Baraka Energy & Resources Ltd. reported Friday that they have accepted the offer of intent from the Northern Territory Department of Mines and Energy (DME) to renew prospective exploration permit EP127 in the Georgina Basin of the Northern Territory, Australia.
The process of having Statoil Australia Theta B.V. and PetroFrontier (Australia) Pty Ltd. withdraw from the permit, and transfer their interests in the permit to provide Baraka with a 100 percent equity position is currently underway.
Baraka is also finalizing the security deposit required by the DME, and transfer of responsibility for Native Title issues in accordance with the regulatory requirements on issue of final approval documentation.
When this process is finalized Baraka will make further announcements to the market.
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