First Mali Joint Ventures is Max De Vitris private company which had a 6.25% interest in Mali.
Now HE appears to have withdrawn his interest probably because he has to pay his share of the 2D seismic costs and it has to come out of his pocket. He can't go to the market because his company is PRIVATE.
The company interests in Mali BEFORE Max withdrew was:
Baraka Mali Operations Ltd (BKP) 18.75% Baraka Mali Ventures Ltd (Maxs Private Company) 6.25% Eni Mali JV 50.00% SIPEX 25.00%
The company interests in Mali AFTER Max withdrew is:
Baraka Mali Operations Ltd (BKP) 20.00% Baraka Mali Ventures Ltd (Maxs Private Company) 0.00% Eni Mali JV 53.33% SIPEX 26.67%
SO BKP has actually increased its interest from 18.75% to 20.00%.
Now if you read last nights announcement it states that Max has withdrawn and that:
"Due to Barakas focus on Columbia and the significant financial commitments associated with paricipation in Mali Joint Venture, Baraka is actively seeking to FARM DOWN its interest in the Joint Venture".
Now BKP hs been talking for quite a while about reducing its interest in Mali because of the substantial costs.
Of cause if they reduce their interest to zero it will upset a few current shareholders BUT we dont know if that will occur. They say FARM DOWN.
So I know everyones getting a bit edgy with the worst case scenario but lets look positively.
BKP is drlling Mugello 1 now then La Punta 2 and others in the near future. Any oil strikes here will have a HUGE bearing on BKPs decision on Mali.
My thoughts, GOOD LUCK all holders.
t
BKP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
