100 million oil added to proven researves:
CALGARY, Alberta--(BUSINESS WIRE)--June 12, 1997--
> Arakis Energy Corporation (NASDAQ:AKSEF) announces
> that Sproule & Associates Limited ("Sproule"), independent engineers,
> have attributed an additional 100 million barrels of proven
> recoverable reserves to three exploration areas on the company's
> Sudan concession in a mid year reevaluation reflecting 1997 dry
> season drilling results. The mid year revaluation was commissioned
> by the board and management of Arakis to demonstrate the success of
> the 1997 drilling program operated by wholly owned subsidiary State
> Petroleum Corporation in close cooperation with consortium partners.
> Sproule's review included an evaluation of the recently drilled
> appraisal wells El Toor 50a & Toma South 88c and the discovery well
> El Nar 72a. These wells are located in Exploration Block 'Unity la'
> of the Sudan concession. Reserves for El Toor and Toma South Fields
> were assessed through a combination of flow tests and geological
> mapping permitted by several wells. El Nar was assessed reserves on
> the basis of a single well flow test and an assigned acreage.
> The Company's 1996 Annual Report stated concession reserves
> effective as at December 31, 1996. The following is a summary of the
> additions to proven recoverable reserves by exploration area
> increasing total proven recoverable concession reserves to 262
> million barrels. Proven reserves were confirmed by additional
> drilling, elevating reserves from the probable and potential
> categories. Sproule also reports additional probable reserves of 41
> million barrels attributable solely to those fields described in the
> summary below. This brings the total proved plus probable reserves
> to 417.8 million barrels. Potential reserves of 812.1 reported by
> Sproule as at December 31, 1996 were not reviewed in the mid-year
> update.
> *T
>
> Total
> Current
> December 31, 1996 Current Proved
> ----------------- ---------------- and
> Proven Probable Proven Probable Probable
> Reserves Reserves Reserves Reserves Reserves
> Field (in millions) (in millions) (in millions)
> ----- ------------------- ---------------- ------------
>
> El Toor 5.4 14.7 31.4 10.9 42.3
> Toma South 13.1 31.6 82.3 27.4 109.8
> El Nar 0.0 -- 6.6 2.5 9.1
> ----- ---- ---- ---- -----
> Total 18.6 46.3 120.3 40.9 161.2
>
> *T
>
> The increase in Gross Proven Recoverable Reserves does not yet
> include the successful drilling of Umm Sagura and Umm Sagura East
> also in Exploration Block, 'Unity la' because of the preliminary
> nature of testing and evaluation results.
> Arakis has a 25 percent interest in the Sudan concession through
> its participation in the Sudan Project Consortium comprised of State
> Petroleum Corporation (25 percent), China National Petroleum Company
> (40 percent), Petronas Carigali Overseas Sdn Bhd (30 percent) and
> Sudapet Limited (5 percent).
>
> CONTACT: Arakis Energy Corporation
> Kristine Dow, 403/213-6700
> 403/263-8069 (FAX)
> arakis.com
> investor@arakis.com
> or
> Arakis Energy Corporation
> Ron Burrows, 403/213-6700
> 403/263-8069 (FAX)
>
> KEYWORD: NEW YORK
> INDUSTRY KEYWORD: OIL/GAS |
