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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:9237Q Black Rock Oil & Gas PLC 4 February 2002 Black Rock Oil & Gas PLC, ("Black Rock") is pleased to announce that it has reached agreement with an Australian Stock Exchange quoted company, Longreach Oil Limited ("Longreach") whereby Longreach has the potential to earn a 10% interest in permit EP373 in the Canning Basin, onshore Western Australia in return for its contribution on a promoted basis to the drilling of an exploration well during 2002. Black Rock will retain the operatorship. The potential farm out is the subject of a conditional option agreement and is subject to a due diligence study. The onshore Canning basin of Northern Western Australia is an extensive area around 40,000 sq km. EP 373 is located in the north central part of the basin and Black Rock is the operator and 100% permit holder. The company has re-evaluated the EP 373 licence area using reprocessed seismic data which has led to definition of a number of structural traps. The four main structural closures mapped in EP373 have been estimated by Petra Geological services to contain potential recoverable reserves (mean) totalling around 150 million barrels in the Acacia Sandstone. Scoping economic models commissioned by the Company indicate that such reserves could be economically developed. This new agreement is in addition to Black Rock's recent announcement on one of its other licences, WA 226 P in the northern Perth Basin of Western Australia for another potential well in 2002. This announcement, made on 24 January 2002 outlined the farm out with Dana Petroleum plc ("Dana"), its existing partner in the project with two Australian companies - Origin Energy ("Origin") and Voyager Energy ("Voyager") for Origin and Voyager to earn 30% and 5% equity interests respectively in the permit in the Northern Perth Basin offshore Western Australia. To earn their interests, Origin and Voyager will contribute on a promoted basis to the drilling of an exploration well on the permit by November 2002. Under this agreement, Origin will take over the operatorship from Dana. Commenting John Scott, Black Rock's Managing Director said: " These farm outs represent a significant development for Black Rock and we now have an exciting drilling programme in place and are confident that the group will make significant further progress in the year" For further information contact: UK John Scott, Managing Director Julian Riddick, Director Tel: 020 7629 7237 Australia David Steinpepreis, Chairman, Tel: 00 61 8 9481 2407 This information is provided by RNS The company news service from the London Stock Exchange
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