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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:0667X Black Rock Oil & Gas PLC 23 May 2007 FOR IMMEDIATE RELEASE 22 May 2007 Black Rock Oil & Gas PLC ("Black Rock" or the "Company") Update Black Rock Oil & Gas PLC (stock code: BLR), the UK-based exploration company, is currently providing the attached presentation to existing institutional shareholders and other institutions. A full copy of the presentation is available on the Company's website (www.blackrockoil.com) and the text of the presentation is reproduced without amendment in Appendix 1 of this announcement. Qualified Persons Dr John Cubitt (a Director of the Company) has been involved in the oil and gas production industry for more than 26 years. Dr John Cubitt is a registered Chartered Geologist (CGeol) and has a BSc and PhD in geology. He has compiled, read and approved the technical disclosure as it relates to Black Rock in this regulatory announcement and the attached presentation. For further information, please contact: Black Rock Oil & Gas plc 01189 001350 Dr John Cubitt, Managing Director www.blackrockoil.com ---------------------- Peter Kitson, Finance Director Beaumont Cornish 0207 628 3396 Michael Cornish Bankside Consultants Sue Scott/Michael Padley 020 7367 8888 Appendix - Text of institutional presentation All maps, photographs and other diagrams have been excluded Slide 1 - Cover Cover omitted Slide 2 - Disclaimer * Black Rock Oil and Gas PLC hereby represents and warrants that it has the right and authority to disclose the information contained herein, however, the directors make no representations or warranties, express or implied, as to the quality, accuracy and completeness of the information disclosed herein, and the recipient and any reader of this information expressly acknowledges the inherent risk or error in the accusation, processing and interpretation of geophysical and geological data. Black Rock Oil and Gas PLC, its directors, their officers and employees shall have no liability whatsoever with respect to the use or reliance upon information contained herein. * This presentation may contain forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates Slide 3 - Current capital structure * Symbol & Exchange BLR - AIM * Issued (basic) 1,051 million * Options & Warrants 43 million * Fully Diluted 1,094 million * Market Capitalisation (fully diluted) #8.0 million * Recent Price 0.73p * High - Low Share Price 2.07 - 0.55p * Cash (e) #550,000 * Debt Nil Source: VSA Resources Slide 4 - Share price performance Share price graph omitted Slide 5 - Directors Directors' photographs and summary CVs omitted Slide 6 - Black Rock Oil & Gas plc * Main interests in the UK Southern North Sea, Colombia and Paraguay * Near production opportunities in Colombia and the Southern North Sea * Significant exploration upside in Colombia, UK and Paraguay Slide 7 - Corporate Strategy * To focus on generating near term cash flow by: - acquiring production or previously non-commercial or undeveloped discoveries - targeting bypassed pay and acreage adjacent to existing producing fields * To balance low risk production with high quality exploration projects by: - acquiring exploration acreage in hydrocarbon provinces with proven potential - seeking significant equity interests to materially impact the company and maximise financial flexibility Slide 8 - Targets for 2007 * Realise some of the potential the Colombian acreage has to transform Black Rock into a significant independent * Drill and test Acacia Este, the directors believe this to be a low risk 50-100 mmbbl exploration prospect in Colombia* * To complete the steam injection test of the Arce Field in Colombia and submit a development plan for production in 2008. * To have an active drilling programme and to book net reserves of 2.5-10 million barrels of oil equivalent from successful development of the Arce Oil Field and the Monterey Gas Field* * To complete a valuation of our assets by a competent third party * To diversify the portfolio of E&P assets in Europe and the Americas *No formal resource nor reserve has yet been prepared under any of the accepted standards and that any figures quoted are sourced from the field operator and have not been independently verified by Black Rock Oil and Gas Plc Slide 9 - Colombia * Arce Field - near production * Heavy oil field steam injection testing * Drilling of what the Directors believe to be the low-risk Acacia Este exploration well. 50-100 mmbbl potential.* * Arce Field commercialisation and development plan to be submitted * 1 obligation well on Alhucema * No formal resource nor reserve has yet been prepared under any of the accepted standards and that any figures quoted are sourced from the field operator and have not been independently verified by Black Rock Oil and Gas Plc Slide 10 -Colombia - Arce Oil Field * Discovered 1984, heavy oil at depths of around 3000 feet * 4 wells drilled, 30 feet net pay * Arce 3 & 4 tested 30 bopd * Long term steam injection testing started in Q2 2007 * Increase in recovery of between 3 and 5 times could be expected Slide 11 - Colombia - Arce Oil Field * Operator estimated gross 15-20 mmbo recoverable * * Commerciality could be declared in Q3 2007 * Peak production from Arce could reach >3,000 bopd after 3 years* * 30-60 wells may be required * Ecopetrol can back in for 50% of the field * No formal resource nor reserve has yet been prepared under any of the accepted standards and that any figures quoted are sourced from the field operator and have not been independently verified by Black Rock Oil and Gas Plc Slide 12 - Arce - steam injection plant Photograph omitted Slide 13 - Arce - steam injection plant Photograph omitted Slide 14 - Arce - oil gathering station Photograph omitted Slide 15 - Arce - 2 & 4 wells Photograph omitted Slide 16 - Arce - crude oil 13degrees API Photograph omitted Slide 17 - Colombia - Baul Oil Field * Shallow heavy oil, 100' net pay * Baul 3 produced 16,610 barrels of oil from a 14' sand in 1960-61 * Operator estimated 2-3 mmbo recoverable of which 1mmbo is contained in 14' sand* * Testing in 2008 * No formal resource nor reserve has yet been prepared under any of the accepted standards and that any figures quoted are sourced from the field operator and have not been independently verified by Black Rock Oil and Gas Plc Slide 18 - Colombia - Acacia Este * Acacia Este exploration well to be drilled in Q2 2007 * 40% chance of success * Large structure with operator estimated target 50-100 mmbbls recoverable heavy oil* * Shallow prospect at
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