Hi Carabaea,Thank you for the update. I like the deal very much....

Hi Carabaea,

Thank you for the update. I like the deal very much.

This deal delivers Baraka oil reserves of 650,000 barrels and 500 bpd production (assuming La Punta 2 performs to expectation). I think that this is exceptional; and this is only the first of three (possibly four) Sth American deals.

The question of whether La Punta 2 will perform is pivotal. I like its chances for the following reasons:

The Mirador is a prolific oil producing formation in this basin (& other Sth American basins). Its characteristics are very well understood.

La Punta 1 is in production providing technical characteristics of the La Punta structure.

Dr Mark Fenton, CEO and eminently qualified/experienced production Geo, has assessed all technical data.

CEO Fenton and Bkp Chairman, Mr Max De Vietri, have both stated that they were prepared to patiently wait for the ideal opportunity for Baraka.



With respect to capital raising, I would be happy to see a placement to Inst investors at the price and quantity you suggest. Inst investors tend to invest for the long term so I am OK with that. What gets my goat up is placements to private clients of particular broking firms that immediately off load the minute there is a gain.

Nice to see every Inst investor in the 2007 top 20 has significantly increased their holding since 2006. Have even collected a new one in HSBC along the way. Others will no doubt follow as additional deals are announced.

On a final note (& just quietly), this is Max De Vietri operating at his best. These deals are all exclusive opportunities to Bkp. Baraka is not competing with other suitors for these deals. Access into minor positions in very good production assets, provided by major industry players in Sth America, is being negotiated by our Chairman. I think that you are seeing strong links being forged between the emerging West African and the established Sth American oil industry participants for mutual benefit going forward. Fascinating to watch it unfold and, better still, to have the opportunity to invest in it.

Cheers Carabaea & Good luck to all Bkpers,

OP