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Black Ridge Mining NL (ASX:BRD) could get a major push for its imaging technology from Baraka Energy & Resources Ltd (ASX:BKP), which is considering utilising the technology to detect hydrocarbon presence within oil prospects. Black Ridge’s Resource Imaging Technology (RIT) is a major advance over original seismoelectric technology and potentially represents the next generation of oil and gas exploration.
Baraka Energy & Resources Ltd (ASX Code: BKP) is pleased to announce that they have accepted the offer of intent from the Northern Territory Department of Mines and Energy to renew prospective exploration permit EP127 in the Georgina Basin of the Northern Territory. The process of having Statoil Australia Theta B.V. and Petrofrontier (Australia) Pty Ltd withdraw from the permit, and transfer their interests in the permit to provide Baraka with a 100% equity position, is currently underway.