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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Black Rock Oil | LSE:BLR | London | Ordinary Share | GB00B1YW2916 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.125 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4983G Black Rock Oil & Gas PLC 6 July 2001 Acquisition of 100% interest in PEL 425, New South Wales, Australia Black Rock Oil & Gas PLC (the "Company") is pleased to announce that all of the conditions of the 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 have today been satisfied. The consideration paid to Otto was: 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; and 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). Further consideration may be payable, in the form of 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. 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 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. 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 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. 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: 0208 741 2011 Fax: 0208 741 1101 Australia: David Steinepreis, Chairman Tel: +61 8 94812407 John Scott, Managing Director Fax: +61 8 94812690 Email blkrock@highway1.com.au Website: www.blackrockpetroleum.com.au Nominated Adviser to Black Rock Oil & Gas PLC: Corporate Synergy plc Tel: 020 7626 2244
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