Baraka Petroleum Awards Mali Seismic Contract
Baraka Petroleum confirms that the contract to acquire 6000 line km of regional 2D seismic in its five PSA blocks within the Taoudeni Basin region of Mali has been awarded to E.NA.GEO ( Entreprise Nationale de Géophysique) the Algerian national seismic company. The ~US$35M program is expected to commence in October 2007.
The joint venture has outlined an initial regional survey of approximately 4200 line km, which will be supplemented with an additional 1800 km of infill seismic lines for definition of future drilling prospects.
The seismic survey is the third stage of an ongoing works program within Baraka’s five Taoudeni Basin blocks, numbered 1,2,3,4 and 9 covering 193,200-square km extending east from the border with Mauritania. The seismic survey together with the results of the previously completed magnetic, radiometric and gravity surveys will assist the company and its joint venture partners to better define the basin structures in these blocks.
Baraka’s CEO Dr. Mark Fenton said: "This regional seismic survey will be essential in developing the necessary regional understanding to plan infill seismic followed by the selection of drilling locations. The five blocks within Mali are adjacent to Baraka’s two blocks in Mauritania where the Company has recently commenced a large airborne magnetic and gravity survey in joint venture with Woodside Petroleum Limited. With Baraka involved in both survey areas, the Company will have the most complete data coverage of any company operating within the highly prospective Taoudeni Basin. The size of the investment in the Mali seismic survey underlines the Joint Venture’s view of the prospectivity of this region and is a huge vote of confidence in the future of the Malian oil industry."
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). It is carried for a substantial portion of the seismic program expenditure.
Joint Venture Interests in each block are Baraka Petroleum Limited with 18.75%; Eni Mali B.V. with 50.00%; SIPEX with 25.00% and Baraka Mali Ventures Limited with 6.25% (not related to BKP).
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