Amg Bioenergy Resources Holdings Ltd V.ABG.H

More land.....

[jcjohn36]

Arawak announces expansion of the Akzhar contract area in Kazakhstan Wednesday January 4, 8:31 am ET TSX VENTURE TRADING SYMBOL: ABG ANGUILLA, British West Indies, Jan. 4 /CNW/ - Arawak Energy Corporation ("Arawak" or the "Company") is pleased to announce that following a favourable decision to an application made by the Company's wholly owned subsidiary Altius Petroleum International B.V. ("Altius") to the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan, the contract area for the Company's largest field in Kazakhstan, Akzhar, has been expanded to 73 square kilometres. It now includes all areas where Altius has been able to demonstrate likely continuations of the structural system existing in the area of the original subsurface contract, as allowed for under the relevant laws of Kazakhstan. The first step will be to shoot 3D seismic over 24 square kilometres of the Akzhar field to delineate more clearly the structures prior to a revised drilling program. The seismic shoot has already been planned, and will be conducted in the first half of 2006. According to the Company's NI 51-101 reserve report as at December 31st, 2004, total proved plus probable oil reserves attributable to Akzhar were 20.7 million barrels, based on the original contract area of 3.8 square kilometres. Alastair McBain, Arawak's CEO, commented "We are all very excited about this decision, which gives us the opportunity to fully develop the Akzhar structures that we have identified, and which clearly and demonstrably extend outside the original contract territory. We now look forward to the results of the 3D seismic survey and to a larger and more ambitious development program."