Gulf Canada plans to list RI subsidiary<\/p>\n
CALGARY (Reuter): Gulf Canada Resources Ltd is expected to
\nspend C$2.25 billion this year and the company hopes to launch
\nthe public offering of its Indonesian subsidiary in September to
\nfinance the last part of the major outlay, Gulf chief executive
\nJ.P Bryan said on Wednesday.<\/p>\n
Bryan told reporters after the company's annual meeting that
\nthe float of what is now called Gulf Indonesia Resources Ltd --
\nlikely to be made on both the Jakarta and New York stock
\nexchanges -- would also boost the unit's remaining value for Gulf
\nCanada shareholders.<\/p>\n
The current value does not reflect any exploration potential
\nor oil and gas fields coming on stream in the next three years,
\nhe said.<\/p>\n
\"All we're getting in value for (the Indonesia assets) is the
\ncurrent cash flow, which is no reflection of the value,\" Bryan
\nsaid. \"It's like having a billion in cash invested at one percent
\ninterest,\" he said.<\/p>\n
Bryan said he would not argue with some analyst estimates that
\nplaced the potential value of the assets -- the former Asamera
\ncompanies -- at C$2 billion.<\/p>\n
Gulf Canada's Indonesian assets were bolstered with the
\ncompany's C$1.1 billion acquisition of Britain's Clyde Petroleum
\nearlier this year.<\/p>\n
The takeover, which launched Gulf Canada's foray into the
\nNorth Sea, also added offshore assets and operating skills to
\nGulf Canada's stakes in such developments as the Corridor and
\nBlock A gas projects on Sumatra, Bryan said.<\/p>\n
Apart from the Clyde acquisition, Gulf was expected to spend
\nC$1.15 billion this year exploring and producing in North America
\nand in other locales.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/gulf-canada-plans-to-list-ri-subsidiary-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}