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GULF CANADA RESOURCES LIMITED - LARGE SOUTH SUMATRA GAS FIND CONFIRMED

GULF CANADA RESOURCES LIMITED - LARGE SOUTH SUMATRA GAS FIND CONFIRMED
 CALGARY, Sept. 28 /PRNewswire/ -- Gulf Canada Resources Limited (AMEX: GOU) today announced that testing of the Dayung-2 appraisal well confirmed the likelihood of a large gas field in the Corridor Production Sharing Contract (PSC) area in South Sumatra.
 Gulf estimates that this discovery, combined with other discoveries at Gelam and Sambar, provides the threshold volumes required for Gulf to proceed with market development for Corridor gas reserves.
 Dayung-2 is about two kilometres from the 1991 Dayung-1 gas discovery, which encountered 150 metres (about 490 feet) of net gas pay. Dayung-2 was drilled to a total depth of 1980 metres (about 6495 feet), and logs indicate the presence of 125 metres (about 410 feet) of net gas pay. A drill stem test at the top of the reservoir, and a production test of a 15 metre (about 50 feet) lower interval flowed at a stabilized rate of 5.5 mmcf/day through a half-inch choke and 21.7 mmcf/day through a one-inch choke respectively. Field tests indicate gas composition of 70 percent methane, and 30 percent C02.
 An extensive testing program of Dayung-2 is underway, and further appraisal drilling of the Dayung structure is planned for early 1993 to determine the extent of the gas accumulation, as no gas-water contact has been encountered.
 The Dayung-2 well is operated by Gulf's wholly-owned Asamera subsidiary which holds a 54 per cent interest in the Corridor PSC; partners Bow Valley Industries and Pertamina hold 36 percent and 10 percent respectively.
 Gulf also announced that Asamera has signed a new 30-year Production Sharing Contract (PSC) in Indonesia. The addition of the new Tungkal PSC more than doubles Gulf's Indonesian acreage to 3.8 million net acres. The new PSC is an important addition as it is contiguous with Asamera's core properties in South Sumatra. Asamera has a 100 percent interest in Tungkal and is the operator. Seismic operations will begin this fall and continue in 1993, with drilling to commence in 1994.
 The company has plugged and abandoned the Peutouw-1 well in Block A in North Sumatra. The rig is being moved to the Kuala Muku structure to complete drilling the fourth well in the six-well exploration program on Block A.
 -0- 09/28/92
 /CONTACT: Craig Langpap, manager -investor relations, 403-233-4341, or John Sparks, manager -public affairs, 403-233-4049, both of Gulf Canada Resources Limited/
 (GOU) CO: Gulf Canada Resources Limited ST: Alberta IN: OIL SU: DSC


SH -- NY018 -- 3864 09/28/92 09:50 EDT
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Publication:PR Newswire
Date:Sep 28, 1992
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