Woodside don't have a stake in Block 20 King Al.....thank god!
We've got 35% and CNPC have 65%. Much better to have a competent operator like CNPC than Woodside.
CNPC have commented that if Heron hits oil in line with their expectations then they'd like to have it in production by 2008. That's no mucking around. And a 35% stake to Baraka with only 290m shares on issue could see them hit $2 on discovery and multiples more once in production imho.
With some news on more Mali/Mauritanian farm-ins and spudding Heron late Sep/early Oct, I'd be very suprised if Baraka don't hit the 40c-50c mark within the next couple of months.
Dirt cheap at the moment. Not much cash in the coffers though, which is the only downside. Puts a lot of pressure on the Heron drill, unless they confirm more farm-in deals first. Wouldn't be suprised to see a placement done prior to Heron either way. Hopefully with the price a lot higher than 20c.
Cheers, Butcherano.
BKP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
