Arakis Energy Corporation announces late season drilling results.CALGARY, Alberta--(BUSINESS WIRE)--June 4, 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) Arakis Energy Corporation (NASDAQ:AKSEF) announced today that active exploration, drilling and testing activities have been suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. in certain areas of the Sudan Concession with the early onset of the rainy rain·y adj. rain·i·er, rain·i·est Characterized by, full of, or bringing rain. rain  i·ness n.Adj. season. A single successful formation test has been conducted on an exploration discovery at Umm Sagura East 35c, positive shows were indicated at El Mahafir and a third well at El Sadeeq has been suspended after setting surface casing. The well will be re-entered in the next dry season. Rainy season drilling activities will now be conducted primarily at development locations on prepared rainy season drilling pads in the Heglig and Unity development area. Several wildcat wells Noun 1. wildcat well - an exploratory oil well drilled in land not known to be an oil field wildcat oil well, oiler - a well that yields or has yielded oil with easy accessibility will also be drilled. Umm Sagura East 35c, located 6 kilometers southeast of Umm Sagura 10d, was drilled to a target depth of 2250 metres and was cased based upon positive drilling shows and wire line log results. Six initial zones were selected for flow testing: two in the Aradeiba formation, three in the Zarqa formation (which successfully tested oil in the Umm Sagura 10d well) and one in the Ghazal Ghaz´al n. 1. A kind of Oriental lyric, and usually erotic, poetry, written in recurring rhymes. formation. Prior to the onset of rains, a single target in the Aradeiba formation from 2106.5 to 2111.5 metres was perforated per·fo·ra·ted adj. Pierced with one or more holes. and flowed 44 degree API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. oil at an initial rate of 150 barrels of oil per day. Well flow capability at the Umm Sagura East location can not be ascertained until testing of the five additional zones is completed in the next dry season. The discovery of oil in both Umm Sagura wells is very significant and will provide the basis for a comprehensive exploration and development program encompassing multiple zones including follow up on the primary targetted Bentiu Sands. The El Mahafir 35d well located 15 kilometers southwest of Heglig was cased but suspended due to the rains. The well reached a total depth of 2500 meters in the Baraka formation. The well encountered numerous shows while drilling in the Amal formation. El Sadeeq 58b located 40 kilometers northwest of the Heglig field was suspended following setting of surface casing with the onset of rains. Drilling will resume at the commencement of the next dry season. The El Ghazal 95a well located 25 kilometers south of the Heglig Unity trend was plugged and abandoned having reached a total depth of 2858 meters in the Baraka formation. No significant shows were encountered during the drilling of this well. Management of Arakis will be happy to answer questions concerning the current dry season drilling results and the further exploration and operational plans of the Sudan Consortium at the Company's Annual General Meeting to be conducted in Calgary, Alberta, Canada on July 30, 1997. Proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other , to be mailed on or about June 26, 1997, will provide comprehensive disclosure concerning an independent appraisal of Sudan Consortium reserves identified to date, the material terms of agreements governing the Sudan Concession and pipeline construction and Management's plan for the conduct of Company operation. CONTACT: Arakis Energy Corporation Kristine Dow, 403/213-6714 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. , 403/213-6715 |
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