Baraka Energy & Resources is poised to see a major surge in exploration activity on and near its Southern Georgina Basin unconventional oil and gas assets in the Northern Territory.
This will be fuelled by Norwegian state oil major Statoil'sUS$210 million (A$198.8 million) farm-in to joint venture PetroFrontier's permits that will be larger than previous foreign investments into Australian shale gas if fully realised.
Under this deal, which has been approved by the Foreign Investment Review Board, Statoil will earn up to 65% interest in EP 103 and EP 104 (PetroFrontier 100%), EP 127 and EP 128 (Baraka 25% and PetroFrontier 75%) as well as exploration permit applications EPA 213 and EPA 252 (PetroFrontier 100%) under a three phase farm-in.
While not a direct beneficiary of the farm-in, Baraka will be a part of all decisions made throughout this farm-in period in relation to its 25% interests in both EP 127 and EP 128 as well as the 75% stake it holds in the 75 square kilometre area around the Elkedra-7 well in EP 128.
Source: Proactiveinvestors
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