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Show ZtM^H illiUi th, ': tvf COU .'•"•'. '•• ** ,*3;' • . ... , ,-h r.i tnc naiur*.! pro-n of the oftshorf shelf;. X"M;- seventh cor.u!•!'.!"" »-i*-*- ,,.. ,.}•; ^-^s i,.-i n line drs<wn in ;; p.yons ' v,-;i< re s con- . , : the slv ii';' tiptnr:i! ,;,;•;.;, ends, arro.v up to i •.'flv-irmeni's decree. The j .-,..- however, does not pene- j ;,;.,,: ijitn the 12 mile (14.2 •tm) ; _...(.,..,.; vnl,( of H V O Japanese • :jnd^; Torisinma and Dan*^ i Verterday's agreement pro- 'rh thai the U.S oil firm ir.o •v.' government or government ':• >i:;nated spent, fcbould under- • ,i,,.'an fU)-2(i joint oil search pi-oWt which will require over $10 million in investment over a search period of eight years Under the agreement, the government gives to the:U.S. firm u period of SO year? for producing oil, h' if- is found- • Th" V S firm provided $500,- 000 in a signature bonus to the government upon entering into the agreement. Phillips said that h i s firm will soon begin search opera- Lions. H e also said he will grant $50,000 per year to be used for scholarships to Korean students durin? the search period. THE KOREA HERAUD, FRIDAY. SEPTEMBER 25, 1570 OIL S K A K C H ACCOST) - f'.tmn«r<< try Minister l.ce Nuh sun <lrM and I-dill rhiWips (righO. p».*sii»eH M Ind.'S-VVtn- .idit)? Ku.-.c IJprj.M > Oil Cb.. s:i*n an agreement to explore t Korfh'i seventh area of the continental s'< io a .-•ri-.ncn^ hchl *t the ministry *csieni |