Baraka Energy & Resources opens Jakarta office, eyes Indonesia project acquisitions

Baraka Energy & Resources (ASX: BKP) has opened a “Representative Office” in Jakarta, Indonesia, with assistance from Zurich Securities Pty Ltd (Zurich), in order to assist in the acquisition or joint venture of quality projects in the country.

The company has secured a full time geologist with previous Government experience to represent Baraka as the chief manager in the office, located in the Indonesian Stock Exchange Building.
Baraka has some A$5.7 million of cash and liquid assets currently uncommitted, extremely low overhead expenses, nil liabilities and is seeking investments and projects to add value to its shareholders shares.

Baraka believe Indonesia will be a resource powerhouse in years to come and generate substantial cash flow, and hope to announce an initial project in due course.

Indonesia is in the top six copper producers and is currently in transition of amending its mining laws to enable foreign investment and reduce corruption.  This will provide a safer and more secure investment into all sorts of metals and minerals by genuine investors.

Baraka have for some time been carrying out research and due diligence into numerous projects in Indonesia and believe the company should be represented at ground level to maximise exposure and create a closer relationship with various authorities and influential parties.

It will also allow Baraka to utilise the benefit of the current strong Australian dollar to establish itself in Indonesia.

PetroFrontier Corp.
Baraka has also advised that its joint venture partner, PetroFrontier Corp. (TSX-V: PFC) has announced the closing of the sale of its non-core Canadian petroleum and natural gas properties to an arm's length private company, in order to concentrate on its Southern Georgina Basin project in the Northern Territory, Australia.

PetroFrontier sold its producing properties located at Wordsworth and Queensdale in Southeast Saskatchewan, as well as exploration properties at Carlyle, Saskatchewan and Joarcam, Alberta, for a cash purchase price of approximately CAN$6.8 million.

The disposition represents the sale of all of PetroFrontier's Canadian petroleum and natural gas properties acquired pursuant to its plan of arrangement with Texalta Petroleum Ltd that closed on May 31, 2011.

The disposition will allow PetroFrontier to focus its resources on its core, high impact, prospective light oil exploration program in the Northern Territory, Australia.

Baraka considers this consolidation by PetroFrontier indicates the confidence they have in the Southern Georgina Basin project.

Baraka has a carried undivided 25% working interest up to completion of a minimum of 500 meters of horizontal drilling into the Basel Arthur Creek Shale on either EP 127 or EP 128. This zone commences at a depth of about 770 meters vertical depth on EP 127.

Baraka also retains an undivided 75% working interest in about 75 square kilometres around the Elkedra-7 well on EP 127, where previous drilling has indicated oil shows.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/19676/baraka-energy-resources-opens-jakarta-office-eyes-indonesia-project-acquisitions--19676.html