Global Natural Resources announces new oil discovery offshore Cote d'Ivoire and commences initial oil production

Business Wire, May 5, 1995

HOUSTON--(BUSINESS WIRE)--May 5, 1995--Global Natural Resources Inc. (NYSE:GNR) today announced another oil discovery on Block CI-11 offshore Cote d'Ivoire in West Africa.

The Lion B-1 well logged 133 feet of net Lion oil sand pay at 9,950 feet in the Albian formation and encountered a new field gas zone. The well, drilled in a new fault block approximately one mile southwest of the Lion A-1 discovery well, extends the Lion oil field and represents a significant addition to the area's proved oil and gas reserves.

The Company expects to test the Lion B-1 after drilling to a proposed total depth of 11,400 feet to test the deeper Albian. Partners in the project have committed to setting a Lion B platform on the Block (in addition to the Lion A and Panthere platforms) as soon as drilling operations are complete.

The Lion B-1 complements the successful Lion A-2 extension well, which bottomed approximately 3,000 feet northwest of the Lion A-1 in the first quarter and tested 5,460 barrels of oil and 4.02 million cubic feet of natural gas per day from the Albian.

The Company also announced that, just 13 months following the Lion oil field discovery, it has commenced oil production on Block CI-11. The initial production rate of 10,000 barrels of oil per day from three wells (the Lion A-1, Lion 8-X and Lion A-2) is expected to increase to 20,000 barrels of oil per day by the end of the year as additional wells and facilities are brought on line.

At the same time, GNR and its partners signed a new production sharing contract on the 525,000-acre Block CI-12, which lies immediately adjacent to and west of the producing Block CI-11. with recently acquired 2-D seismic, prospects have been mapped which are on trend with the CI-11 production in water depths of 80 to 150 feet. A 526-square kilometer 3-D seismic program is planned for the third quarter of 1995, and exploration drilling is expected in 1996.

Blocks CI-11 and CI-12 are operated by United Meridian Corp. Ownership interests in the Lion field and in Block CI-12 are as follows:

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                                         Lion Field  Block CI-12
UMC (NYSE:UMC)                           25 percent  27 percent
PETROCI, the national oil company of
 Cote d'Ivoire                           40 percent  35 percent
International Finance Corp.              15 percent  16 percent
Global Natural Resources (NYSE:GNR)      10 percent  11 percent
Pluspetrol S.A.                          10 percent  11 percent

Global Natural Resources is engaged in worldwide oil and gas exploration and production and in natural gas gathering, processing and marketing. The Company has operations and interests in North America, Tatarstan-Russia, Indonesia, Malaysia, the Ivory Coast and Egypt.

CONTACT: Global Natural Resources, Houston

Robert F. Vagt or Gerald R. Colley, 713/880-5464