Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (11075)	6/3/1998 2:26:00 PM
From: SofaSpud	Respond to of 15196

CORP. / Gulf Updates Indonesian Situation GULF INDONESIA OPERATIONS UNINTERRUPTED DENVER, COLORADO, June 3 /CNW/ - Gulf Indonesia Resources Limited and its majority holder, Gulf Canada Resources Limited, today provided an update on the status of operations in Indonesia and the outcome of a meeting called by Pertamina, the Indonesian State Oil Company. On June 1, 1998, the President of Pertamina called a meeting of oil and gas industry contract holders, including Gulf Indonesia, to confirm that the government and Pertamina will honor all production sharing contracts. Moreover, Pertamina emphasized its desire to better streamline processes and to position itself as a competitive international oil company. Also, Gulf Indonesia has been informed that Pertamina/the Government of Indonesia has approved key terms for the Block ''A'' production sharing contract area located in northern Sumatra. The terms are as expected, evidencing normal business operations for the company. The remaining step in finalizing commercial terms for the project is to obtain a guarantee for natural gas marketing. ''It's business as usual throughout our operations in Indonesia,'' said Bill Fanagan, President and Chief Executive Officer of Gulf Indonesia. ''We welcome Pertamina's announcement. We have had a longstanding relationship and look forward to providing input during the reform process.'' Gulf Indonesia's Jakarta office is open for normal business hours. The Company's operations, development activities and drilling programs remain uninterrupted by recent events. The Company's principal activities are located in remote areas on the island of Sumatra and offshore in the West Natuna Sea. The Corridor natural gas project currently under construction remains on schedule for completion in August, with first gas deliveries expected in September. Gulf Indonesia, through predecessor companies, has operated in Indonesia since 1961. During the recent civil demonstrations in Jakarta, families of expatriate employees were evacuated. Also, certain non-essential Jakarta staff members were temporarily relocated to Gulf's office in Singapore and to field offices while the Jakarta office remained open on restricted hours. These staff members have since returned to Jakarta. %SEDAR: 00008835E -30- For further information: Gulf Investor Relations and Public Affairs, (303) 813-3800