value of the options, page-4

G'day towie. I'm pretty sure most of the original funds have gone into things like the airborne survey in Mali, as well as costs for reprocessing all the existing data, etc.

The good thing about the Mali farm-in agreement is that it will include full re-imbursement for all costs Baraka has spent to date - so they'll get most of that money back when they sign the deal.

The one thing I was worried about with the options was the excercsie date - I thought it would be cutting it fine to get an exploration well sunk in Mali before Sep 2008 and the woodside blocks won't be drilled until 2009 which leaves only Heron to be drilled before the oppies expire.

But according to someone close to the action - the company is excited about Mali, but a lot more excited about some of the new ventures they've got lined up. One of which will involve more drilling within the next 12 mths, including production wells and revenue. Definitely a project in Africa. Not Morocco though - that's been canned now because of both technical and political difficulties. Mainly a dispute between neighbouring countries about the permit location.

Cheers,
Butcherano.