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ARAKIS ENERGY REPORTS DRILLING SUCCESS

 NEW YORK, Jan. 12 /PRNewswire/ -- Arakis Energy Corporation (OTC: AKSVF) today reported that the company has been successful on all of its six wells drilled of a 25-well exploration program now underway in the Canada Town, Jellico Creek and Mud Creek gas fields located in Southeastern Kentucky. The company owns 100 percent of the new wells and estimates they will contribute a further 1.2 million CFG/D (cubic feet of gas per day) to daily production once each is hooked in to its natural gas selling pipeline system. Gas prices are currently around $2.10/MCF (thousand cubic feet) for gas sold to the Tennessee Eastern Pipeline system. The company's gas fields delivering to the KA-1 pipeline system are selling gas at $2.40/MCF for the month of January.
 The company has negotiated the purchase of two drill rigs and related equipment from a Tennessee-based Gas/Oil Service Company to be used to further expand production and gas reserves on the company's 100,000 acres of controlled PNG leases in S.E. Kentucky. Arakis' geological staff estimate that there are over 75 offset locations to drill which could add a further 7.5 million CFG/D to current daily production of 4.1 million CFG/D.
 Regarding Arakis' operations in the Republic of Sudan, a full engineering and production team is currently in Khartoum, Sudan, putting together a project document in conjunction 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 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. Full production from the concession is estimated to ultimately reach 300,000 barrels of oil/day.
 -0- 1/12/93
 /CONTACT: David Robinson, vice president of Arakis Energy Corporation, 604-685-7933, or 800-665-7037; or Greg Witchel of Scharff, Witchel & Co., 212-983-1060, for Arakis Energy/
 (AKSVF)


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

SB-SH -- NY102 -- 4115 01/12/93 14:28 EST
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Publication:PR Newswire
Date:Jan 12, 1993
Words:364
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