The Corporation's 2013 exploration program is currently being...

The Corporation's 2013 exploration program is currently being planned in conjunction with Statoil and is expected to be finalized in the near future.
*For the full announcement by PetroFrontier, please refer to their website.
Obviously the Operational part of the current program and the lack of results has been disappointing, however the Baraka board still has confidence in the future success of the area. A currently unsuccessful but incomplete 2012 program won’t determine the success of our acreage or the entire basin. MacIntyre-2H remains to be tested after the wet season & Baldwin-2H(PetroFrontier well) still needs to be stimulated and completed.
Again, the Baraka board remains positive about the prospectivity of the Southern Georgina Basin joint venture project with PetroFrontier with some approx 14.1 acres yet to be fully explored. Further credibility was recently added when Statoil (13th largest Oil & Gas Company in the World) farmed in to PetroFrontier/Baraka tenements committing to conditionally spend US$210m on exploration over the next few years and Total (5th largest Oil Company in the World) farmed into Central Petroleum tenements committing to conditionally spend $190m on exploration over the next few years.
Baraka’s board look forward to discussions with PetroFrontier and Statoil early next year in relation to the next stage of the exploration program.
Whilst the Majors are primarily concentrating on Unconventional Shale targets, we reiterate as per our previous announcements that Baraka is pursuing discussions with our farm in partner for Baraka to pursue either together with our partners or in our own right, some highly potential Conventional targets contained in the Hagen Member.
*Baraka’s interests in the above Prospects H-A and Sh_Mctyr oil volumes is 25% CONVENTIONAL SUMMARY TABLE 3B (Oil Volumes)Unrisked Estimates of Undiscovered OOIP and Prospective Recoverable Oil Resources in the Hagen and Arthur Creek ShoalSouthern Georgina Basin – Northern Territory, Australia As of November 1, 2010 Unrisked Undiscovered OOIP (MMbls) Unrisked Prospective (Recoverable) Oil ProspectResources (MMbls)LowBestHighLowBestHighH-A125.85221.59374.0212.724.7747.04Sh_Mctyr6.511.619.40.71.31.3Total132.35233.19393.4213.426.0748.34
(Source: Ryder Scott) full report found on Baraka website
www.barakaenergy.com.au



This below map indicates the “Hagen Member” on EP127 & EP128.
The map was extracted from the ‘Isis full Report – Petroleum Prospectivity of EP127 and EP128’ found on our website www.barakaenergy.com.au under the ‘News Centre’ tab on the ‘Reports & Presentations’ page. This report, as the title describes, covers the conventional and unconventional prospectivity of Baraka’s EP-127 and EP-128 in great detail.
As previously announced, Baraka retains 25% working interest in both EP 127 and EP 128, including a 75% undivided working interest in the 75km² around the Elkedra-7 well on EP128, and will meet our contributions on EP127 and EP128 when and if required.
About Baraka Energy & Resources Ltd
Baraka is an Australian ASX listed company focused on identifying, exploring and developing Energy & Resource assets within Australia and globally. Baraka changed focus in 2009 to Australian projects and now has an undivided 25% working interest in both EP 127 and EP 128 including a 75% undivided working interest in the 75km² around the Elkedra-7 well on EP128, Southern Georgina Basin, Northern Territory, Australia. Baraka’s head office is in Perth, Western Australia.