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

To: Tomas who wrote (7477)	12/19/1997 12:42:00 AM
From: Darwyn Petras	Read Replies (1) \| Respond to of 9164

Tomas :Clarification on Russian Pipeline Further to the the AFP news release I phoned IR at Arakis to confirm the scoop on the pipeline announcement. Arakis was aware of the release but indicated that the reference was to a different facility with no relation to any Arakis interest. They also indicated that the pipeline length was misquoted for this particular operation which is what seems to be causing the confusion. When asked about the Arakis pipeline decision while close would not likely be announced until sometime in the new year. I did not get the sense that a decision was imminent but when asked they still believe that timelines will see oil flow 4th Q 99. As for financing the CFO is currently negotiating in the international market for the "best debt" deal, as US financing is obviously not an option.Further dilution does not seem to be a major consideration even as a sweetner. Arakis has not been in the market and to support the price and does not plan to in the near future as they feel the seeling pressure in the last several weeks is attributed to year end tax selling. The Board has recently met to discuss Khan's replacement however unable to determine how the search committee is doing on this front and what timelines we are looking at. This stock sure looks cheap at just over two dollars too bad I have a wack of it already at 3 3/8's. This has got to look attractive in any takeover by Lundin. Cheers Darwyn