Baraka Completes Mali Airborne Survey
Baraka Petroleum has completed the airborne gravity survey of the five Blocks within the Taoudeni Basin region of Mali which commenced in December 2006.
The gravity survey is the second stage of an ongoing work program within the five Taoudini Basin blocks in Mali, numbered 1,2,3,4 and 9, which covers 193,200 square kilometers and extends east from the border with Mauritania The survey was initially acquired on a 10km spacing (consisting of approximately 24,800 line km). Following a review of initial results the Joint Venture partners extended the survey to infill the area on a 5km spacing, representing a further 23,300 line km.
Baraka's CEO Dr. Mark Fenton said: "The airborne gravity survey, together with the results of the previously completed magnetic and radiometric survey will assist the Company and its Joint Venture partners to upgrade several of the identified structural trends within the Taoudeni Basin. This additional information will play an important role in the planning of the seismic acquisition program scheduled to commence in October 2007. The five blocks within Mali are adjacent to Baraka's two blocks in Mauritania where the Company has recently commenced another airborne magnetic and gravity survey in joint venture with Woodside Petroleum Limited. On completion of the Mauritanian survey, expected to be November 2007, the Company will have the most complete data coverage of any company operating within the highly prospective Taoudeni Basin."
Interpretation of the Mali airborne survey should be completed within the next Month.
In November 2006, Baraka farmed out a 50% interest and operatorship of these blocks to Eni S.P.A. and a 25% interest to Sonatrach International Petroleum Exploration and Production B.V.I (SIPEX). Baraka retains an 18.75% interest and 6.25% is retained by Baraka Mali Ventures Limited, which is not associated with the Company.
Joint Venture Interests in each block are Baraka Petroleum Limited with 18.75%; Baraka Mali Ventures Limited with 6.25%; Eni Mali B.V. with 50.00%; and SIPEX with 25.00%.
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