boom or bust, page-8

Hello Carabaea, In 2006 at the AGM , i told Max i have joined as a shareholder because of the Mali acreage potential.

I truely believe Eni will find oil in this region. But Baraka's management had to make some serious decisions. This was based on the cost of seismic and drilling for which Baraka could see was going to be a slow burn.

In truth i invested to much in this company , and could pay a heavy price in the near future. My mistake was that the deal management did when farming out Mali to Eni and Sonatrach was TOO SOFT! Look at the farm out by RRS and you will see what i mean. 20 million was crap, and management knew it! They needed to farm out for alot more money, or for Eni to cover all cost including 1 well at least.

I ask them this question at the Nov 07 AGM. The look on their faces would have sunk a thousand ships.

We now are all fully aware of the change in direction with this company. Its Baraka's best opportunity to survive and became a successful company. Its time to move on and forget about the West African Dream, because whether you like it or not, the dream was dead the day the very soft deal was done in 2006/07

Mark has had a lot of time to plan the exit stage of Mali, and if the company connot sell their 20% for at least 2 to 3 million, with so many large companies looking for huge acreage in what many still believe is the last frontier, then we are all seriously stuffed!

I hope you can all now see the picture of what has happen.
Mr Doherty departure was the writing on the wall. I could not see it at the time. Now its as clear as glass.

Now its time to embrace the new strategy, get some money for the Mali acreage, plan the selling of Mauritania acreage and start drilling and finding lots of Oil in Colombia. Because ladies and gentlemen COLOMBIA is our only last HOPE!


crazy K.