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Gold/Mining/Energy : ARAKIS: HIGH RISK OIL PLAY (AKSEF) -- Ignore unavailable to you. Want to Upgrade?

To: J. M. Burr who wrote (9137)	10/5/1998 4:36:00 PM
From: Pascal Morin	Respond to of 9164

(REUTERS) Big oil shares trade higher on safe haven status Big oil shares trade higher on safe haven status NEW YORK, Oct 5 (Reuters) - Shares of major U.S. oil companies put on a big spurt Monday while the wider market fell as investors sought solid companies with good defensive attributes. The Standard & Poors Oil International Index closed up 1.69 percent at 847.92 points, despite sharply weaker oil prices and a drop in the Dow Jones Industrials. Leading the pack was Mobil Corp. <MOB.N>, up three at 79-11/16, with Chevron Corp. <CHV.N> up 1-3/16 at 88-15/16, Texaco Inc. <TX.N> up 13/16 at 62-5/16 and Exxon Corp. <XON.N> up 1-7/8 at 74-7/8. "The U.S. integrated oils are doing quite well. They are safe companies with good worldwide exposure, good yields and top flight management," said Eugene Nowak, analyst at ABN AMRO Inc. He said there was still some takeover sentiment lingering in the sector after the British Petroleum Co. Plc <BP.L>/Amoco Corp. <AN.N> merger. ((David Chance, New York Newsroom 212-859-1902. Email david.chance@reuters.com)) REUTERS

To: J. M. Burr who wrote (9137)	10/5/1998 4:39:00 PM
From: Pascal Morin	Read Replies (1) \| Respond to of 9164

(COMTEX) B: GULF INDONESIA, TALISMAN AND PERTAMINA START 300 MMCF/D C B: GULF INDONESIA, TALISMAN AND PERTAMINA START 300 MMCF/D CORRIDOR GAS Project DENVER, Colo., Oct. 4 /CNW/ - Gulf Indonesia Resources Limited, Talisman (Corridor) Ltd. and Pertamina announced today that first gas deliveries have commenced from the Corridor Gas Project to the Duri steamflood project in central Sumatra operated by PT Caltex Pacific Indonesia. Natural gas is being delivered through a 544-kilometer (approximately 340-mile) pipeline constructed and operated by PT Perusahaan Gas Negara (PGN), the Indonesian state gas distribution/transmission company. ''The start of gas deliveries to Duri marks a tremendous achievement for Gulf Indonesia, Talisman, Pertamina, PGN and Caltex,'' said William T. Fanagan, President and Chief Executive Officer of Gulf Indonesia. ''This milestone is the culmination of an enormous amount of effort by all parties starting from the first discovery of gas in the Corridor Block in 1990. We are very proud to start up the Corridor Gas Project on time and on budget.'' ''This has been a major undertaking, well planned and well executed,'' said Dr. Jim Buckee, President and Chief Executive Officer of Talisman Energy. ''Corridor clearly demonstrates the potential for continuing profitable and reliable growth in Indonesia, despite the continuing financial crisis in southeast Asia. The stage is now set for additional gas deliveries from this very prolific area.'' By the end of 1998, the Corridor Gas Project is expected to produce approximately 300 million cubic feet per day of sales gas displacing approximately 48,000 barrels per day of crude oil currently being used to generate steam at Duri, the largest steamflood project in the world. Corridor natural gas is expected to displace in excess of 250 million barrels of crude oil over the life of the project. The natural gas delivered to Duri will be exchanged on an energy equivalent basis for crude oil that will be sold offshore on behalf of the participants through a nine-year marketing agreement with ITOCHU Petroleum Co., (Hong Kong) Ltd. Gulf Indonesia (GRL:NYSE) holds a 54 per cent working interest in the Corridor Block Production Sharing Contract and is contract operator for Pertamina, the Indonesian state oil company. Partners are Talisman (Corridor) Ltd., a wholly owned indirect subsidiary of Talisman Energy Inc. (TLM:TSE, ME, VSE, NYSE), with 36 per cent and Pertamina with 10 per cent. This report contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although GRL and TLM believe that their expectations are based on reasonable assumptions, these assumptions are subject to a wide range of business and technical risks, and there is no assurance these objectives will be achieved. /NOTE TO PHOTO EDITORS: A photo accompanying this release is available on the Canadian Press Photo Network/ SOURCE Gulf Indonesia Resources Limited; Talisman Energy Inc. -0- 10/4/98 /CONTACT: Gulf Indonesia Resources Limited, Investor Relations and Public Affairs, Denver, 888-937-4636 (INDO) or 303-813-3800; Talisman Energy Inc., David Mann, Manager, Investor Relations & Corporate Communications - Calgary, 403-237-1196/ (GRL TLM. TLM) CO: Gulf Indonesia Resources Limited; Talisman Energy Inc. ST: Colorado IN: OIL SU: -30-