Release: Baraka
Tuesday, April 17, 2007
Baraka Petroleum Limited (ASX: BKP) is pleased to announce that the Mauritanian Government’s Ministre de l’Energie et du Pétrole (MEP) department has approved the 2007 work program and budget for its Mauritania on-shore Taoudeni Basin Blocks Ta11 and Ta12.
The 2007 exploration activities budget is forecast to be approximately US$4.9 million. Baraka has a 100% free carry through this work program.
As part of the approved work program the operator will conduct Airborne Magnetics, Gravity surveys and geological studies. The airborne magnetics and gravity survey will be 37,000 km in length, commence in May and conclude in September 2007. The Operator recently completed a 3D thermal modelling study in Ta11/12 region with the objective of determining the area’s relative prospectivity for oil and gas generation. Preliminary modelling results are encouraging, with a wide range of thermal maturities expected from south to north.
In January 2006, the company announced that seismic data for these blocks had been successfully reprocessed, with leads originally identified in the mid 1970’s confirmed. One of the reprocessed seismic lines runs through the ABOLAG-1 well which was drilled in 1974 and recorded an encouraging gas flow of 480,000 scf/d from the Infracambrian combined source rock and reservoir interval. The reprocessed seismic data suggests that these Infracambrian rocks are present throughout permits Ta11 and Ta12.
Baraka’s subsidiary Baraka Mauritania Ventures Limited (BMV) and Woodside Mauritania Pty Ltd, a wholly owned subsidiary of Woodside Petroleum Limited (Woodside), entered into a Production Sharing Contract (PSC) for the Taoudeni Basin Blocks Ta11 and Ta12 in 2004. Woodside opted for a farm-in of 75% interest and operatorship with Baraka maintaining 25% interest. The blocks cover approximately 60,000sqkm and cover an area near the Mali / Mauritanian border.
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