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ARAKIS NEGOTIATING WITH PARKER DRILLING FOR CONTRACT DRILLING IN THE SUDAN

 VANCOUVER, British Columbia, Aug. 5 /PRNewswire/ -- Arakis Energy Corporation (NASDAQ: AKSEF) reports that the company is currently negotiating with Parker Drilling Co., of Tulsa, Okla., to act as the company's contractor in the recommencement of exploratory and developmental drilling, and the servicing of existing and new wells within certain concessions in the Republic of Sudan. In December 1992, Arakis' joint venture partner, State Petroleum Corp. ("State"), signed a Memorandum of Understanding with the Government of the Republic of Sudan for the rights to develop 170,000 square kilometers of concessions containing 1.4 billion barrels of oil-in-place, of which 280 million barrels are proved recoverable reserves, with the potential to develop an additional 3.5 billion barrels. Arakis, through State, recently submitted to the Government of Sudan a final draft of the Production Sharing Agreement covering the concessions.
 Parker Drilling is preparing a proposal for Arakis that will encompass the drilling of five wells within one year of the signing of the Production Sharing Agreement, and would mobilize drilling rigs to the concessions under the terms of the Production Sharing Agreement. These first five wells will test fully developed prospects that were delineated by the previous operator of the Sudan concessions. A prospect is defined as an exploration or development well location on which all evaluation work has been completed and on which a well is recommended to be drilled immediately.
 According to Standard & Poor's, Parker Drilling is a leading land drilling contractor for the oil and gas industry, specializing in deep drilling and remote location drilling worldwide. Parker Drilling currently has two rigs operating in Chad in an environment similar to that in the concessions in the Sudan, and already has a rig sitting in Khartoum, Sudan; Parker Drilling previously operated as a drilling contractor for Chevron and Sun Oil in the Sudan.
 Arakis Energy Corporation is a Canadian-based, publicly traded oil and gas exploration and development company which is actively developing natural gas reserves in the Appalachian Basin of the U.S., in addition to the development of 170,000 square kilometers of oil concessions in the Republic of Sudan. Arakis' common shares are traded on the NASDAQ system in the U.S. under the symbol AKSEF, and on the Vancouver Stock Exchange in Canada under the symbol AKS.
 -0- 8/5/93
 /CONTACT: David Robinson of Arakis Energy Corporation, 800-665-7037, or 604-685-7933, or Sam Witchel of Scharff, Witchel & Co., Inc., 212-983-1060, for Arakis Energy Corporation/
 (AKSEF)


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

MP-OS -- NY049 -- 9828 08/05/93 11:12 EDT
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Publication:PR Newswire
Date:Aug 5, 1993
Words:428
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