The Perth-headquartered company has appointed Chris Williamson and Kim Strickland of Sims Partners as joint and several voluntary administrators

Baraka has struggled to meet its commitments under the La Punta, Colombia acquisition agreement, announced in October 2007, and those on its West African projects, especially after the expiry of the company's free carry on its Mali exploration acreage.

The company - named after a French slang word for 'luck' - has also failed to meet funding commitments related to the drilling of the La Punta-2 well.

Baraka has spent about $20 million in the past 18 months and had $7.3 million in the bank at the end of the December 2007 quarter.

Efforts to secure capital and divest assets have failed.

Funds were needed to allow Baraka to meet its commitments under the acquisition of its La Punta oilfield in Columbia and commitments at its West African projects.

Shares in Baraka last traded at three cents.

Meanwhile, Baraka's Mugello-1 exploration well in Chicuaco Block flowed non-commercial quantities of 22.5 degree API oil during a drill stem test of a thin oil-bearing sand.

Initial review of 3D seismic data over the well location suggests this sand may be connected to a more substantial channel to the southwest, though detailed mapping of the seismic and thorough evaluation of well and test data are needed to confirm if a potential channel target exists.

Another well will also be required to test such a target.

Baraka has a 20% stake in the Chicuaco Block, with partners Omega 63%, Trayectoria Oil and Gas 10% and TC Oil and Services SA 7%.