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Monday August 31, 9:09 am Eastern Time
Company Press Release
SOURCE: Talisman Energy Inc.
Talisman Advances Funds To Arakis
CALGARY, Aug. 31 /CNW-PRN/ - Talisman Energy Inc. announced today that it has advanced US $21,828,822 to Arakis Energy Corporation [Nasdaq:AKSEF - news] under its Credit Agreement with Arakis dated August 17, 1998. The Credit Agreement was entered into in conjunction with the Arrangement Agreement that Talisman has with Arakis, providing for the acquisition by Talisman of all of the issued common shares of Arakis by way of a plan of arrangement. The advance was made for the purpose of satisfying a funding obligation of State Petroleum Corporation, Arakis' wholly-owned subsidiary, in respect of its oil exploration and development project in Sudan.
As part of Talisman's security for the advance, Arakis has issued a secured debenture to Talisman, which is convertible into Arakis common shares at a price of US $1.00 per share to a maximum of 17,843,678 shares, equaling just under 20% of the outstanding Arakis shares. Talisman does not currently own, or exercise control or direction over, any other securities of Arakis.
Dr. Jim Buckee, President and Chief Executive Officer commented, ''This is a world scale, highly visible project, which opens a new hydrocarbon province. I believe this project will be good for Talisman and, in time, good for all of the people in Sudan. The oil field is already bringing fresh water, jobs and medical services.''
Talisman Energy Inc. is a Canadian-based, international upstream oil and gas producer with operations in Canada, the North Sea and Indonesia. The Company is also conducting exploration in Algeria and Trinidad. Talisman's shares are listed on the Toronto, Montreal and Vancouver stock exchanges in Canada and the New York Stock Exchange in the United States under the symbol TLM.
Arakis Energy Corporation is a Canadian based, international oil company with a 25% interest in a Sudan concession through its participation in the Sudan Project Consortium. Arakis shares are listed for trading on the NASDAQ exchange under the symbol AKSEF.
-- This release is available on Talisman's Internet Web Site: WWW.TALISMAN-ENERGY.COM --
SOURCE: Talisman Energy Inc. |
