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Acquired 100% WI in South Sotchemyu Block in Komi republic, covering 71.4-sq. km. license in Timan-Pechora Basin with 5-yr. exploration period followed by 20-year production phase.

Arawak Geoservices, a subsidiary of Arawak Energy Corp., Anguilla, British West Indies, (Toronto: ABG) has acquired a 100% interest in the South Sotchemyu Block in the Komi republic in northern Russia for less than US$1 million. The 71.4-square-kilometer license is in the Timan-Pechora Basin and is adjacent to the company's existing producing assets. It consists of an initial five-year exploration period followed by rights to a 20-year production phase. The block shares its eastern boundary with ZAO Pechoraneftegas area and its southern border with the NK Recher-Komi areas, both of which Arawak holds a 50% operating interest. The block is traversed by the Transneft trunk oil pipeline and the Northern railway, and, with the exception of the northeastern section, covered by a network of seismic lines. Arawak chief executive Alastair McBain says, "We are delighted to have acquired our fourth block in Komi and our second 100%-owned block. Situated as it is between two of our existing producing fields on the same geological trend, we are confident that we can add to our reserves and production inventory in Russia in the near future."