SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) February 25, 2004
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UNOCAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-8483 95-3825062
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(Commission File Number) (I.R.S. Employer Identification No.)
2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245
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(Address of Principal Executive Offices) (Zip Code)
(310) 726-7600
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(Registrant's Telephone Number, Including Area Code)
Item 5. Other Events.
Successful Appraisal Well at Gehem Field in the Kutei Basin Offshore Indonesia
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The Company's Unocal Ganal, Ltd. ("Unocal Ganal"), subsidiary drilled a
successful appraisal well at the Gehem field in the Ganal production
sharing-contract ("PSC") area offshore East Kalimantan, Indonesia.
The Gehem-2 well results show the primary zone of interest to have a single
natural gas column of greater than 550 feet. A test of Gehem-2 flowed at a daily
rate of 31 million cubic feet of natural gas and 1,917 barrels of condensate.
The Gehem-2 well was drilled 300 feet downdip of Gehem-1 and encountered 240
feet of net natural gas pay in zones penetrated by Gehem-1. Beneath those zones,
55 feet of net crude oil pay was discovered in a single zone. The well is
located 1.8 miles south of the Gehem-1 well in the Ganal PSC.
The next well to be drilled in the Company's deepwater program offshore
Indonesia is a deep test on the Gula structure, a large anticline immediately
south of Gehem in the Ganal PSC. Following Gula, the Company plans to drill
Gehem-3 in the second quarter of 2004 to appraise the northwestern flank of the
Gehem structure.
Unocal Ganal is the operator of the Ganal PSC area and holds an 80 percent
working interest.
Geothermal's Sarulla Project Sold
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The Company's Unocal North Sumatra Geothermal, Ltd., subsidiary ("UNSG") has
received $60 million from PT PLN (Persero) ("PLN"), the state electricity
company, for the sale of the Company's rights and interests in the Sarulla
geothermal project on the island of Sumatra, Indonesia.
Under the terms of the transfer, PLN acquired UNSG's interest in the Joint
Operation Contract with Pertamina, the Indonesian national petroleum company,
and the Energy Sales Contract with PLN.
The Company will record a gain from the sale in the first quarter of 2004.
This filing contains certain forward-looking statements about Unocal's drilling
plans and expected gains from the sale of assets. These statements are not
guarantees of future performance. The statements are based upon Unocal's current
expectations and beliefs and are subject to a number of known and unknown risks
and uncertainties that could cause actual results to differ materially from
those described in the forward looking statements. Actual results could differ
materially as a result of factors discussed in Unocal's 2002 Annual Report on
Form 10-K and subsequent reports filed with the Securities and Exchange
Commission.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
UNOCAL CORPORATION
(Registrant)
Date: March 3, 2004 By: /s/ JOE D. CECIL
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Joe D. Cecil
Vice President and Comptroller
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