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

To: John A. Paul who wrote (7715)	2/6/1998 9:52:00 AM
From: Darwin D. Kenney	Read Replies (1) \| Respond to of 9164

Here is the announcement: Arakis Announces Appointment of President and CEO CALGARY, ALBERTA--Arakis Energy Corporation (NASDAQ: AKSEF). The Board of Directors of Arakis is very pleased to announce the appointment of Raymond P. Cej to the position of President and Chief Executive Officer. Mr. Cej, a professional engineer, brings to Arakis over 29 years of experience in all aspects of Canadian and international oil and gas business. Mr. Cej was employed with Shell Canada Limited from 1969-1995, gaining experience managing and directing activities in many areas of the business including exploration, production and marketing of oil, corporate finance, investor relations, financial management and general administration. Mr. Cej's time at Shell culminated in his holding the position of Senior Operating Officer, Resources, and as a member of the five-man senior management team accountable to the Board of Directors. Most recently, Mr. Cej served as CEO and Chairman of the Board of Kyrgoil Corporation; a Calgary based company with exploration, development, production, refining and marketing operations in the Kyrgyz Republic of Central Asia. Mr. Cej also serves as Chairman of the Canadian Association of the World Petroleum Congress and was instrumental in the development and marketing of the Association's recent successful bid to host the 16th World Petroleum Congress in Calgary, Canada in the year 2000. Mr. Cej holds a B.Eng. in Chemical Engineering from the Royal Military Colleges System and an M.Sc., also in Chemical Engineering, from the California Institute of Technology. Commenting on the appointment, Mr. Lutfur Rahman Khan, Chairman of the Board of Directors of Arakis said, "The addition of Mr. Cej, combined with the strength of the Board of Directors and existing officers, represents a formidable management team leading Arakis through the next critical phase of the Sudan Petroleum Project consisting of the construction of the pipeline and continuing to oil production in 1999." 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-