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ARAKIS ENERGY CORPORATION SPUDS WELL NO. 14 OF CURRENT NATURAL GAS DRILLING PROGRAM

 NEW YORK, Feb. 9 /PRNewswire/ -- Arakis Energy Corporation (OTC: AKSVF) reports that well no. 14 in the current 25 well developmental drilling program was spudded today in Southeastern Kentucky. All wells drilled to date are commercial quality gas wells except for one which is an oil discovery (initial production 60 BBLS/day). So far two wells have been drilled and completed on the Sugar Creek Gas Field, four wells drilled and completed in the Canada Town Gas Field and eight wells drilled and completed in the Jellico Creek Area. All wells were drilled to the Mississippi Big Lime Zone at about 2200 feet. The cost to drill, complete, and bring on line these 100 percent-owned gas wells has averaged $40,000-$50,000/well. The gas wells have averaged production into the selling pipeline system of 250,000 CFG/D (Cubic Feet of Gas per Day). The least successful well drilled so far tested at 30,000 CFG/D and the most successful at 7.2 million CFG/D, plus one oil well discovery.
 Company engineers have estimated that the new wells will add 5-10 billion cubic feet to the company's natural gas reserve inventory. The developmental drilling program will continue through April/May of this year; an active leasing program has added a further 25,000 acres to Arakis' growing lease holdings. Natural gas prices have held up well and are about $2.10/MCF locally.
 Regarding Arakis/State's joint venture oil project in the Republic of Sudan, a full engineering and production team has just returned from company offices in Khartoum, Sudan, and are now preparing a Project Document in concert with the General Petroleum Corporation of Sudan. The Project Document will specify and identify today's development costs in utilizing the latest oil production design technology to bring the large oil project into initial production at 40,000 bbls/day. The company is acquiring the rights to develop 60,000,000 acres of oil concessions containing 1.4 billion barrels of oil reserves of which 280,000,000 barrels are proved recoverable, with the potential to develop an additional 3.5 billion barrels within the concession. Full production from the concession is estimated to ultimately reach approximately 300,000 barrels of oil/day.
 -0- 2/9/93
 /CONTACT: David Robinson, vice president of Arakis Energy, 604-685-7933 or 800-665-7037, or Sam Witchel of Scharff, Witchel & Co., Inc., 212-983-1060, for Arakis/
 (AKSVF)


CO: Arakis Energy Corporation ST: New York IN: OIL SU: DSC

KD-KW -- NY064 -- 4712 02/09/93 13:25 EST
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Publication:PR Newswire
Date:Feb 9, 1993
Words:422
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