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MAXUS ENERGY SIGNS TWO OFFSHORE BLOCKS IN EAST CHINA SEA

 DALLAS, Nov. 12 /PRNewswire/ -- Maxus Energy Corporation (NYSE: MXS) today announced the signing of a contract with CNOOC (Chinese National Offshore Oil Company) for two blocks located in The Peoples Republic of China. Blocks 25/20 and 25/31, which cover approximately 3,624 square kilometers and 2,422 square kilometers respectively, are located 50 miles offshore in the East China Sea.
 The contract is divided into three phases beginning with an initial phase of three years, a second optional phase of two years and a third optional phase of two years. During the first phase, Maxus will acquire new seismic data and complete a drilling program.
 "The potential for finding hydrocarbons in this area is excellent," according to Martin Schuepbach, Maxus' senior vice president of exploration. "The geological structure of the basins in these blocks is similar to that of the Bohai Gulf and North China Basin, where large discoveries have been made. In addition, the geology is similar to the basins in our Indonesian contract areas, where we have considerable exploration experience," he added.
 Dallas-based Maxus Energy is one of the largest independent oil and gas exploration and production companies with operations in more than a dozen countries.
 -0- 11/12/93
 /CONTACT: Tom Sullivan, 214-953-2844, or (investors) Peter Dallas, 214-953-2816, both of Maxus Energy Corporation/
 (MXS)


CO: Maxus Energy Corporation ST: Texas IN: OIL SU:

MP -- NY050 -- 3673 11/12/93 12:01 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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