Arakis announces new drilling in Oman.CALGARY, Alberta--(BUSINESS WIRE)--May 2, 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 announced today the drilling of a new 11,315 foot well on it's Block 15 concession, the Jebel Aswad Block, in the Sultanate of Oman. Conquest Exploration Oman Inc. (Conquest), a wholly-owned subsidiary of Arakis Energy, spudded the Wadi Saylah No. 1 well on April 25, 1997. Arakis is also pleased to announce the participation of two new partners in the well, Bow Valley Bow Valley is a valley located along the upper Bow River in Alberta, Canada. It may be named for its resemblance to an archer's bow. Parks Bow Valley Provincial Park (part of the Kananaskis park system) is established east of the Canadian Rockies in the arch of the Energy Ltd. and Odyssey Petroleum Inc. The new partners will carry a significant portion of the costs to drill the Wadi Saylah No. 1 well by which they will earn an interest in the concession equal to half of their percentage participation in this well. The Jebel Aswad Block covers 346,000 acres, and is located approximately 30 to 50 miles north and east of a number of supergiant su·per·gi·ant n. Any of various very large bright stars, such as Betelgeuse or Rigel, having a luminosity that is thousands of times greater than that of the sun. fields which produce oil from the Cretaceous Natih limestone formation. Exploration well Wadi Saylah No. 1 is being drilled on one of eleven geologic structures recently mapped over the concession. These new structures are expected to have greater porosity porosity /po·ros·i·ty/ (por-os´it-e) the condition of being porous; a pore. po·ros·i·ty n. 1. The state or property of being porous. 2. than the Natih carbonate which flowed light crude from the Jebel Aswad No. 1 well in 1995. The Jebel Aswad well is the only other well drilled on Block 15 and is located ten kilometers southeast of Wadi Saylah No. 1. The primary target is sweet, 38 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. crude from the Natih formation at 9,400 feet GL. The secondary target is gas/condensate from the Shauiba formation at 10,865 feet. Crude oil production would be marketed initially through facilities at the Safah field. As development proceeds, a 70 kilometer pipeline will be built to the 30 inch pipeline which carries crude from the nearby Fahud, Yibal, Lekhwair, Daleel and Safah fields to the oil terminal on the coast near Muscat Muscat, Maskat, or Masqat (all: mŭs`kăt, mŭs`kət), city (1993 pop. 533,774), capital of Oman, SE Arabia, on the Gulf of Oman. It is flanked by rugged mountains. . CONTACT: Arakis Energy Corporation Kristine Dow, 403/263-2471 403/263-8069 (FAX) www.arakis.com 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. , 403/263-2471 403/263-8069 (FAX) |
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