looks like theyve hit oil, page-37

pantingpup,

My thoughts are pretty much the same as yours - or maybe just a little more pessimistic - lol.

In relation to Mugello, I think it went someting like this. Drill results (logging) showed that the hole had almost no chance of being commercial (probably less than that 10% you mentioned) but Baraka managed to convince it's partners to flow test on the basis that bad news would be the end of Baraka in trying to secure additional finance. Somehow the JV partners were convinced that the additional expense in completing and flow testing an almost certain duster would be worth it in that it would allow Baraka time to get its funding sorted in order to stay in the game for LP2. Maybe the JV partners are not able to fully fund the LP2 drill and were willing to do this on the promise that Baraka could raise the cash to pay for its share. There might even have been additional sweetners offered - I don't know.

Now however, I think the game has changed and Baraka shareholders are going to have a very rough couple of weeks.

Cheers

Badfish