BLR Black Rock Oil

    RNS Number : 1061C
  Black Rock Oil & Gas PLC
  27 August 2008
   

 For immediate release  27 August  2008

    Black Rock Oil & Gas Plc
    ("Black Rock" or the "Company")
    Corporate Update

    Black Rock Oil & Gas Plc ("Black Rock" or the "Company"), stock code: BLR, the AIM-traded oil and gas exploration and production
company, is pleased to provide the following corporate update.

    Working Capital Requirements
    As announced at the Annual General Meeting held in April and again in a corporate update on July 7 2008, the Board of Black Rock has
implemented wide-ranging operational cost reductions to substantially reduce the working capital required by the Company to finance its
ongoing central costs for the remainder of 2008. This action has been successful and the Board now anticipates that ongoing central costs
can be covered by existing funds until late 2008.

    Search for a Business Partner
    The Board has also been active during this period in identifying potential merger opportunities, and seeking additional business
partners. Since the Annual General Meeting the Board has had discussions with a number of potential partners. The Board's objective was to
secure additional financing or a proposal for a merger or offer before the end of August due to the limited working capital available at
that time. 

    Careful use of the Company's working capital resources has enabled the Board to hold positive discussions with a number of parties
without working capital constraints that might limit the Board's position to maximise value for the shareholders. While there can be no
assurance at this stage that these discussions will result in any acceptable proposals for additional financing or offer for the Company or
its assets, the Directors hope to conclude a satisfactory outcome within 2 to 3 months such that the Company has sufficient finance
available for its ongoing central costs beyond the end of 2008.

    Sale of Kappa Resources Colombia, operator of the Las Quinchas and Alhucema Contract areas in Colombia
    Pacific Rubiales Energy Corp. (TSX: PEG) announced on 8 July 2008 that it had executed an agreement to acquire 100% of Kappa Energy
Holdings Ltd. and its subsidiaries, including Kappa Resources Colombia. ("Kappa") the operator of the Las Quinchas and Alhucema Contract
areas in Colombia. Subsequently, on 28 July 2008, Pacific Rubiales announced the filing on SEDAR (http://www.sedar.com) of an independent
third party reserve and resource assessment report prepared by Petrotech Engineering Ltd., of Burnaby, Canada, to Canadian National
Instrument 51-101 standards, relating to the current resource base of Kappa Energy Holdings Ltd (the "Petrotech Report"). Although the
Petrotech Report was not generated for Black Rock nor has it been prepared as a Competent Persons Report as required by the AIM Rules and
therefore must be considered with caution, it does identify reserves and resources in the Las Quinchas Association Contract and Alhucema E&P
Contract that provide a guideline to the underlying value of these assets. This value is significantly in excess of the market capitalisation of Black Rock. A copy of the Petrotech Report can be found at
the following link: 

    http://www.sedar.com/GetFile.do?lang=EN&docClass=13&issuerNo=00007953&fil
eName=/csfsprod/data91/filings/01296685/00000001/n%3A%5CSEDAR%5CPacificRubiales%5 C2008%5COil%26Gas%5CFinalKappaReport.pdf


    Competent Persons Report 
    Black Rock announced on 3 December 2007 that it had commissioned Gaffney, Cline and Associates to produce a Competent Person's Report on
its Colombian and Southern North Sea assets with an effective date of 31 December 2007. This was to incorporate reserves and resource
estimates (as appropriate) for the current portfolio of discoveries and prospects. The sale of the Colombian field operator, Kappa, to
Pacific Rubiales has delayed this evaluation as Black Rock is reliant on Kappa providing the most up-to-date information on our Colombian
assets. On completion of the sale of Kappa, the Board of Black Rock anticipates that progress on the CPR will resume again.

    Australian assets
    As announced on 13 June 2008, the Company agreed to dispose of its 15 per cent interest in the R3 retention lease in offshore Western
Australia operated by Tap Oil which contains the currently non-commercial Cyrano Field (the "R3 Retention Lease") to Oil Basins Limited Pty
("OBL") for A$40,000 in cash and 500,000 new OBL ordinary shares. OBL is an ASX listed oil and gas development company based in Australia.
This is expected to be completed within the next 2 weeks.

    Southern North Sea P1147 licence
    Within the UK Southern North Sea, Black Rock has a 15% interest in Block 49/8c, operated by Wintershall Noordzee. This contains the
Monterey tight gas field reservoired in Carboniferous and Permian sands. As announced at the Annual General Meeting on 25 April 2008, given
the length of time now needed to realise value in Monterey, the Board has decided to seek a buyer or farm-in partner for the Company's UK
Southern North Sea. Black Rock's interest is currently being evaluated by a number of parties and while there can be no assurance at this
stage that these will result in any firm offers for the asset, the Directors hope to conclude a satisfactory outcome before the end of
2008.

    Qualified Person

    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.

    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
 
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