Baraka exits Georgina Basin

Australia

SYDNEY, January 7, 2016 – Baraka Energy & Resources has decided against renewing its exploration permit for the Georgina Basin, the Australian hydrocarbons company announced in a Thursday statement.

Baraka exited its EP128 permit after the Australian government asked that the company give up 50 percent of its permit as well as increase expenditures related to the permit, according to the statement.

“Based on the increased expenditure requirements, reduced area of the permit and the lack of indicated conventional targets within this permit, the board decided to withdraw its application for renewal,” Baraka said in the statement.

While the EP128 permit was the least prospective in Baraka’s portfolio, the company has renewed its its EP 127 permit despite a sluggish drilling campaign in 2014.

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