It seems this new project is in fact a remake of the 1996 film and not a sequel.
The legend of The Phantom began four hundred years ago when a small boy witnessed his father's savage murder at sea by pirates of the Sengh Brotherhood. Washed ashore near the Bengalla Jungle, the boy swore an oath of vengeance -- to fight piracy, cruelty and injustice in all its forms. That boy became the first Phantom, creating a sacred tradition passed down from father to son over twenty generations. No one understood how The Phantom survived the centuries unchanged, and so believed him to be immortal. They dubbed him The Ghost Who Walks.
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