Settlement with statoil

As a large shareholder in BKP I am somewhat pleased with the latest announcement which has confirmed that Baraka will not forfeit their interest in the Georgina Basin. This was certainly my biggest fear.

I believe that most shareholders would prefer Baraka to accept a reduction in their interest instead of wasting their limited funds on a court challenge that they were never going to win.

Although we may be looking at some light at the end of a long tunnel, we still have to pay the legal costs etc.But at least we could say that there is some hope, depending on the final drilling results, that we may still have a chance to share in hopefully a good outcome for us all. DYR Klaas