Baraka buys into another Colombian block

Baraka Petroleum Ltd., Perth, has acquired from Omega Energy Colombia SA a 20% interest in the Chicuaco Block in eastern Colombia.

Dec 14th, 2007

Rick Wilkinson
OGJ Correspondent

MELBOURNE, Dec. 14 -- Baraka Petroleum Ltd., Perth, has acquired from Omega Energy Colombia SA a 20% interest in the Chicuaco Block in eastern Colombia. Drilling on the block is due to begin before yearend.

Baraka will earn the share by paying $1.8 million (Aus.) towards the initial work program.

The Monza-1 wildcat in the Llanos basin is scheduled to spud on Chicuaco Dec. 20. It will target intra-Carbonera and Guadalupe reservoirs contained in a simple fault-dependent structure that has been defined by 3D seismic.

The Monza structure could hold 2-5 million bbl of oil reserves and could be brought on stream quickly if a commercial discovery is made, Baraka said.

The block is 70 km from La Punta field, in which Baraka Petroleum secured an interest a few months ago.

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