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UNION TEXAS PETROLEUM REPORTS DRILLING RESULTS AT KUVLUM PROSPECT IN BEAUFORT SEA

 HOUSTON, Oct. 6 /PRNewswire/ -- Union Texas Petroleum Alaska Corporation, a subsidiary of Union Texas Petroleum Holdings, Inc. (NYSE: UTH), today reported the results of its participation in two test wells drilled recently on the Kuvlum prospect in the Beaufort Sea offshore northern Alaska. In a press release issued today by ARCO Alaska Inc., as operator, ARCO reported that the two wells indicate that while there is a substantial accumulation of hydrocarbons, the Kuvlum discovery is not commercial as a stand-alone development.
 In October 1992, it was announced that the Kuvlum No. 1 discovery well flowed 3,400 barrels a day of 34 degree API gravity oil. The Kuvlum prospect encompasses 35,000 acres and is located about 60 miles east of Prudhoe Bay, 16 miles offshore.
 The Kuvlum No. 2 and 3 test wells were drilled this year. The Kuvlum No. 2 was drilled to a total depth of 11,125 feet about three miles southwest of the Kuvlum No. 1 discovery well. The No. 2 well confirmed the existence of hydrocarbon-bearing formations, including the reservoir tested in the discovery well. The Kuvlum No. 3 well was drilled to a total depth of 8,000 feet about 1 mile northeast of the Kuvlum No. 1 discovery well. The No. 3 well found hydrocarbons, but not in a commercial quality reservoir.
 Union Texas, which holds an approximate 17 percent working interest in the Kuvlum federal unit, also reported that it will record an approximate $25 million write-off which represents its investment in the Kuvlum prospect. The company said the write-off will be included in its 1993 third quarter results.
 One of the largest independent producers located in the United States, Houston-based Union Texas Petroleum Holdings, Inc. explores for and produces oil and gas overseas primarily in the U.K. North Sea, Indonesia and other strategic areas. The company also has petrochemical interests in the United States.
 -0- 10/6/93
 /CONTACT: Carol L. Cox of Union Texas Petroleum, 713-968-2714/
 (UTH)


CO: Union Texas Petroleum Alaska Corporation; Union Texas Petroleum
 Holdings, Inc.; ARCO Alaska Inc. ST: Texas IN: OIL SU: DSC


TW -- NY061 -- 9404 10/06/93 14:26 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
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