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A sequel was shot but never released.
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This isn't exactly true. A sequel was PLANNED but was never releasesd. AFAIK, nothing past a script treatment was done with it.
I think a better PHANTOM candidate for release on DVD would be the 1962 Herbert Lom version that Hammer made. There's nothing from the original story in there, but it's a good thriller, either way.
The TV movie with Maxamillian Schell isn't bad either, with some great cinematography and a great make-up job by Stan Winston.