olie og Naturgas, 17 percent; and Nunaoil, 15 percent. The companies also are co-venturers in the Fylla license, 93 miles offshore Nuuk, Greenland. Phillips is an integrated petroleum company with 17,200 employees worldwide. Founded in Bartlesville, Okla., in 1917, the company has $14 billion of assets and $13 billion of revenues on an annual basis.
CONTACT: Phillips Petroleum Company
Kristi DesJarlais
918/661-6117
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