Gulf Indonesia Resources announces Q3 results

Gulf Indonesia Resources Ltd. announced on Monday its 2001 third quarter results as follows:

? Testing of the Suban-6 well in the Corridor PSC area at a rate of 75 million cubic feet per day, with testing of the Suban-7 well planned to commence later this month;

? Continued progress in negotiations for the sale of Sumatra gas to Malaysia;

? Payout of the company's original capital investment in the Corridor Gas Project after only three years in operation;

? Repayment of the entire balance of the Corridor Loan facility on August 8, 2001, five and a half years ahead of the originally scheduled date of February 2007; and

? Approval of the assignment to the company of a 50 per cent interest in the Banyumas PSC, representing an area of over 1.3 million gross acres for future onshore exploration in south-central Java.

And on October 13, the company set a single-day record for gross gas sales from the Corridor Gas Project at 318 million cubic feet per day (Gulf share 166 mmcf/d), which is approximately three per cent above the original design capacity.

``Our company is focused on capturing the value of our existing assets and creating value from exploration and other opportunities,'' said Paul C. Warwick, president and chief executive officer. ``We are actively pursuing gas markets such as Malaysia, West Java and others to add significantly to our already substantial portfolio of gas sales contracts. With the uncontracted gas at Suban, our exploration discoveries in East Java, our 40 years of experience in Indonesia, and our debt-free balance sheet, we feel that this company has the potential for substantial increases in value over the long term.'' (*)