Arakis Announces Management Change.CALGARY, Alberta--(BUSINESS WIRE)--Sept. 16, 1997--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) announced today that the Board of Directors has accepted the resignation of Ernie Pratt, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Arakis. Pratt's contributions to the early exploration and development of the Project have been invaluable and his efforts are much appreciated by Arakis and by the Consortium partners. With the transition of operational responsibility for exploration to the Greater Nile Petroleum Operating Company The Greater Nile Petroleum Operating Company is a petroleum exploration, refinement and distribution company operating in Sudan. It was incorporated on June 18, 1997 and its name is abbreviated to GNPOC. ("GNPOC GNPOC Greater Nile Petroleum Operating Company "), the joint operating company operating company A business that engages in transactions with outsiders. of the Sudan Sudan (s  dăn`), officially Republic of Sudan, republic (2005 est. pop. 40,187,000), 967,494 sq mi (2,505,813 sq km), NE Africa. Petroleum Project Consortium, Pratt has indicated his desire to work on other projects where his expertise can be utilized directly in an operations capacity. The Board and Management of Arakis wish to thank Pratt for his significant contributions in the past and to extend their best wishes to Pratt in all his future endeavors. The Board of Directors also approved a comprehensive re-structuring plan for the management and employees of Arakis and its wholly-owned subsidiary, State Petroleum Corporation ("State"), which is a 25 percent participant in the Sudan Petroleum Project Consortium. The reorganization is due in part to the changing requirements of the Company in view of the transfer of some of the operational divisions of State to GNPOC. This has allowed Arakis and State to consolidate much of its staffing requirements. As well, the Board of Directors has formed several new committees including a Finance Committee and a Search Committee. The Finance Committee will guide the progress of the management task force in securing the financing required by Arakis to meet its obligations for completion of the pipeline and exploration and production programs. Proper structuring of this financing is considered to be of paramount importance to the Company's profitable development of the Sudan Project and to increasing shareholder value. The Search Committee will undertake the recruitment of a new President. 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 SDN BHD Sendirian Berhad (Malay equivalent to incorporated) (30 percent) and Sudapet Limited (5 percent). CONTACT: Arakis Energy Corporation Kristine Dow, 403/213-6700 403/263-8069 (FAX) investor@arakis.com http://www.arakis.com or Arakis Energy Corporation Ron Burrows Burrows is a provincial electoral division in the Canadian province of Manitoba. It was created by redistribution in 1957, and formally came into existence in the provincial election of 1958. The riding is located in the northern part of Winnipeg. , 403/213-6700 403/263-8069 (FAX) investor@arakis.com |
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