Arakis Energy Corporation Announces Results of Oman Well.CALGARY, Alberta--(BUSINESS WIRE)--July 3, 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 Thursday the abandonment of the Wadi Saylah No.1 well on Block 15 in the Sultanate of Oman. While hydrocarbon hydrocarbon (hī'drōkär`bən), any organic compound composed solely of the elements hydrogen and carbon. The hydrocarbons differ both in the total number of carbon and hydrogen atoms in their molecules and in the proportion of hydrogen shows were encountered through the Natih and Shuaiba formations, log analysis and formation testing indicated non-commercial quantities of oil. This was only the second well drilled on the 350,000 acre Block 15. The new data acquired from the Wadi Saylah well will be used to remap To map something for a second or subsequent time. Quite often, the words "remap" and "map" are used synonymously, even though they refer to an operation that is taking place for the first time. See map. prospects over the concession. In the interest of reducing its financial exposure, Arakis had earlier farmed out a portion of its interest in Block 15, reducing its share of the cost of the Wadi Saylah well to one-quarter of the total cost of drilling the well. The Company retains a 48.215% interest in and is operator of the concession. CONTACT: For further information contact Investor Relations Investor relations The process by which the corporation communicates with its investors. : Kristine Dow or 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. Telephone: 403/263-2471 Facsimile: 403/263-8069 E-mail: investor@arakis.com Website: www.arakis.com |
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