Arakis forms Sudan Consortium.CALGARY, Alberta--(BUSINESS WIRE)--Dec. 6, 1996--Arakis (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 Corp. announced Friday that a consortium has been formed, subject to execution of formal agreements, to proceed with an accelerated program of exploration, delineation of recent discoveries and development on the company's Sudan concession, together with immediate construction of an export pipeline. Consortium interests will be held as to 25 percent by Arakis Energy Corp. through its wholly-owned subsidiary, State Petroleum Corp., 40 percent by the China National Petroleum Corp., 30 percent by Petronas Carigali (a subsidiary of the National Petroleum Company of Malaysia) and 5 percent by a company formed by the Sudan government. The consortium will recognize both the audited capital contribution and the appraised value An appraised value (USA) or mortgage valuation (Australia) pertains to the assessed value of real property in the opinion of a qualified appraiser or valuer. It is usually used as a pre-qualification & risk-based pricing factor related to the issuance of mortgage loans by a added to the concession by State. Consequently, Arakis is not expected to have further capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. in the Sudan for a considerable period of time. State will continue as operator of the approximately US$1 billion Sudan Project until formal agreements are signed. Operatorship will likely be assumed by a joint operating company operating company A business that engages in transactions with outsiders. in which State will maintain a significant participating role. CNPC CNPC China National Petroleum Corporation CNPC Centro Nacional de la Productividad y la Calidad (Chile) CNPC Commander, Navy Personnel Command CNPC China National Philatelic Corporation (Chinese stamp authority) and Petronas and their respective governments have a significant level of commitment to the Sudan and the financial ability to absorb the balance of the Project costs. The consortium plans to initially transport 150,000 bopd to export markets by 1999. CONTACT: Arakis Energy Corporation David Harrison David Harrison may refer to:
403/263-8069 (FAX) http://www.arakis (Internet) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion