Baraka exits Georgina Basin
Australia 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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