Further Agreement

RNS Number:4129Q
Black Rock Oil & Gas PLC
24 January 2002

BLACK ROCK FARMS OUT INTERESTS IN WA 226-P, NORTHERN PERTH BASIN, AUSTRALIA

Black Rock Oil & Gas PLC ("Black Rock") is pleased to announce that with Dana
Petroleum plc ("Dana"), its current partner in WA 226-P, it has reached
agreement with 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 the agreement, Origin will take over the operatorship from Dana.

WA 226-P is located approximately 230km northwest of Geraldton and covers a
large, under-explored extension of the northern Perth Basin. Of the two
exploration wells which have been drilled in the WA226-P permit, the Livet-1
well has already encountered an interpreted residual oil column. The
prospectivity of this region has recently been upgraded by the significant oil
discoveries in the Cliff Head wells to the South, operated by Roc Oil (WA) Pty
Ltd, and the Hovea 1 oil discovery located onshore in permit L1, operated by
Origin.

The next WA 226-P well will be drilled on the Morangie structure which has been
identified and interpreted by Dana to have the potential to contain up to 250
million barrels of oil.  Target reservoir is sandstones of the Wagina Formation
below the Kockatea Shale regional seal, the same reservoir/seal relationship
recorded in other Perth Basin oil and gas fields. Several follow up structures
are also present in WA 226P.  These will be evaluated following the drilling of
Morangie.

Commenting on the successful farm-out David Steinepreis, Black Rock's Chairman
said: "This is a significant deal for Black Rock.  Morangie is an exciting
prospect in an emerging area.  Through the successful farm-out, Black Rock has
retained it's interest in future exploration success whilst getting the majority
of costs covered for the anticipated well in 2002".

Participants in WA 226-P following completion of the farm-ins will be:



Dana Petroleum plc                           52.00%

Origin Energy                                30.00%  (operator)

Black Rock Petroleum                         13.00%

Voyager Energy                               5.00%



Note: The above post farm-in interests take into account the withdrawal of EDC
Australia in November 2001. Subject to government approval, the current
Co-venturers are Dana (80% and operator) and Black Rock (20%).

These farmouts represent a very significant development for Black Rock and the
drilling of the Morangie well, in a basin recently upgraded by the significant
oil discovery at Cliff Head, will be an exciting exploration venture for the
company.



For further information contact:

David Steinepreis, Chairman, Perth, W. Australia
Phone [phone] email [e-mail]


John Scott, Managing Director, Perth, W.Australia
Phone [phone] email [e-mail]


Julian Riddick, Director, London
Phone [phone]  email [e-mail]





                      This information is provided by RNS
            The company news service from the London Stock Exchange