Baraka Launches Survey Over Mali Blocks

Australian based oil & gas exploration and development company, Baraka Petroleum Limited, confirmed that the airborne gravity survey of the five blocks within the Taoudeni Basin region of Mali commenced on 4 December 2006.

The gravity survey is the second stage of a planned ongoing works program of the five Taoudeni Basin blocks, numbered 1,2,3,4 and 9, covering 193,200 km2 extending east from the border of Mauritania (see figure 1). The survey is flying from the northern Malian town of Timbuktu and will consist of approximately 24,800 line kilometers.

In November 2006, Baraka farmed out a 50% interest and operatorship of these blocks to Eni S.P.A. (ENI) and a 25% interest to Sonatrach International Petroleum Exploration and Production B.V.I. (SIPEX). The transfer of interest is currently awaiting approval from the Malian authorities and Baraka has retained operational management of the gravity survey.

Baraka completed a magnetic and radiometric acquisition involving 235,254 line kilometers over these blocks in November 2006, with results due by end of first quarter 2007.

The airborne gravity survey, expected to be completed in approximately 42 days will, together with the results of the magnetic and radiometric survey, enable the Company and its Joint Venture Partners to better define the basin structure/s within these blocks and provide more definite targets for future oil and gas exploration. Interpretation should be completed early in the second quarter of 2007.

The regional airborne survey is expected to upgrade several of the identified structural trends within the Taoudeni Basin, with expected results leading to targeted ground work, the planning of a seismic acquisition program and the selection of drilling targets. UTS Geophysics a leading provider of professional services to the energy, resource and complex process industries, is conducting the data acquisition aspects of the survey on behalf of Baraka and its Partners. UTS Geophysics have been chosen because of their experience within the oil and gas industries internationally and specifically within West Africa.

Joint venture interests:

  • Baraka Petroleum Limited, 18.75%
  • Baraka Mali Ventures Limited, 6.25% (not related to Baraka Petroleum Limited)
  • Eni Mali B.V. 50.00%
  • SIPEX 25.00%