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MENAFN - ProactiveInvestors - Australia - 12/11/2012

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(MENAFN - ProactiveInvestors - Australia) Baraka Energy and Resources (ASX: BKP) will soon test its MacIntyre-2H well in the Southern Georgina Basin and has welcomed the entry of French supermajor Total into the area.

Testing of MacIntyre-2H in EP 127, which encountered nuisance levels of hydrogen sulphide during clean-up operations, will be carried out once the operator completes flow testing of the Owen-3H well.

Like MacIntyre-2H, Owen-3H encountered nuisance levels of hydrogen sulphide during the initial flow back of stimulation fluid, leading PetroFrontier Corporation (CVE: PFC) to purchase and assemble hydrogen sulphide resistant testing equipment.

Testing at Owen-3H is expected to take up to six weeks depending on weather, equipment reliability and the nature of the recovered fluids.

The equipment will then be move to MacIntyre-2H to carry out clean up and production testing, earlier than originally anticipated.

Baraka also welcomed the farm-in by Total into about 6 million acres within the Southern Georgina Basin held by Central Petroleum (ASX: CTP).

"You now have the presence of some of the world's largest and most experienced oil and gas companies in Australia's shale plays including BG Group, Hess, Total, Statoil, Mitsubishi Corporation, ConocoPhillips and Santos," Baraka executive chairman Collin Vost said.

"It continues to enhance the validity in the future of Australian shale plays. We eagerly await the results from PetroFrontier's flow-test of their Owen-3H well prior to the wet season as well as results from the flow testing of Macintyre-2H when possible".

Total is investing up to A190 million over three years into four of Central's permits.

Of these, EP(A) 132 directly adjoins Baraka's EP 128 while the other three tenements are located southeast of the southeastern border by EP 127.

Baraka added that Total will pay up to 37.25 per acre, a 51% premium over the 24.70 per acre that Norwegian state oil company Statoil has committed to for its farm-in to PetroFrontier's acreage.

The company also reiterated that it is pursuing discussions with PetroFrontier to target either together or on its own some prospective conventional targets in the Hagen Member.

Baraka has a 25% stake in both EP 127 and EP 128.

 






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