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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (11439)6/25/1998 11:40:00 AM
From: Kerm Yerman  Read Replies (1) of 15196
 
FIELD ACTIVITIES / Gulf Canada Resources North Sea Discovery

GULF CANADA ANNOUNCES NETHERLANDS NATURAL GAS DISCOVERY

DENVER, COLORADO, June 24 /CNW/ - Gulf Canada Resources Limited announced
today a natural gas discovery at the Gulf operated Q4-8 exploration well on
the Q-4 Block located offshore in the Dutch sector of the North Sea. Gulf
Canada Resources, through its wholly owned subsidiary Clyde Petroleum
Exploratie B.V., currently holds a 49.75 per cent interest in the block.

The Q4 discovery well tested 27 million cubic feet of gas per day and is
located approximately 20 kilometres (12 miles) from Gulf operated
infrastructure in the area, which will potentially reduce development time.
The current plan is to submit a production licence application later this
year, proposing to start production by year-end 1999.

Partners in the Q-4 Block are Dyas B.V. with a 17.25 per cent interest
and Clam Petroleum B.V. (a 50/50 joint venture with Marathon Petroleum
Netherlands, Ltd., which is a wholly owned subsidiary of Marathon Oil Company,
and Burlington Resources Netherlands Inc., which is a wholly owned subsidiary
of Burlington Resources Inc.) with a 33 per cent interest. The State has a
right to acquire a 40 per cent interest through Energie Beheer Nederland B.V.
under ''back-in'' provisions.
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