News listings

energy-pedia general news

Mali flagMali

Middle East / Africa >>> Mali

Mali: Private company awarded huge exploration permit


02 Nov 2004

Five large onshore exploration permits in northern Mali, West Africa, have been awarded to private company Baraka Mali Ventures Ltd., established by Perth-based geologist and entrepreneur Max de Vietri. Mr De Vietri introduced Hardman Resources NL of Perth to the virgin acreage off Mauritania in the mid-1990s (now operated by another Perth company, Woodside Petroleum Ltd.) in what led to the first commercial oil discoveries there. He now is applying the same principles in neighbouring landlocked Mali, a country that has had only five exploration wells drilled throughout its history. No drilling has taken place since the 1970s. The five permits (Blocks 1, 2, 3, 4, and 9) total 193,200 sq km, which is one-third the size of Texas, and extend from the Algerian border in the east across to the border with Mauritania in the west. They lie in the Taoudeni basin in the Sahara Desert to the north and west of the ancient city of Timbuktu. The basin, containing Precambrian to Carboniferous sediments, is similar to known petroleum provinces with large oil and gas discoveries in neighbouring Algeria and Libya. Mali introduced a new Petroleum Code into law during August this year, and Baraka's production-sharing agreements, signed on October the 27th in the national capital Bamako, are the first to be issued under the new regime. Details of the PSA terms are confidential, but they are described as globally competitive. Baraka has undertaken to spend $51 million over the next 4 years across all five permits. It will also spend $1 million in training local Malians and promoting the country as an exploration destination for the world petroleum industry. Baraka will spend the first year reprocessing 2D seismic data that the company acquired earlier this year. The company intends to negotiate with other explorers to take farmouts on the rank wildcat acreage. Baraka is also negotiating with several corporate entities with a view to merger or acquisition and a listing on the Australian Stock Exchange. Source: OGJ




Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current deals: 1699
Completed deals: 5237

Company Profiles

Current Company Profiles: 2648

Corporate Activity

Current Corporate Activity articles: 3318

Companies Looking

Current number of articles: 427

Company Sales

Current Company Sales articles:1364

Geostudies

Current Geostudies articles: 645

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Union Jack Oil 149
KL Publishing
SLR Consulting logo
Government of South Australia
Bayphase
count geophysics
Rose & Assocs 149
Geoespace
OPC
energy365
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com