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BKP Baraka Petroleum Ltd
BKP: http://www.barakapetroleum.com/ENGLI...ish_index.html
Listed: 23 May, 2005 ($17 mill was raised by issuing 20 cents shares).
Shares: 289.8 mill and 25.4 mill unlisted options.
Share price: 26.5 cents.
The Disclosure Document of 21 April is worth reading:
http://stocknessmonster.com/news-his...=ASX&Year=2005
QUARTERLY REPORT (Activities and expenditure, cash)
PERIOD ENDING 30 JUNE 2005
http://stocknessmonster.com/news-ite...E=ASX&N=295546
Outflow: $3.9 mill. Cash $12.6 mill
Max de Vietri is the MD and CEO:
"Mr de Vietri has spent over ten years acquiring and undertaking preliminary work on a range of exploration properties in West Africa. He introduced hydrocarbon exploration opportunities in Mauritania to Mr Alan Burns, Chairman of Hardman Resources Ltd.
Hardman carried the costs of the exploration properties for some time and then joint ventured the development with a number of parties, including Woodside Petroleum Ltd (which became the operator)."
Comment:
The negative is the high number of shares.
However, the MD, Max is very well connected and I can see few problems with farming out projects, the latest on 19 August:
http://stocknessmonster.com/news-ite...E=ASX&N=297055
New Mauritanian Government approves Farm-out agreement
Article:
http://www.barakapetroleum.com/ENGLI...p_oil_deal.pdf
24 May: Baraka Evaluates Oil Reserves off Morocco
http://stocknessmonster.com/news-ite...E=ASX&N=290597
Rating: High Risk. The MD's knowledge of Northern Arica and his connections are a great asset.
Gerry
Holds BKP-Bought at 23.5 cents
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.
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Junior Member
Hi Gerry,
I've noticed you've been talking positions in several oilers recently. May I ask what your strategy with these are (long term hold through drilling or flick on as drilling starts)?
Cheers
Coaster
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I tend to hold these longer term. However, some wells can be dry and hence my stance is not advice.
Regards,
Gerry
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Junior Member
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Member
Yes, I like this one too, Gerry: got some serious territory up their sleeves.
Long term one, though. In the EXR basket.
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I have EXR as well. However, BKP will farm out some tenements very soon, I think. And it could well be done on very good terms IMHO.
Cheers,
Gerry
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http://stocknessmonster.com/news-ite...E=ASX&N=302064
Interesting:
“The Company’s technical assessment has now identified the Taoudeni Basin’s similar characteristics to those that exist within the prolific hydrocarbon basins in Algeria and Libya to the north, where exploration areas focussing on the Infracambrian plays have been recently opened to the public.”
"The Company is also pleased to announce that Baraka’s Administration Manager Corinne Perrin has successfully coordinated a donation of relief supplies to the population in the North of Mali who have recently been affected by severe drought and famine. The donation of relief aid, consisting of 60 tonnes of cereals, has been jointly made by Baraka and the contractors involved in the airborne survey".
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Quarterly Report:
http://stocknessmonster.com/news-ite...E=ASX&N=304388
Outflow; $0.79 mill Cash $11.8 mill
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