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FREEPORT-MCMORAN IN THAILAND FOR FIRST E&D OUTSIDE NORTH AMERICA

Jan. 6, 1992

Freeport-McMoRan Inc. (FM), New Orleans, plans to spend about $20 million for exploration off Thailand the next 3 years, marking its first oil and gas exploration venture outside North America. FM acquired Block B4/32 in the northern Gulf of Thailand through a recent takeover of Thaitex Petroleum Co., which was awarded the 5,000 sq km tract in Thailand's most recent exploration licensing round. FM is required to spend $6.5 million for exploration on the block during the next 3 years.

Freeport-McMoRan Inc. (FM), New Orleans, plans to spend about $20 million for exploration off Thailand the next 3 years, marking its first oil and gas exploration venture outside North America.

FM acquired Block B4/32 in the northern Gulf of Thailand through a recent takeover of Thaitex Petroleum Co., which was awarded the 5,000 sq km tract in Thailand's most recent exploration licensing round.

FM is required to spend $6.5 million for exploration on the block during the next 3 years.

Exploration is to get under way this year, and the company expects to drill more than the one commitment well required under the concession terms, said FM Vice Pres. Richard Adkerson.

Adkerson said the block is prospective for oil as well as gas.

The Gulf of Thailand is mainly a gas province.

FM chose Thailand because its operating environment is similar to that of the Gulf of Mexico, where it has been one of the most active operators in recent years.