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Baraka Drilling Program For Heron-1 Exploration Well On Track

Source: www.gulfoilandgas.com 3/17/2006, Location: Africa

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Baraka Petroleum Limited announced that together with Joint Venture partner and operator CNPC International Mauritania Limited, a wholly owned subsidiary of CNPC International Limited, the Company is progressing plans for the drilling of the Heron-1 exploration well onshore coastal Block 20 in Mauritania, which is on target for a spud date in Q3 2006. The JV partners have confirmed the Total Depth (TD) of the Heron-1 well has been fixed at 3800m, with primary objectives in the Cenomanian sands and a secondary target in the Albian- Aptian sand and limestone interval.

A revised probabilistic evaluation of the Heron -1 structure prepared by ISIS Petroleum Consultants confirms an undiscovered prospective OIIP (oil initially in place) of 465 Million barrels (MMbbls unrisked) for both the Cenomanian and Albian-Aptian targets with a prospective resource of approximately 132 Million barrels (MMbbls) of which the Company’s share would be 35%.

A shallow gas target has also been identified and is a third, albeit important, objective for evaluation in the present programme. This potentially sizable low-pressure gas prospective resource at a depth of approximately 1000m will be evaluated, following drilling results, for development to service local and regional power demand.

Baraka’s Chief Operating Officer, Dr Satyavan Reymond said, “the substantial progress of the Operator CNPCIM towards the spud date for Heron-1 and the completion of the probabilistic evaluation of the potentially hydrocarbon bearing zones gives the JV partners greater degree of optimism leading into the first drilling in Block 20.”

The Government of Mauritania approved the B20 work programme for 2006, including the drilling of Heron-1, on the 15 February 2006. This work program was defined in the Production Sharing Contract (PSC) signed on 22 March 2005 and ratified by the Mauritanian Parliament on 13 July 2005.

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