ARAKIS: HIGH RISK OIL PLAY (AKSEF) Message Board

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Gold/Mining/Energy : ARAKIS: HIGH RISK OIL PLAY (AKSEF)

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To: Marantz who wrote (5421)	5/1/1997 6:03:00 PM
From: Vince Moretto	of 9164

Other items of significance from the conference call: They are evaluating the possibility of expanding their exploration holdings in Oman. Will be meeting with the Oman minister of energy May 24th. The Oman well has just been spudded. They will be evaluating 2-3 other possible international exploration opportunities, stated that N.Africa and the middle east are the most likely prospects at this time. They will be having discussions with the Malays and Chinese regarding further potential projects in N.Africa and Middle East. AKSEF's further obligations on the current project is in the area of 100 - 150 million, no definite statement as to whether debt or equity financing would be pursued, they did state that the partners may agree to handling some debt financing for AKSEF. Drill schedule for the remainder of the year is 14 "development" wells, but these wells will actually be testing for incremental reserves on smaller fields. 80 % of the concession remains to be explored, they have 3 years in which to conduct exploration of the entire concession, 4 seismic crews are working conducting 3d and 2d seismic assessments. 3 drilling rigs are in operation, the 4th will be set up soon. Umm Sagara well is being tested, news release in the next day or two. They felt it would be positive news. No indication of any takeover attempt by any outside party.

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