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TEXACO ANNOUNCES GAS DISCOVERY OFFSHORE VARNA, BLACK SEA, BULGARIA

 WHITE PLAINS, N.Y., Aug. 31 /PRNewswire/ -- Texaco Inc. (NYSE: TX) announced today that its affiliate, Texaco Exploration Offshore Bulgaria Limited, completed a gas discovery in 115 feet (35 meters) of water on Block III, 19 miles (30 kms) southeast of the port city of Varna, Bulgaria.
 The wildcat well, designated Galata No. 1, flowed at a rate of 34 million cubic feet of gas per day through a 1 1/4-inch choke from a payzone at 3,400 feet (1,036 meters). The well was drilled to a total depth of 8,727 feet (2,660 meters). The Galata No. 1 is the first well of a planned exploratory program which commenced in November 1991. Texaco and its partners have approximately 500,000 acres (2,040 sq. km.) in Block III.
 Commenting on the test findings, Texaco Frontier Exploration Department General Manager Kenneth G. Smith said: "We are encouraged by the preliminary results of this important exploratory well. However, further drilling is required in order to establish the commerciality of the discovery."
 The well was drilled by the semi-submersible Ocean Liberator. Participating interests in Block III are: Texaco Exploration Offshore Bulgaria Limited - 20 percent (operator); Enterprise Oil Exploration Limited - 20 percent; and OMV (Bulgaria) Exploration GumbH. - 10 percent; COMMGEO (the Bulgarian Committee of Geology and Mineral Resources of the Republic of Bulgaria) - 50 percent.
 -0- 8/31/93
 /NOTE TO EDITORS: A map of the area is available upon request/
 /CONTACT: Sean Galvin of Texaco, 914-253-6159/
 (TX)


CO: Texaco, Inc. ST: New York IN: OIL SU: DSC

TM -- NY003 -- 7312 08/31/93 07:00 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
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