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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:8629I Black Rock Oil & Gas PLC 22 August 2001 Black Rock Oil & Gas PLC A.R.B.N. 096 417 462 Black Rock Oil & Gas PLC ("Black Rock" or the "Company") is pleased to announce details of two acquisitions, the proposed appointment of an executive director and updates regarding Licence PEDL 042 in Southern England and Licence PEL 425 in New South Wales, Australia. EP 373 - Onshore Canning Basin, Western Australia ACQUISITION Black Rock has entered into an agreement to acquire the 25% interest in EP373 held by a subsidiary of Pasminco Ltd, a company listed on the Australian Stock Exchange. Black Rock will hold 100% of the licence subject to approval of the transfer by the regulatory authorities. The 25% interest had the benefit of not being required to find its share of expenditure of drilling two wells on the permit, all of which cost fell to Black Rock. Pasminco Ltd has recently announced a restructure of all its operations including the disposal of its mining and exploration assets. Black Rock has taken advantage of this opportunity to acquire the minority carried interest in EP 373 for a nominal consideration of A$10,000 cash. The Board considers this to be an advantageous outcome for the Company. EXTENSION OF LICENCE AND RE-EVALUATION OF POTENTIAL RESERVES IN EP 373 Black Rock has recently held discussions with the Department of Minerals and Energy in Western Australia and has now received written confirmation for postponement of the work programme commitments for the year ending 23 August 2001 into the permit year ending 23 August 2002. The postponement of the drilling will allow greater preparation for the programme next year coupled with the Company's ability to offer a simple farm-out arrangement as it will hold 100% of EP 373 (subject to government approval). The Company has prepared a farmout brochure and is actively seeking a partner for next year. Black Rock has re-evaluated the EP 373 licence area using computer reprocessed data which has led to the definition of a number of structures at the Ordovician level beneath the regional seal of the Carribuddy Formation. As evidenced by the Patience 2 well drilled to the south of EP 373 in 2000, it is typical that wherever valid structural closures beneath an effective Carribuddy seal have been drilled in the Canning Basin, hydrocarbons have been found. The main reservoir target is the Acacia Sandstone, which contained hydrocarbons at Looma 1, drilled in 1996, in EP 353 immediately to the west of EP 373. At Looma 1, the Acacia reservoir was poorly developed, but well data show that sand thickness and quality improve into EP 373, where, in addition, this target horizon is less deeply buried. The four main structures mapped in EP 373 have been estimated by Petra Geological Services to contain potential recoverable reserves (mean) totalling around 150 million barrels in the Acacia Sandstone Reservoir. WA 226 P - OFFSHORE PERTH BASIN, WESTERN AUSTRALIA ACQUISITION Black Rock Resources NL, a wholly-owned subsidiary of the Company, has entered into an agreement to acquire a 10.5% interest (subject to conditions) in WA 226 P from Cadex Petroleum Pty Limited for a consideration of #200,000 to be satisfied by the issue of 4 million fully paid ordinary shares in Black Rock at 5p per share. In addition, interests associated with each of Mr Steinepreis and Mr Scott, both directors of the Company, have agreed to grant to Cadex an option to acquire an aggregate of 2 million warrants to subscribe for ordinary shares. The warrants the subject of the option are currently the subject of existing lock-in arrangements and thus the option will not be exercisable until such time as the lock-in arrangements have expired, currently 26 April 2002 WA 226 P is located in the northern offshore Perth basin and has a total area of around 3,800km2. Other interest holders are Dana Petroleum (E&P) Limited ("Dana") and EDC Australia Ltd. Dana is the operator. Three main prospects have been mapped, which Dana estimate could contain total potential recoverable reserves of between 200 and 300 million barrels. On behalf of the group, Dana is currently planning to drill Morangie, considered the most prospective structure, in 2002. The Morangie structure could contain over 100 million barrels potentially recoverable in Permo-Triassic sandstones APPOINTMENT OF DIRECTOR The Board is pleased to advise that subject to the completion of the acquisition of the 10.5% interest in WA226P, John Tarrant will be appointed, as an executive director of Black Rock. Mr Tarrant graduated from the University of Melbourne with a Bachelor of Commerce degree and also holds a Bachelor of Science (Graduate) in Geology, Bachelor of Arts and a Post Graduate Diploma in Financial Management from the University of New England together with a Post Graduate Diploma in Taxation from the University of Central Queensland. Mr Tarrant holds a Diploma in Applied Finance from the Securities Institute of Australia and is a Certified Practising Accountant, a Fellow of the Taxation Institute of Australia and an Associate of the Securities Institute of Australia. He has also completed the Securities Program at Simon Fraser University, Vancouver. Mr Tarrant has held senior executive positions with a number of mineral exploration and oil and gas companies in Australia and overseas, and until recently was CEO of Golden Gate Resources Limited. He has 20 years experience and has worked in London, Melbourne and Perth. Mr Tarrant is a director and major shareholder of Cadex Petroleum Pty Ltd, the vendor of WA 226P and therefore will become interested in 4 million ordinary shares of the Company (4.66%) following the completion of the acquisition. Mr. Tarrant has considerable experience in resource projects and it is Black Rock's intention to establish a new subsidiary for African oil and gas projects using John's contacts and experience. Mr Tarrant is currently pursuing other opportunities in the oil and gas sectors in conjunction with the Company. Whilst it would be premature to give any details of these opportunities at this time should they come to fruition and should the Company decide to participate then any such transaction would be subject to the related party provisions of the AIM Rules. Mr Tarrant will also be responsible for investigating the possibility of floating a new company based on the combined Black Rock and Cadex assets in Australia. The Board sees this as a potential way to increase shareholder value and to underpin and expand exploration activities in Australia through a further capital raising. The Board of Black Rock welcomes Mr. Tarrant's appointment (further details on Mr. Tarrant's previous directorships etc can be found in appendix 1 to this release). PEDL 042, SOUTHERN ENGLAND A number of potential drilling sites have now been identified for Rogate 2, planned to test the self-sourcing reservoir potential in the Oxford Clay-Corallian interval which had oil shows in Rogate 1, drilled in 1985. Negotiations with land owners are about to start and an initial planning application should be submitted in September. The planning and approval process is expected to take up to 6 to 8 months, and drilling in this licence is thus expected in the second or third quarter of 2002 (subject to Department of Trade and Industry agreement and planning approval). Black Rock intends to find a farm-in partner to drill Rogate 2 and a farmout package is currently being prepared. Black Rock plans to seek a deferral of the drilling obligation from the Department of Trade and Industry. PEL 425 - ONSHORE NEW SOUTH WALES, AUSTRALIA The Company has previously announced that it has entered into a conditional sale & purchase agreement with Otto Oil Pty Ltd (an Australian private company) to buy a 100% interest in PEL 425, in the Darling Basin, New South Wales, Australia. The Board is pleased to advise that the transfer of the licence has been approved, by the NSW Department of Mineral Resources, so that the transfer has become unconditional and has been completed and registered on the public record. 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. Upon completion of the acquisition of the Cadex interest, the group will hold 8 petroleum exploration interests in the United Kingdom, the Middle East and Australia. David Steinepreis Chairman Contacts: Julian Riddick, London based Tel: 020 7629 7237 Director Australia: David Steinepreis, Chairman Tel: +61 8 94812407 John Scott, Managing DirectorFax: +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 Appendix 1 The following information is disclosed pursuant to the AIM Rules: * Full Name: John Patrick Tarrant * Age: 39 years * Mr Tarrant is presently a director of the following companies: Haddington International Resources Limited Frontier Bonaparte Pty Ltd Cadex Petroleum Pty Limited Balmain Resources Pty Ltd Plough Lane Holdings Pty Ltd Plough Lane Superannuation Pty Ltd Frontier (WA) Pty Ltd Fropet Holdings Ltd Cambridge Petroleum Royalties Ltd Cambridge Petroleum (Reading Basin) Limited Fropet Inc. Mr Tarrant has previously been a director of the following companies during the past 5 years but is no longer a director Golden Gate Resources Ltd Daytona Energy Corporation RMG Limited (formerly Frontier Petroleum NL) Blackburn Resources Pty Ltd Doncaster Resources Pty Ltd Glenrowan Resources Limited Mr Tarrant is not currently a partner in any partnership and has not been a partner in a partnership during the past 5 years. * Mr Tarrant has no unspent convictions in relation to indictable offences. * Mr Tarrant has no bankruptcies or individual voluntary arrangements. * Mr Tarrant has no receiverships, compulsory liquidations, creditors voluntary liquidations, administrations, company voluntary arrangements or an composition or arrangement with creditors generally or any class of its creditors of any company at this time or within 12 months preceding. * Mr Tarrant has no compulsory liquidations, administrations or partnership voluntary arrangements at this time or within 12 months preceding. * Mr Tarrant has no receiverships of personal assets or of a partnership at this time or within 12 months preceding. * Mr Tarrant has no public criticisms held against him by statutory or regulatory authorities (including recognised professional bodies) and he has never been disqualified by a court from acting as a director of a company or from acting in the management or conduct of the affairs of any company.
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