Data from the survey, which was acquired by Compañia Geofisica Latinoamericana, is being processed as planned, with interpretation scheduled to follow later this month.
“Baraka staff, with support from established Australian consultants and its joint venture partners, will use the results of the survey to finalise plans for the La Punta-2 development well which is on track for spudding in early March 2008,” Baraka said.
“The seismic survey will also be used to high-grade further exploration opportunities in the La Punta block.”
Baraka funded the joint venture partners for the $US1.3 million seismic survey as part of its farm-in obligations, which saw it earn an immediate net 8.28% share after government royalties of production from the La Punta-1 well, currently producing 1400 barrels per day of 37 degree API oil from the Mirador Formation.
