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TEXACO JOINT VENTURE REPORTS PRELIMINARY FINDING IN OFFSHORE MYANMAR BLOCK

 WHITE PLAINS, N.Y., Nov. 30 ~PRNewswire~ -- A consortium led by Texaco Exploration Myanmar Inc. has found indications of hydrocarbons in a well currently being tested in the southwest corner of Block M-13 offshore Myanmar, about 260 miles (420 km.) south of Yangon, Myanmar, Texaco announced today.
 Yetagun No. 1 well has not been classified as a discovery, but preliminary data from testing is encouraging. The well has been drilled to total depth of 8,244 feet (2,513 m.), and encouraging gas flow tests have been obtained. Further testing must be completed to determine the extent of hydrocarbons and the well's potential commerciality.
 Yetagun No. 1 is the first exploration well drilled by the consortium in the M12~M13~M14 Blocks area, which covers 12.5 million acres (50,637 sq. km.).
 Exploration activities are being conducted by a consortium involving Texaco Exploration Myanmar Inc., a wholly owned subsidiary of Texaco, as operator with a 50-percent interest; Premier Petroleum Myanmar Limited with a 30-percent interest; and Nippon Oil Exploration (Myanmar) Limited with a 20-percent interest. The venture holds a production sharing contract with Myanmar Oil and Gas Enterprise, Myanmar's national oil company.
 -0- 11~30~92
 ~CONTACT: Margaret Flesher of Texaco, 914-253-6068~
 (TX)


CO: Texaco Inc. ST: New York IN: OIL SU: JVN

PS -- NY034 -- 1903 11~30~92 12:03 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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