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Re: BKP - Baraka Petroleum

Hi Young Trader,

In response to enquiries from a number of people about the prospectivity of the Georgina Basin, I found the following information on CTP's website.

Please note that CTP's EPA 132 permit is right next door to BKP's (earning 75%) EPA 128.

The Georgina Basin EPA 132 Central, via its wholly owned subsidiary Merlin Energy Pty Ltd, has taken out a 120 block (10,000km²) permit application in the South-eastern Georgina Basin, regarded by as being the most prospective basin in the Northern Territory. The Southern Georgina Basin of 150,000 km² has the following attributes making it prospective for significant accumulations of petroleum:

(p) only 8 wells drilled, some of which had no pre-drilling seismic and none of which were

located on valid structures;

(q) 20 stratigraphic tests conducted to date;

(r) only 750 line km of modern seismic;

(s) abundant petroleum shows, especially in the Middle Cambrian;

(t) over 40 billion tonnes of petroleum has been estimated to have been produced and expelled from the Middle Cambrian from the Arthur Creek Formation where source rock

analysis has shown TOC values up to 16%;

(u) the Arthur Creek Formation exhibits fair secondary porosity in limestone units and porosity of 5-17% in the Steamboat Sandstone where drilled; the target horizons of which are anticipated to be terrestrial or near shore marine channel sands or delta lobes of good to excellent porosity and permeability; and

(v) oil shows to date in the Middle Cambrian have been mainly unaltered, mature, aromatic crudes of marine origin.

In EPA 132, Central is primarily targeting potential shallow channel sands and delta lobes of the Steamboat Sandstone member of the middle Cambrian Arthur Creek Formation at easy to drill relatively shallow depths of from 500 to 1,000m identified on neighbouring blocks from seismic. The channel sands arethought to be some 200m vertical thickness and up to 5km in width while the delta lobes may be of much greater volume. Clearly, such conceptual targets have multi-million barrel potential. Analogues of this sort of conceptual play type are to be found in the Jurassic Smackover Formation in the Oaks field in Louisiana. or in the Lena-Tunguska Province of Siberia.

Apparently, as just mentioned, there are numerous multi-million targets in the Georgina Basin.  I wouldn't be surprised at all if a large oil company comes along and gives BKP a 20% free carried interest in both their permits in the Georgina Basin.

I have already mentioned noticed that in one of CTP's Southern Georgina Basin permits (ATP912) alone that there's potential for 650 million barrels of oil and 50 TCF of gas.  BKP is close by.

Now for all those traders out there, maybe this will assist in understanding the excitement that is building here.

DYOR