Re Agreement

RNS Number:2744R
Black Rock Oil & Gas PLC
27 October 2003


                            Black Rock Oil & Gas Plc

27 October 2003

                FARM-OUT OF ONSHORE UK OIL EXPLORATION INTERESTS


Black Rock Oil & Gas plc ("Black Rock" or "the Company") is pleased to announce
that it has entered into an agreement to farm out 5 per cent interests in the UK
onshore oil exploration licences PEDL 098, 099 and 113, located in southern
England to Hereward Ventures PLC ("Hereward").  Northern Petroleum (GB) Limited
is the operator of the licences.


The farm out is subject to receipt of the necessary approvals from the
Department of Trade and Industry. The interests in the three licences will be
earned by the contribution by Hereward of a 10 per cent share of future costs
which will include an appraisal well to test a logged oil accumulation which is
expected to be drilled on the Sandhills -2 prospect on PEDL 113 on the Isle of
Wight during 2004.


The licences cover most of the Isle of Wight and the area inland from
Portsmouth. Oil shows have been recorded in several previous wells of varying
vintages, including Arreton -2, Portsdown -1 and -2 and Potwell -1. Most
notable, however is the British Gas Sandhills-1 well, drilled in 1982, southwest
of Cowes, on the Isle of Wight. The target of this well was the Sherwood
sandstone of Triassic age, prolifically productive at Wytch Farm to the west, in
Dorset. Oil was present in the Greater Oolite reservoir formation (Jurassic),
but was untested as at that time the Oolite was not considered to be a viable
reservoir in this area.


Subsequent geological reassessment utilising modern technical capabilities,
armed with the experience from numerous oil discoveries in the Oolite, including
the recently announced discovery at Avington -2, has determined that the
Sandhills structure contains oil in place independently estimated at 49 million
barrels probable and 76 million barrels probable plus possible. This is a
potential of 15.2 million barrels of recoverable oil utilising a 20 per cent
recovery factor.


Enquiries:


David Steinepreis - Chairman

Telephone: Australia         [phone]

Fax:       Australia         [phone]

E-mail:                      [e-mail]


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

AGRGCBDGGUDGGXS