ARAKIS ENERGY REPORTS NEW DISCOVERY ZONES IN HEGLIG OIL FIELD.VANCOUVER, B.C.--(BUSINESS WIRE)--Aug. 1, 1995--Arakis Energy Corporation NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on (AKSEF) (VSE See DOS/VSE. VSE - Virtual Storage Extended : AKS, NASDAQ: AKSEF) and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. State Petroleum Corporation (SPC 1. (business) SPC - Statistical Process Control. Something to do with quality management. 2. (body) SPC - Software Productivity Centre. 3. (company) SPC - Software Publishing Corporation. 4. ), operator of its Sudan oil concessions, report that a new discovery zone has been tested in the Heglig No.5 and No.6 oil wells located in the Heglig oil field in Central Sudan. Both the Bentiu No.1 zone and the lower Aradeiba "A" Sandstone were identified in each of these oil wells, as potential oil bearing horizons within the known Heglig oil field unit. These zones were perforated per·fo·ra·ted adj. Pierced with one or more holes. and tested proving a new "oil discovery" within the known area of the Heglig oil field. SPC's engineering review of the petrophysical data from the 19 previously drilled wells in the Heglig oil field identifies them throughout the Heglig oil field via review of the drill logs from other wells drilled previously within the Heglig oil field. Each of the remaining 17 successfully drilled Heglig oil wells will test these new productive horizons as each is prepared for initial production. The Heglig well No.6 is the fourth oil well to be completed for production. The combined sustained producing rate is over 9300 bopd of medium to high grade 29 degrees - 35 degrees API oil. Following perforations from 5305' - 5324' the upper Bentiu unit 1 zone flowed 2515 bopd of 29 degrees API clean oil on a 1 1/4 inch choke. The well has been equipped with a downhole progressive cavity pump A progressive cavity pump is also known as a progressing cavity pump, eccentric screw pump or even just cavity pump and also, as is common in engineering generally, these pumps can often be referred to by using a manufacturers name, as if it were the generic and is ready for production. The Heglig well No.5 tested the Bentiu No.2 zone over an interval of 5276' - 5348'. The well flowed 1886 bopd of 29 degrees API clean oil on a 1 1/4 inch choke. The Aradeiba "A" Sandstone will also be tested in this well before it is readied for production. Additional recoverable oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally will be booked and reported as soon as final engineering data is compiled. This year the company has previously reported the addition of approximately 88 million barrels to its prior recoverable reserve base of 307 million barrels from a similar discovery tested during the last quarter. Independent engineers have used cut-offs for recoverable reserves of 20 per cent recovery of oil in place, 15 per cent porosity and 100 - 300 millidarcies of permeability. There are 30 additional existing oil wells to be completed in the Heglig and Unity fields which are scheduled to produce an initial 100,000 bopd further test results will be reported as soon as they become available. CONTACT: Arakis Energy David Harrison David Harrison may refer to:
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