Baraka Receives Approval For Transfer of Operatorship to Eni

Source: www.gulfoilandgas.com 3/23/2007, Location: Africa

Baraka Petroleum Limited has received formal approval from the Authority for the Promotion of Oil Research in Mali (AUREP)for the transfer of Operatorship to ENI S.p.A for its five blocks (1, 2, 3, 4 and 9) in Mali, West Africa.

In November 2006, Baraka announced a Farm Out Agreement of a 50% interest and Operatorship of the five blocks (1, 2, 3, 4 and 9) in Mali, West Africa to Eni, and a 25% interestto Sonatrach International Petroleum Exploration and Production B.V.I. (SIPEX).

Baraka retains 18.75% participating interest in all five Production Sharing Agreements in the Mali blocks, totalling approximately 193,200 sq. km Under the terms of the farm out agreement, Baraka will recoup all past costs associated withYear 1 and Year 2 of the exploration program, and will be carried for up to US$10 million for Year 3 expenditure program starting on 28 April 2007. Baraka’s expenditures to 5 March 2007 (excluding accruals) total approximately US$6.3 million.The Company also advises that the Joint Venture has submitted its 2007 Work Program and Budget to AUREP for approval.


Uganda >>  6/9/2021 - A consortium of a subsidiary of McDermott International, Ltd and Sinopec International Petroleum Service Corporation announced it has received a condi...
Algeria >>  6/1/2021 - As part of the periodic meetings relating to the examination of projects between SONATRACH and ENI , the management of the two companies met at the le...

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