--Active appraisal and development program; focus on Colombia and North Sea --Positive results from the Arce Field in Colombia --Steam injection commenced on Arce wells, estimated reserves above 5m barrels --North Sea Monterey field development options being reviewed --£2.1m raised in period; further £1.4m post period --Board restructured
Commenting on the results, Dr. John Cubitt, Managing Director, stated:
"The 2005/6 financial year has been a period of significant change for Black Rock Oil & Gas PLC. We have initiated an active appraisal and development program for both the Colombia and North Sea interests, where we have made significant finds. In Colombia steam injection has begun and the operator is reviewing the development options for Monterey."
Black Rock has holdings in the North Sea, Celtic Sea and Colombia. In the North Sea Black Rock has a 15% interest in Blocks 49/8c and 49/9d, operated by Wintershall. The Monterey Field was originally drilled in 1989, gas flowed and it is estimated to contain 165 BCF of gas.
The Association Contracts in Colombia are held in conjunction with a joint venture partner, Kappa Resources Colombia Limited ("Kappa"). As announced in April 2005, the Company acquired, subject to certain farm-in obligations and approval by Ecopetrol, a 50 percent, non-operated equity interest from Kappa in the 249,000-acre Las Quinchas Association Contract located in the prolific Middle Magdalena Valley of Colombia. The contract contains three known fields, Arce, Baul and Bukhara. The Company anticipates that the Arce Oil Field, estimated to contain gross recoverable oil reserves of 5 million barrels, could be in commercial production during 2007. In addition, the Company has a 50% holding in the Alhucema Association Contract where initially seismic acquisition will be undertaken this year.
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