Baraka Petroleum Says Mauritania Program On Track

Baraka Petroleum has completed the reprocessing and interpretation of data for both its onshore coastal block in Mauritania (Block 20) and of its 5 blocks in the Taoudeni basin in Mali (Blocks 1 to 4, 9). The extremely encouraging results have confirmed the Company's development of these blocks is on-track, with potential hydrocarbon targets for Block 20 drilling program now confirmed.

Mauritania – Coastal Basin, Block 20
In Mauritania the processing and interpretation of the 65 km infill survey over the Heron structure have confirmed its closure to the North.

Further AVO reprocessing of the 1990 data, coupled with this infill survey have revealed the presence of positive and qualitative hydrocarbon indicators that could be related to the presence of hydrocarbon both at primary (Cenomanian) and secondary targets (Albian-Aptian).

The source for the hydrocarbons within these reservoirs is a different and older source than the younger source that has given rise to the Chinguetti discoveries

The very recent discoveries of Tevet-2 and Faulcon-1 in similar lithologies offshore Mauritania (offshore B20 for the latter) have contributed to an increase in the probability of success (POS) for the planned onshore Heron-1 well and confirms Baraka's long standing hypothesis for a working Jurassic and early Cretaceous source.

Planning for Heron-1 is well underway. The second Technical Committee Meeting (TCM) and Operating Committee Meeting (OCM) for the Block 20 Joint Venture partners, China National Petroleum Corporation (CNPC) and Baraka, will be held in Baraka's office in Perth 20 and 21 December. The partners will finalize the location and depth of the first exploration well within Block 20. The spud date will also tentatively be finalised and is planned for beginning third quarter 2006, and is contingent on rig availability.

Mali – Taoudeni Basin, Blocks 1, 2, 3, 4 and 9
In Mali, the contracting company CGG has completed the reprocessing of over 5,800km of seismic data from the 1970's and early 80's. The completion of the interpretation of the entire Taoudeni basin in Mali confirms and improves the mapping of:

  • The distribution of the Infracambrian source rock interval (stromatolithic limestone) throughout the basin allowing better estimation of the source rocks volumetrics.
  • The Ordovician unconformity and the top of Silurian shale interval (shallow oil prone source rock) with increased resolution allowing a much better understanding of the depositional environment.
  • Confirmation of very large (more than 50 sqkm) closed structures in Baraka's blocks at the Infracambrian level, further indicating that the structure tested by Yarba-1 in 1982 was probably not closed towards the SW, as a possible explanation for only hydrocarbon traces (C1 to C4) found in Yarba-1.

Year 2 of the Mali PSA work programs, following the completion of the airborne surveys due to start later this month, has been extended by the Mali Authorities, at Baraka's request, from 12 to 18 months to allow Baraka to drill shallow stratigraphic holes to confirm the source and reservoir quality and distribution at the end of 2006.

Baraka Petroleum Limited is a public company, established to acquire, consolidate and develop oil and gas assets and activities, located initially in the potential hydrocarbon basins in West Africa.

Baraka has one of the largest oil and gas exploration assets in West Africa, which has attracted the attention of international petroleum exploration and production companies. The Company has secured rights to explore and develop eight tenement areas covering over 272,000 square kilometers in Mauritania, Mali.