The Directors of the Company are delighted to announce that testing is ongoing at the Acacia Well and production reached a rate of 101 barrels of oil per day with only 5% bottom sediment and water at standard conditions on 24 August 2007.
The Acacia Well was produced by artificial lift using mechanical pumps. Initially on 12 August 2007, the pump was set up with a stroke length of 84 inches and a slow rate of 1 stroke per minute ("spm") in order to reduce the risk of sand inflow from the sandstone reservoir into the wellbore. Once completion fluids were removed from the Acacia Well and oil began to flow on 21 August 2007, the stroke rate was increased in order to determine the optimum recoverability before sand inflow occurred. The fluids were recovered to tanks and measurements of the oil were corrected volumetrically to standard conditions. Analysis of the oil indicates that it has the slightly lighter gravity of 16degreesAPI compared with the nearby Arce Field.
Currently the Acacia Well is being pumped at 3 or 4 spm and as long as the solids production remains stable, this may be increased to 5 spm until the end of this phase of the test, expected to occur on 31 August. Subsequently the well will be put onto a stabilized production rate for 5 days prior to a 5-10 day shut-in to allow a pressure build up test to be conducted by the operator.
Once this early testing phase is completed, the joint venture will evaluate various options for the rapid appraisal of the Acacia Este structure including conducting a long-term production test, drilling additional appraisal wells and collecting additional seismic data.
A further announcement will be made on completion of the testing program.
Black Rock is also pleased to announce the appointment of Hanson Westhouse Limited as Broker to the Company with immediate effect. As announced on 8 June 2007, given the well drilling programme planned for Colombia in 2007 and the Company's general working capital requirements, the Company will require additional funding.
Dr John Cubitt, Managing Director of Black Rock Oil & Gas Plc, commented:
"The results of the testing to date are excellent and are considerably in excess of previously announced cold flow tests on the nearby Arce 3 and Arce 4 wells where well test productivity was approximately 30 barrels of oil per day. Acacia Este is now considered by the Directors to be a highly significant discovery for Black Rock. Further evaluation of the full well test results will be conducted over the following weeks before plans for a rapid appraisal of the field are prepared"
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.
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