Arakis reports recent corporate developments.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--June 21, 1996--Arakis Energy Corp. reports that as a result of the recently announced discoveries at El Toor and Toma South within the company's Sudan Sudan (s  dăn`), officially Republic of Sudan, republic (2005 est. pop. 40,187,000), 967,494 sq mi (2,505,813 sq km), NE Africa. concession,
management estimates that, once these new structures are fully
developed, the total proved and probable recoverable reserves for the
concession could double to approximately 600 million barrels.
These discoveries should be sufficient to support the companies projected Phase I startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. output of 150,000 bopd. The estimated cost for the Phase I exploration, development and pipeline construction is approximately US$930 million. Arakis is seeking joint venture partners to provide a portion of the necessary capital to complete Phase I. To date, Arakis has entered into confidentiality agreements with 18 potential industry partners. In order to fund its 1996 operational budget of approximately US$74 million, earlier this year Arakis announced financing commitments of approximately US$60 million. These financing commitments were oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. and Arakis is in receipt of total proceeds of approximately US$66 million and has recently received commitments for an additional $US 43 million in private placements. As part of the joint venture that is proposed to complete Phase I of the Sudan Petroleum Project, Arakis intends to invest substantial additional funds in the Project, in order to maximize its Project interest. The annual general meeting of shareholders on June June: see month. 20, 1996, was adjourned to a continued meeting to be held on July July: see month. 12, 1996, so that shareholders may consider a resolution authorizing the board of directors to issue additional common shares of the company if necessary, by way of private placements, without further shareholder approval to effect further financing. A resolution will also be considered to amend the articles of the company, increasing the board of directors from three to five members. CONTACT: Arakis Energy Corp. David Harrison David Harrison may refer to:
403/263-2488 (FAX) http://www.arakis.com |
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