Baraka Energy & Resources in talks with Petrofrontier on NT oil and gas targets
Baraka Energy & Resources (ASX: BKP) continues to hold discussions with Canadian partner Petrofrontier (CVE: PFC) on potential conventional oil and gas targets in the Southern Georgina Basin, Northern Territory.
The company is keen on pursuing its own destiny in regards to these targets in EP127 and hopes to be able to inform shareholders of its 2013 plans after the end of this month.
Independent petroleum consultants Ryder Scott had previously reported that conventional carbonate zones with potential to host oil may be located updip from 11 vintage wells with one target zone being the Hagen Member.
It added that activity in the Georgina Basin is expected to heat up this year with successes expected to further boost this in 2014.
Activities include French supermajor Total’s farm-in to Central Petroleum’s (ASX: CTP) to the east of EP128 as well as Blue Energy (ASX: BUL) carrying out early work programs on the eastern boundary.
Separately, the company has reduced its exposure to Indonesia to a care and maintenance position via close associates until a clearer picture of their mining and resource policies become more foreign investment friendly.
Baraka is also assessing other opportunities and will consider distressed investments and projects.
Baraka currently has some $3.3 million in cash and liquid assets at hand with extremely low overhead expenses and no liabilities.
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