Partner BKP gives operatioal update
During the drilling of the horizontal section at Owen-3H, numerous positive hydrocarbon indicators were observed including:
· Oil staining
· Milky yellow fluorescing cut
· Strong gas recordings of C1 to C5
· Petroliferous odour
· Oil spots in the mud at the shaker
Possted on SH on 9/5/12:
Baraka Energy & Resources Ltd (ASX:BKP, RBD:GR)(“Baraka” or “ the company”), advises that its Joint Venture partner has released an update regarding MacIntyre-2(EP 127), Baldwin-2Hst1 and the Owen-3H.
MacIntyre-2H
Completion operations at Baraka Energy & Resources horizontal well, MacIntyre-2H located in EP 127, Northern Territory, Australia are currently underway but not yet completed.
Owen-3H
PetroFrontier’s third horizontal well, Owen-3H, located in EP104, Northern Territory, Australia has successfully reached total depth. Final measured depth of the well was 2,153 metres, of which the horizontal section was 966 metres targeting the Lower Arthur Creek and Upper Thorntonia Formations. A multistage open-hole completion string has now been placed in the well in preparation for a completion program targeting the Lower Arthur Creek and the Upper Thorntonia Formations.
During the drilling of the horizontal section at Owen-3H, numerous positive hydrocarbon indicators were observed including:
· Oil staining
· Milky yellow fluorescing cut
· Strong gas recordings of C1 to C5
· Petroliferous odour
· Oil spots in the mud at the shaker
On August 9, 2012, PetroFrontier announced that a total of 32.5 metres of core was cut and retrieved from the Owen-3 inclined wellbore. Core evaluations are ongoing and PetroFrontier is encouraged by the initial assessment of these cores, which seeped oil upon retrieval and had extensive fluorescence throughout. The well was also wire line logged with equally encouraging results indicating over 25 metres total of vertical thickness of hydrocarbon bearing formations.
PetroFrontier is very pleased by the results to date and the fact that its three horizontal wells (MacIntyre-2H, Baldwin 2-H and Owen-3H) have shown very encouraging oil and gas indications. The completion and testing results from these three wells have the potential to add significant value for PetroFrontier shareholders. However, readers are cautioned that no reserves have been proven to date by any of these wells.
These results are excellent for both companies as Owen-3 located on the EP104 eastern boundary is directly north of Baraka’s EP127 south eastern boundary (where BKP holds a undivided 25% working interest), meaning Baraka can place a lot of weight on the EP127 south eastern area displaying similar or identical results if and when any drilling programs in that area are embarked on in the future.
We look forward to an exciting couple of months with results from all three wells due by the end of the year, prior to the wet season kicking off in the Northern Territory, Australia.
Baraka had in May 2011 engaged Proactive Investors to provide a Research Report(displayed on our website) which contained estimates and forecasts, extrapolated from information on the Company that is already in the public domain. Proactive Investors have now completed a new article based on updated events of which will be circulated globally.
It is highly recommend this new article be read in conjunction with the previous Research Report(17/5/2011), these articles can be found on our website www.barakaenergy.com.au on the ‘Reports & Presentations’ page under the ‘News Centre’ Tab.
About Baraka Energy & Resources Ltd
Baraka is an Australian ASX listed company focused on identifying, exploring and developing Energy & Resource assets within Australia and globally. Baraka has an undivided 25% working interest in both EP 127 and EP 128 including a 75% undivided working interest in the 75km² around the Elkedra-7 well on EP128, Southern Georgina Basin, Northern Territory, Australia. Baraka’s head office is in Perth, Western Australia.
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