should rise next 2 weeks - i' m away, page-17

G'day Snoball (& scorp),

As Scorp was saying, unfortunately I'm only getting to a computer once or twice a week at the moment. But I had a look at Baraka's prospectus. I thought it looked pretty good. The only thing that I would be worried about is the number of shares on issue (290mil after the placement from memory). I think when hardman was in a similar position they only had about 162mil shares on issue for comparison. But even in saying that, I don't think it's that much of a factor, especially in this environment for oil stocks - just look at what Global Petroleum has done just on the back of upcoming drilling in Kenya (under 20c up to a high in the 80's not long ago....and their first drill still looks almost a year away). They've got less shares on issue, but Baraka has a lot more prospects. For any other stock I'd say wait and buy in later under 20c, but I think these might be different. Could quite easily head straight up into the 30's or higher on listing. Especially with their Mauritanian acreage to add interest. I suppose it all depends on how quickly they plan on getting in and started on some drilling (didn't look that closely at that).

You could do worse I reckon.

Hope it does well if you get in. I'm still putting all my eggs in one basket (hdr). Will definitely catch up for a beer next time I'm down your way (probably not till after x-mas......but the price should be up around $4 by then so it'll be a good excuse for a drink).

Cheers,
Butcherano.