Acquisition

RNS Number:8076E
Black Rock Oil & Gas PLC
6 June 2001



     Acquisition of 100% interest in PEDL 425, New South Wales, Australia

Black Rock Oil & Gas PLC (the "Company") is pleased to announce that it has
entered into a conditional sale & purchase agreement with Otto Oil Pty Ltd (an
Australian private company) ("Otto") to buy a 100% interest in PEL 425, in the
Darling Basin, New South Wales, Australia subject to certain conditions being
satisfied by 6 July 2001, the proposed settlement date.  The consideration
payable to Otto is to be satisfied by way of:

1.                  A cash payment of A$22,500 representing re-imbursement of
past costs of A$7,500 and refund of security deposit of A$15,000.  On
settlement of the transaction herein, Otto will assign the current security
deposit of A$15,000 to the Company.

2.                  The issue to Otto of 725,000 ordinary shares of 0.5p par
value in the Company, issued at 5.5p per ordinary share (a premium of 5p per
ordinary share).

3.                  A success bonus of A$250,000 payable in cash or ordinary
shares of 0.5p each (at the discretion of the Company) in the event that the
Company lodges an application for a Retention or Production Licence or on the
basis of a commercial hydrocarbon discovery is made in PEL 425. If the Company
elects to pay the success bonus in ordinary shares, the number of ordinary
shares shall be calculated by reference to the mid market closing price of the
ordinary shares on the date of announcement by the Company that an application
for a Retention or Production Licence over PEL 425 has been lodged or a
commercial hydrocarbon discovery has been made in PEL 425.

The acquisition is part of the continuing programme of evaluation of areas and
exploration opportunities for both conventional and unconventional hydrocarbon
reserves in Europe, the Mediterranean, the Middle East and Australia by the
Black Rock Group.

The Black Rock Group is utilising both established and new technologies in the
search for oil and gas and is pioneering the use of new 3-D processed
potential fields data (FracWormer technology), particularly gravity and
magnetic data, in oil and gas exploration.  The Group is concentrating on
areas where the new potential fields technology can be applied, thus
minimising exploration costs.  This acquisition meets the criteria established
by the Black Rock Group to apply this innovative approach to oil and gas
exploration at low cost.

PEL 425 is located in the Bancannia Trough, part of the Darling Basin of
Western New South Wales, an area where minor oil and gas shows have been
reported both at surface and in wells.  The licence is under-explored with
only three exploration wells drilled within the licence area of 10,425 square
kilometres (approximately 2.57 million acres).  A limited seismic data base
plus a grid of gravity and magnetic data are available.  A number of large
structural leads have been mapped by Otto Oil Pty Ltd using reprocessed
seismic data.  The seismic data indicate that of the three wells drilled to
date in the licence, two were drilled off structure and one some hundreds of
metres below the crest of a structure.  The wells, drilled in the 1960's by
Planet Exploration Co Pty Ltd and NSW Oil and Gas NL, are therefore not
considered to be valid tests of the basin's hydrocarbon potential.

The Black Rock Group believe that this large block is an exciting area in
which to apply the FracWormer 3-D processing technology, to the gravity and
magnetic data sets.  This 3-D processing technique was developed and is owned
by Fractal Graphics Pty Ltd.  Dr Nick Archibald, a Director of Black Rock Oil
& Gas PLC is a director and founder of Fractal Graphics Pty Ltd.  The Black
Rock Group has already used the technique in licences it operates in the
Canning Basin of Western Australia and the Weald Basin of Southern England,
and believes it could prove up drillable prospects of significant size in PEL
425.  If this new processing is successful and a significant prospect or
prospects are located, the Black Rock Group intends to bring in a partner for
the drilling phase on the new licence.

The Company has put forward a work programme to the New South Wales Department
of Mineral Resources through Otto that envisages:

1.                  Available gravity and magnetic data to be reprocessed
using the new 3-D FracWormer technology to refine structural interpretation.
This reprocessing and new interpretation is expected to cost about A$35,000.

2.                  Acquire additional gravity data, contingent on the results
of the FracWormer processing, to define drillable structures.  This
acquisition work is expected to cost up to A$60,000.

The Directors believe that the 3-D FracWormer processing and interpretation of
gravity and magnetic data is proving a fast and powerful, yet inexpensive,
exploration tool and initial results from the envisaged work programme on PEL
425 are expected within three months of settlement of the acquisition at the
expected low cost set out above.

Black Rock Oil & Gas PLC is the holding company of the Black Rock Group which
since 1995 has pursued the exploration for both conventional and
non-conventional oil and gas accumulations using both established and new
technologies and is pioneering the use of new 3-D processed field data,
particularly gravity and magnetic data in oil and gas exploration.  The group
currently holds petroleum exploration interests in the United Kingdom, the
Middle East and Australia through 7 licences.

David Steinepreis
Chairman


Contacts:  Julian Riddick, London based Director            Tel:  [phone] 
                                                            Fax:  [phone]
           Australia:
           David Steinepreis, Chairman                      Tel:  [phone]
           John Scott, Managing Director                    Fax:  [phone]
           Email     [e-mail]
           Website: www.blackrockpetroleum.com.au

Nominated 
Adviser to 
Black Rock
Oil & Gas PLC: Corporate Synergy plc                        Tel: [phone]