Baraka Energy & Resources' partner Petrofrontier Corp fields approaches on Georgina Basin holdings

Baraka Energy & Resources' (ASX: BKP, RBD: GR) joint venture partner Petrofrontier Corp (TSX-V: PFC) has received numerous expressions of interest to farm in to its Georgina Basin holdings.

Baraka has a free carried 25% Working Interest up to completion of a minimum of 500 metres of horizontal drilling into the Basel Arthur Creek Shale on either EP 127 or EP 128.
Results for MacIntyre-2 were very positive showing approximately 22 metres of true vertical depth (TVD) pay with porosities varying between 5 – 11%. 

Parts of the market appear to have missed the significance of the results.  Judging by the level of high level enquiries received by PetroFrontier to farm-in, oil and gas companies have not.

Petrofrontier has appointed Macquarie Capital Markets Canada to seek a potential farm in partner, which would defray that company's costs.
Petrofrontier is likely to have approached Baraka regarding its equity interest.
In 2011 Baraka raised the necessary capital to meet the expenditure commitments on completion and fraccing costs on MacIntyre-2H, as well as further Seismic, beyond the free carried costs of up to a minimum 500 metres horizontally drilling into the Arthur Creek “Hot Shale”.  

Baraka last year advised that it had also been approached by North American parties that had expressed an interest in participating in a joint venture on the area.


Indonesian discussions

Baraka has advised it has recently returned from Indonesia where the company held meetings with a number of coal concession holders.

Further discussions could result in conditional agreements, which will require significant due diligence.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24246/baraka-energy-resources-partner-petrofrontier-corp-fields-approaches-on-georgina-basin-holdings-24246.html