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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (12389)	9/21/1998 9:13:00 PM
From: Kerm Yerman	of 15196

IN THE NEWS / Arakis Energy Taps Another US$24.7M From Talisman Energy For Sudan Play Saturday, September 19, 1998 By CLAUDIA CATTANEO Calgary Bureau Chief The Financial Post Talisman Energy Inc. has advanced another US$24.7 million in bridge financing to Arakis Energy Corp. in advance of its takeover of the company on Oct. 7. The advance brings to US$46.6 million the funds handed over to Arakis so it can satisfy funding obligations of its oil exploration and development project in Sudan. The senior Canadian oil and gas company with international operations announced Aug. 17 it planned to buy Arakis for $295 million in stock. As part of the purchase agreement, Talisman said it would advance up to US$54 million, which is secured by Arakis's assets. Arakis has a share in a giant oil field in Sudan it can't afford to develop. It's expected to start producing 150,000 barrels a day in early 2000, after a pipeline to Port Sudan is completed. Talisman stock (TLM/TSE) has regained lost ground since the deal was first announced, closing Friday at $31.25, up 25›. The takeover was announced just before the U.S. bombed sites in Sudan suspected of aiding terrorist activities. Talisman has said the financing doesn't mean the deal is irreversible. Arakis is holding a special meeting of shareholders on Oct. 7 to vote on Talisman's offer.

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