Black Rock Reports Prelim Year-end Results
Black Rock Oil & Gas plc, the UK-based exploration company, reported its preliminary results for the year ended 30 June 2006.
--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.
- Pacific Rubiales Grabs Colombian O&G Company for $168MM (Jul 08)
- Loon Announced Positive Results for Delta-1 Well Tests (Jun 16)
- Black Rock Hits Oil with Acacia Este 2 in Colombia (Mar 04)
Company: Ecopetrol more info
- Colombia's Ecopetrol Names New CEO, Echeverry Resigns (Aug 17)
- Colombia's Ecopetrol Rubiales Oil Output Hit By Protests (Jun 27)
- Rebel Bomb Attack Halts Colombia's Cano Limon Crude Pipeline (Jun 22)
Company: Wintershall more info
Operates 3 Offshore Rigs
- Libya's NOC, Wintershall Strike Interim Deal To Resume Output (Jun 13)
- BASF Sees Role of Oil and Gas Unit Declining Further (May 12)
- Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
Company: Black Rock Oil & Gas more info
- Black Rock Oil & Gas Terminates Offer Talks with Third Parties (Dec 10)
- Black Rock Seeks Merger Opportunities (Jul 07)
- Black Rock Announced Disposal of R3 Retention Lease in Australia (Jun 16)