Another ABG Research Recommendationwww.streetinvesting.com: Begins research on Arawak Energy Corporation
1/19/2006
Jan 19, 2006 (M2 PRESSWIRE via COMTEX) --
Streetinvesting.com, along with their industry professionals, will be moving into position to be on top of any future progression exhibited by Arawak Energy Corporation(TSX-V:ABG). This, after a recent explosion in share prices has brought them close to their 52-week high and could be foreshadowing of further good things to come for the Company. In fact, if things keep going the way they are, Arawak might even match or exceed their 52-week high. Streetinvesting.com strives to bring true growth opportunities directly to its valued subscribers. Our strength lies in finding these undervalued and under-marketed companies and delivering our research in a timely manner. Streetinvesting.com will be tracking this company attentively for the subsequent weeks and keep interested investors and shareholders posted on any new findings and behind-the-scenes update. For a complimentary and comprehensive report on our current analysis and opinions, please visit www.streetinvesting.com for a free membership subscription.
Arawak Energy Corporation, or Arawak, is a junior international oil and gas company Building upon its original interest in the Azerbaijan Republic. Arawak completed two significant acquisitions in Russia and Kazakhstan this time last year. These acquisitions have now transformed the company into a multi-asset oil and gas company.
Arawak's portfolio comprises current production, multi-well development drilling programs, and exploration opportunities in the prolific petroleum basins of the Former Soviet Union.
Earlier this month, Arawak Energy Corporation was pleased to announce that subsequent to a favorable decision to an application made by the Company's wholly owned subsidiary Altius Petroleum International B.V., one of the Company's prolific areas has been expanded. This application as made to the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan. The result was the expansion of the contract area for the Company's largest field in Kazakhstan, Akzhar, which has been expanded to 73 square kilometers. It now includes all areas where Altius has been able to demonstrate likely continuations of the structural system, as allowed for under the relevant laws of Kazakhstan.
The first step will be to shoot 3D seismic over 24 square kilometers 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 this year. According to the Company's NI 51-101 reserve report as at December 31st, 2004, the approximate proven and probable oil reserves attributable to Akzhar were 20.7 million barrels. This figure was based on the original contract area of 3.8 square kilometers.
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 "
Kazakhstan has the....
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