Arakis Energy - News Release.CALGARY, ALBERTA--(BUSINESS WIRE)--March 3, 1997--Arakis Energy(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) Arakis Energy Corporation (NASDAQ: AKSEF) announced that 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, has signed an amended Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. for the Heglig, Unity and Kaikang Blocks in South Central Sudan, which satisfies the terms of an Interim Agreement dated December 2, 1996. State is a 25 percent participant in a consortium along with China National Petroleum Corporation (40 percent), Petronas Carigali Overseas Sdn Bhd SDN BHD Sendirian Berhad (Malay equivalent to incorporated) (30 percent) and Sudapet Limited (5 percent). The Consortium has committed to an extensive work program including a minimum of 30 new development wells and 21 new exploration wells before startup of the Oil Export Pipeline. The Consortium has also signed the Crude Oil Pipeline Agreement and the Lease Agreement obligating the Consortium to construct, own and operate an Oil Export Pipeline to transport up to 250,000 barrels of oil per day prior to year-end 1999. A copy of the statement made by His Excellency HIS EXCELLENCY. A title given by the constitution of Massachusetts to the governor of that commonwealth. Const. part 2, c. 2, s. 1, art. 1. This title is customarily given to the governors of the other states, whether it be the official designation in their constitutions and laws or not. Dr. Awad Ahmed Eljazz, Minister of Energy and Mining of the Republic of the Sudan, following the formal signing ceremony A signing ceremony is a ceremony in which a bill passed by a legislature is signed (approved) by an executive, thus becoming a law. Modern-day signing ceremonies are derived from ceremonies that occurred when the British monarch gave Royal Assent to acts of Parliament. in Khartoum March 1, 1997 is attached. STATEMENT His Excellency, Dr. Awad Ahmed Eljazz, Minister of Energy and Mining of the Republic of the Sudan is pleased to announce the signature by the Government and all Consortium parties on March 1, 1997 of the Exploration and Development Production Sharing Agreement in respect to the development of the Heglig, Unity and Kaikang areas covering 12.2 million acres in South Central Sudan. The Consortium have also signed the Crude Oil Pipeline Agreement and the Lease Agreement obligating the Consortium to construct and operate an export pipeline to transport up to 250,000 barrels of oil per day ("bopd") prior to year-end 1999. The pipeline will run from the Heglig field 1,500 kilometers to an oil export terminal to be constructed upon the Red Sea coast south of Port Sudan Port Sudan (s  dăn`), city (1993 pop. 308,195), NE Sudan, on the Red Sea. The country's major seaport, it handles the bulk of Sudan's foreign trade. . The pipeline will also serve the planned 50,000 bopd refinery to be constructed in Khartoum. Sixty percent (60 percent) of the Oil Export Pipeline capacity will be dedicated to the areas under this Production Sharing Agreement, Heglig, Unity and Kaikang. Forty percent (40 percent) will be available for third party users, thus providing an incentive for production sharing agreements in other areas in the vicinity. The Consortium comprised of China National Petroleum Corporation (40 percent) represented by Mr. Wu Yoawen, Vice President, Petronas Carigali Overseas Sdn Bhd (30 percent) represented by Dato Mohd. Hassan Marican, Director, State Petroleum Corporation (25 percent) represented by Lutfur Rahman Lutfur Rahman is a community activist and local politician in the London Borough of Tower Hamlets, London, England. Background Lutfur Rahman was born in Sylhet, Bangladesh but grew up in Tower Hamlets. Khan, President and Chief Executive Officer and Sudapet Limited (5 percent) represented by Hassan Mohamed Hassan Mohamed Hussain (Arabic: حسن محمد حسين) (born in 1962), is a UAE football (soccer) player who played as a midfielder for the UAE national football team and Al-Wasl Ali Eltom, Chairman Designate, attended a formal signature ceremony in Khartoum. The Consortium was formed and final terms agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy as a result of an extensive series of meetings chaired by Dr. A.R.O. Abdel Rahman on behalf of Dr. Awad Ahmed Eljazz, Minister of Energy and Mining. The Consortium commenced operations under an Interim Agreement dated December 2, 1996 to explore and develop the Contract Area including fields discovered by a previous operator and the new oilfields discovered in 1996 and 1997 at South Toma, El Toor, and El Nar. When these new discoveries are fully developed the oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. in the Concession will have recoverable reserves of in excess of 600 million barrels. Under the Exploration and Development Production Sharing Agreement, the Consortium partners have entered into an extensive work program, including a minimum of 30 new development wells and 21 new exploration wells over the next three years along with associated seismic and geological work. To accomplish this very aggressive exploration and development program, two drilling rigs are presently in the field and two additional rigs have been contracted and are in transit. Six gravity crews and five seismic crews will be used in 1997 to spearhead the exploration program. Under the Crude Oil Pipeline Agreement, the Consortium will finalize the pipeline design and routing within the next month. The field facilities, oil export terminal and offshore loading system will be included in the pipeline EPC (1) (Entertainment PC) See HTPC. (2) (Electronic Product Code) A standard code for RFID tags administered by EPCglobal Inc. (www.epcglobalinc.org). (Engineer, Procure and Construct) contract bid documents that will be sent to pre- qualified potential pipeline contractors immediately thereafter, possibly as early as April. CONTACT: Arakis Energy Corporation Kristine Dow, 403/ 263-2471 403/263-8069 (FAX) or Arakis Energy Corporation Ron Burrows, 403/ 263-2471 403/263-8069 (FAX) http://www.arakis.com |
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