Coup holds no bars for Baraka

BARAKA Petroleum has announced notification of approval by the Mauritanian Minister of Energy and Petroleum for a farm-out agreement it recently signed with China National Petroleum Corporation (CNPC) for the company’s wholly owned coastal exploration block in Mauritania’s coastal basin.The West African nation recently experienced a non-violent military coup.Baraka managing director Max de Vitrie said he was pleased the country’s new government had shown a commitment to agreements and relationships that have been established between the country and foreign investors.Under the terms of the agreement, announced in June, a subsidiary of CNPC will acquire a 65 per cent operating interest in Baraka’s exploration tenement, Block 20, by funding all the exploration costs up to $US8.6 million.