Gulf Indonesia books higher earnings in Q1

Gulf Indonesia Resources, a 72 percent subsidiary of Conoco Canada Resources on Monday reported US$ 32 million cash generated from operations during the first quarter of 2002, lower than last year?s corresponding period of 37 million.

The company recorded earnings of $ 10 million, or 11 cents per share during the quarter, higher than last year?s $ million, or 10 cents per share. Increased earnings are due to the company?s ability to cut down costs during the quarter.

Gulf said during the quarter, Suban-7 well in the Corridor block South Sumatra was tested at a rate of 63 million cubic feet per day, with the drilling of Suban-8 scheduled to commence during July. During the quarter Gulf also marked the completion of a 2,523 square kilometer 3D seismic survey over most of the Ketapang block and a portion of the adjacent Pangkah block in East Java. The company believes this to be the largest offshore proprietary 3D seismic survey ever undertaken in Indonesia.

Gulf Indonesia is currently the country?s non-LNG gas producer with the output of 42,000 BOEPD. (alex)