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Gold/Mining/Energy : ARAKIS: HIGH RISK OIL PLAY (AKSEF)
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To: Larry Brubaker who wrote (7338)11/23/1997 9:23:00 PM
From: Razorbak  Read Replies (1) of 9164
 
Larry: Pages 14 and 15 of Arakis' 1996 Form 20-F describe how the capacity of the export pipeline (a.k.a. the "Transportation System") will be allocated...

"... The Transportation System is to have base capacity to transport crude oil from the Contract Area under the EPSA and excess capacity to transport crude oil from the Contract Area and from other oil fields. The Government of Sudan committed not to construct or operate any other system for the transportation of petroleum within the vicinity of the Sudan Concession and along the route of the Transportation System, and agreed not to permit any person other than the Pipeline Company to do so. The Transportation System is to be operated on a "common carrier" basis. The Contractor is to have first right to base capacity in the Transportation System and producers from other areas are to have first right to excess capacity.

The exclusive right described above will be lost to the Contractor and the Pipeline Company if the Contractor fails to make additional capacity available to third parties after having agreed to do so by a mutually agreeable date and on suitable terms. In that event, all capacity in the Transporation System would be made available to all users on a common carrier basis. The COPA calls for the Transportation System to be designed initially to transport at least 250,000 bbls/d, and 60% is designated as base capacity and 40% is designated as excess capacity. The Transportation System is to be financed, designed, constructed, maintained and operated in accordance with generally accepted international norms and is to be planned and implemented concurrently with, and subject to, oilfield development plans. The interests of the Contractor parties in the Transportation System are the same as in the Consortium."

Hope this clarifies.

Razor
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