The joint venture partners have confirmed total depth of the Heron-1 well has been fixed at 3800m, with primary objectives in the Cenomanian sands and a secondary target in the Albian-Aptian sand and limestone interval.

A revised probabilistic evaluation of the Heron-1 structure prepared by ISIS Petroleum Consultants confirms an undiscovered prospective OIIP (oil initially in place) of 465 million barrels for both the Cenomanian and Albian-Aptian targets, with a prospective resource of about 132 million bbls, of which Baraka’s share would be 35%.

A shallow gas target has also been identified. This potentially sizeable low-pressure gas prospective resource at a depth of roughly 1000m will be evaluated, following drilling results, for development to service local and regional power demand, according to Baraka.

CNPCIM acquired a 65% operating interest in the Baraka-held block by funding 100% of exploration costs up to $11.43 million.

The costs will cover a seismic acquisition program over the Heron structure and will substantially fund the drilling of the planned Heron-1 well.

Baraka retains a 35% interest in the block. CNPCIM has been appointed project operator.

CNPCIM is a subsidiary of CNPC International, the overseas ventures arm of China’s largest oil and gas company China National Petroleum Company.