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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 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 1122L Black Rock Oil & Gas PLC 05 January 2009 For immediate release 5 January 2009 Black Rock Oil & Gas Plc ("Black Rock" or the "Company") Colombia Update Black Rock Oil & Gas Plc ("Black Rock" or the "Company"), stock code: BLR, the AIM-traded oil and gas exploration and production company, announces that the acquisition of a 33 square kilometre 3D seismic program over the Acacia Este discovery in the Las Quinchas Association Contract area, Colombia has been concluded. Processing is almost complete and interpretation is underway. This survey was acquired in order to gain a greater definition of the basement including topographic highs and faults and any impact these may have on the nature and distribution of the fluvial sands that constitute the reservoir in the Acacia Este field. As announced on 14 January 2008, differences in the nature and thickness of the reservoir sands in Acacia Este 2 compared to Acacia Este 1 have made correlation between the wells more complex without further seismic data. These differences are not unusual with reservoir sand deposits formed in a fluvial environment but the apparent absence in Acacia Este 2 of the higher performing sands recorded in Acacia Este 1 did impact the flow rates recorded in the Acacia Este 2 test program. In addition, Black Rock announces that the Acacia Este 1 well was put back into long-term production testing on 24 November 2008. Initially production rose to 122 barrels of oil per day ("BOPD") and has now settled back to around 40 BOPD. Cold production testing is also being undertaken on Arce 4. Testing was initiated on 6 December 2008 with initial production peaking at 23 BOPD. This has now settled back to around 10 BOPD. Finally, Kappa Resources Colombia Ltd., part of Pacific Rubiales Energy Group and Operator of the Las Quinchas Association Contract, has initiated drilling of Acacia Este 4, a deviated hole from the Acacia Este 1 location in a south-westerly direction. The well was spudded on 3 December 2008 and it is anticipated that drilling and completion will take approximately 30 days. This well will have a short slant drilled section with an open hole gravel pack completion. A further well, Acacia Este 5, deviated from the Acacia Este 1 location towards Acacia Este 2 in a northerly direction is expected to be initiated on completion of the Acacia Este 4 well. These wells are designed to test the open hole completion strategy and compartmentalization of the Acacia Este Field. Black Rock Oil & Gas Plc is part owner of Las Quinchas Resource Corp., through which it has participated in the joint execution of exploration and production activities in the Las Quinchas Block with Kappa Resources Colombia Ltd. Las Quinchas Resources Corp. and Kappa Resources Colombia Ltd. are in the process of preparing the formal request of assignment to Las Quinchas Resource Corp. of 50% of the private parties' interest in the Association Contract. This assignment is subjet to the approval of both Ecopetrol and the ANH, the Colombian government agency responsible for overseeing Colombia's oil and gas exploration and production sector. Dr John Cubitt, Managing Director of Black Rock Oil & Gas Plc, commented: "The 3D seismic survey over the Acacia Este field and the drilling of Acacia Este 4 and 5 will provide important technical information to enable the joint venture to identify suitable completion technology and well locations to apply to a program of appraisal drilling and testing in 2009." Qualified Person Dr John Cubitt (a Director of the Company) has been involved in the oil and gas production industry for more than 28 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. Enquiries: Black Rock Oil & Gas Plc Tel: 01189 001350 Dr John Cubitt, Managing Director www.blackrockoil.com Beaumont Cornish Limited (Nominated Adviser) Tel: 0207 628 3396 Michael Cornish ENDS This information is provided by RNS The company news service from the London Stock Exchange END MSCEASFSEELNEFE
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