Baraka Plans to Increase Activity on Chicuaco Block

Baraka Petroleum Limited has been advised by its Operator and Joint Venture partner Omega Energy Colombia SA that on-site requirements are almost complete for the spudding of the Monza-1 well. Monza-1 is now scheduled to spud on 29 February 2008.

Baraka has a 20% interest across the entire Chicuaco Block. Due to the prospective exploration opportunities within the Chicuaco Block, the joint venture parties have also decided to contract the rig to drill one firm and one contingent well following completion of the Monza-1 well.

As advised previously, the first well in the programme, Monza-1, will target stacked high quality fluvial sandstone reservoirs in the Carbonera and Guadalupe Formations in a simple fault-dependant structure which was mapped using recently acquired 3D seismic.

Unrisked recoverable resources for the Monza prospect are estimated by the Company to be in the range of 2-5 million bbls. The planned total depth of Monza-1 is approximately 1,528 metres with an expected drilling time of approximately 26 days. The second planned well on the Chicuaco Block, Mugello-1, located northeast of the Monza-1 prospect, will target stacked high quality fluvial sandstone reservoirs in the Carbonera and Guadalupe Formations similar to the targets at Monza-1.

Unrisked recoverable resources for the Mugello prospect are estimated by the Company to be in the range of 2-5 million bbls. The planned total depth of Mugello- 1 is approximately 1,590 metres (5000 ft) with an expected drilling time of ~27 days. Dr. Mark Fenton, Managing Director and CEO of Baraka Petroleum Limited said, "Monza-1 will be Baraka's first well in Colombia and is an important milestone for the Company as we move towards realising our goal of building a substantial E&P business."

"The Company now has an accelerated exploration and development programme in its Colombian acreage with the potential to boost Baraka's resources significantly throughout 2008."

The Company will advise when drilling has commenced and further ASX announcements will be made as results from the drilling become available.

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