Baraka: Mali Airborne Survey Past Halfway Point

Baraka Petroleum Limited said that more than half of the planned airborne survey has been completed within its five blocks in the Taoudeni Basin, Mali, West Africa. These blocks cover a total area of 193,200 square kilometers and extend to the Mauritanian border.

This is one of the largest onshore airborne surveys ever undertaken by a public oil and gas company. Three planes will be operating as of early August in order to complete the airborne survey within the scheduled time frame of Q3 2006.

Primary processing of data is being run concurrently to the survey in order to give a first-pass regional scale evaluation of the data being gathered. This evaluation of data as it comes to hand, allows for an early start on the interpretation of target areas being identified within the vast landholding that is being surveyed.

Independent evaluation of past data by RPS Energy has confirmed 645MMbbl oil and 9.2Tcf gas in gross prospective resources (unrisked) as a minimum oil and gas potential within already identified target areas within blocks 1, 2, 3 4, and 9.

"The regional airborne survey is expected to upgrade several of the identified structural trends within the Taoudeni Basin," said Baraka Chief Operating Officer Satyavan Reymond. "The expected results will lead to targeted ground work, the planning of a seismic acquisition program and the selection of drilling targets."

Discussions with majors on the farm-out of blocks 1, 2, 3, 4, and 9 are nearing completion.

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. The company has secured rights to explore and develop eight tenement areas covering more than 272,000 square kilometers in Mauritania and Mali.