Baraka takes stakes in northern Australia basin

This article is extracted from International Oil Letter, Vol 25 issue 22, published 1 June 2009.

Making what it calls a new strategic direction for the company, Baraka Petroleum is farming into permits EP 127 and EP 128 in the Georgina Basin in the Northern Territories. The basin is under explored and under the terms of the farm-in agreement, Baraka will pay around US$ 3,900 for each permit and then earn a 75% interest from Northern Territory Oil Ltd by funding the costs of exploration. Baraka plans to acquire geochemical and gravity data in year one, shoot seismic in year two and drill a well in year three. Combined, the two permits cover nearly 30,000 sq km north-east of Alice Springs. Early exploration in the basin included a number of wells drilled in the 1950s, including Ethabuka 1, which tested 240 Mcfg/d. Subsequent exploration has resulted in a poor seismic grid and a further 10 wells, the best of which recorded poor-to-moderate oil shows. The main reservoir target appears to be the Middle Cambrian Thornton limestone.

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