News and Announcements
JV Partner Announces Earning in Baraka’s Exploration Permits EP127 & EP128
- Published June 19, 2012 2:02PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Baraka Energy and Resources Ltd’s (ASX: BKP) (Frankfurt Exchange RBD: GR) (“Baraka” or “the Company”), is pleased to announce its joint venture partner, Petrofrontier Corp (“Petrofrontier”), has completed the minimum farm-in commitment to earn an additional 50% working interest in EP 127 and EP 128 (Northern Territory, Australia) pursuant to the previously announced farm-in agreement with Baraka Energy & Resources Limited (formerly Baraka Petroleum Limited). This earning will increase PetroFrontier’s working interest in EP 127 and EP 128 to 75% from 25%. Baraka retains 25% working interest in both permits and 75% undivided working interest in 75km² around the Elkedra-7 well on EP128.
Baraka and PetroFrontier continue to drill the farm-in well (MacIntyre-2H) on EP 127, which has now exceeded a horizontal length of 501 metres, the minimum farm-in commitment. PetroFrontier intends to continue drilling to a total horizontal length of approximately 1,000 metres through the Basal Arthur Creek “Hot Shale”.
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