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ARAKIS ENERGY CORP., SUBMITS DEVELOPMENT PLAN FOR SUDANESE OIL CONCESSIONS

 NEW YORK, April 23 /PRNewswire/ -- Arakis Energy Corporation (Vancouver Stock Exchange: AKS) reported that a Production Development Plan has been filed with the Government of Sudan through the State Petroleum Corporation, its joint venture partner, to produce an initial 40,000 BOPD (Barrels of Oil Per Day) from the Heglig and Unity Oil Fields located in Sudan. The Production Development Plan estimates a cost of U.S. $140,000,000 for the wellhead equipment, oil gathering system infrastructure and surface facilities to produce an initial 40,000 BOPD. Proven producible recoverable oil reserves are estimated at 280,000,000 bbls., which is 20 percent of the 1.4 billion barrel oil reserve which has been identified to date. Lifting costs are estimated to be $3.00/bbl.; finding and field development costs are stated as $0.60/bbl. Final negotiations with the government regarding funding of the oil project are underway through Arakis' Khartoum office. Oil production is scheduled by mid 1995.
 Unity Oil Field
 An initial 25,000 BOPD will be produced from 19 drilled and completed wells in the Unity Oil Field. These wells produce from multiple fault separated oil accumulation blocks. The main block of the Unity Field is productive from 10 of the 11 intersected sands. Individual flow rates in excess of 2,000 bbls/day per zone have been measured from six of the 11 productive pay zones during drill stem testing of the initial appraisal oil wells, which were drilled to a depth of 6,500 feet. A production test produced 3,000 bbls of oil/day for 30 days from just one of seven pay zones encountered in the Unity 5 well. The other pay zones will be tested and /put on production at a later date. The balance of the other wells in the field will produce between 1,200-2,000 bbls oil/day initially from one zone with several pay zones in each well yet to be drill stem tested and placed in production.
 Heglig Oil Field
 The Heglig Oil Field currently consists of 17 oil wells which will contribute 15,000 BOPD to overall initial production. Drill stem tests have indicated an average production of 2,400 BOPD from either of the Bentiu Unit 1 or 3 zones, of 29-36 API gravity crude. Original oil in place in the Heglig Area has been estimated at 555 million bbls, of which 90 million bbls is classified as proven recoverable oil reserves; porosity of the pay zones runs 25-30 percent.
 The initial production facility design to service both oil fields will be capable of processing 50,000 BOPD. The crude, which has a high bubble-point, will be handled by conventional oilfield technology. A hot oil pump sized to the well gathering pipeline system will facilitate the "pigging" of the entire gathering system, which will hook up to a field gate serviced by a 20 inch pipeline joined to the refinery.
 An operating camp will be located at each field production facility designed to accommodate 20 people. Temporary camps to accommodate construction crews will be required as part of the construction contract. Field operations commencing January, 1994 will provide for well testing and additional completions during the 1994 dry season. Oil could be produced as early as January, 1994 and trucked to the existing topping plant at Muglad. Indications are that 1,200 BOPD capacity would be available at the topping plant.
 The company is still negotiating the production sharing agreement through the State Petroleum Corp., with the Government of Sudan which could be finalized by the end of May, 1993.
 -0- 04/23/93
 /CONTACT: David Robinson, vice president of Arakis Energy, 800-665-7037, or 604-685-7933; or Sam Witchel of Scharff, Witchel & Co., Inc., 212-983-1060, for Arakis Energy Corporation/


CO: Arakis Energy Corporation ST: IN: OIL SU:

SH-AH -- NY077 -- 0186 04/23/93 15:11 EDT
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Date:Apr 23, 1993
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