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Gold/Mining/Energy : ARAKIS: HIGH RISK OIL PLAY (AKSEF) -- Ignore unavailable to you. Want to Upgrade?

To: Wags who wrote (7220)	11/4/1997 11:12:00 AM
From: Mazman	Read Replies (1) \| Respond to of 9164

( BW)(ARAKIS)(AKSEF) Arakis Announces Excellent Results at El Bakh Discovery Well Business Editors CALGARY, Alberta--(BUSINESS WIRE)--Nov. 4, 1997--Arakis Energy Corporation (NASDAQ: AKSEF), and the Sudan Project Consortium, of which Arakis' wholly-owned subsidiary, State Petroleum Corporation, is a 25 percent participant, today announced excellent test results from its El Bakh discovery well. The El Bakh well, located in the southwest quadrant of the Heglig Development Area, reached a target depth in the Bentiu zone at 2121 meters on September 22, 1997. Testing of two sands in the Bentiu formation confirmed that there is an estimated 17 meters of net pay in this formation. The calculated flow rate of the well from these two sands, at a drawdown of 10 percent, is in excess of 15,000 barrels of oil per day of 36 degree API crude oil. The rigs are currently drilling at two new exploration locations: El Sadeeq and Kerial 1. El Sadeeq is located approximately 25 kilometers northwest of the Heglig Development Block and Kerial 1 is immediately east of the southeast corner of the Unity Development Block. Additional development wells are being drilled at Unity 24 and Heglig 12. The service rig is conducting completion and casing operations at Unity 30. Hamra West has been logged and cased with a possible 21 meters of net pay in the Aradeiba and Ghazal zones. Further testing at Hamra West will be necessary to determine flow rates. Additional drilling and testing results will be reported as available. 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). --30--ac/sf* CONTACT: Arakis Energy Corporation Kristine Dow, 403/263-2471 investor@arakis.com arakis.com or Arakis Energy Corporation Ron Burrows, 403/263-2471