Canada?s Goldbelt Resources to enter Indonesia upstream

Canadian-based company Goldbelt Resources Limited has entered into an agreement with British Virgin Islands-based All Current Holdings Limited, under which the parties have agreed that Goldbelt will acquire all the issued and outstanding shares of Ocean Realm International Limited.

Goldbelt said on Friday under the agreement it had the rights to acquire and will acquire prior to closing, a 60 percent participating interest and an option to acquire a further 20 percent participating interest in a producing oil field in Indonesia.

?The oil field, which is under a Technical Assistance Contract, was originally discovered prior to the Second World War and has produced over 6,000,000 barrels of oil,? Goldbelt said without mentioning the name and location of concession area.

The company said the previous contractor had conducted a modest re-entry and oil production program with current production of 250 - 400 barrels of oil per day.

Further drilling and production activities were presently being carried out with a target production rate in excess of 1,000 barrels of oil per day during the second quarter of 2003, the company said in statement to TSX Venture Exchange of Canada. (alex)