Black Rock Oil & Gas Plc announced that its Board has implemented wide-ranging operational cost reductions to substantially reduce the additional working capital still required by the Company to finance its ongoing central costs for the remainder of this year.
As part of these arrangements, the Directors are for the time being not receiving any remuneration. The Board started an active process of 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 is to secure additional financing or a proposal for a merger or offer before the end of August. Discussions are being progressed with a number of parties, and while there can be no assurance at this stage that these will result in any firm proposals for additional financing or offer for the Company or its assets, the Directors hope to conclude a satisfactory outcome within the stated time scale so that the Company has sufficient finance available for its ongoing central costs beyond this date.
As announced on June 13, 2008, the Company agreed to dispose of its 15% interest in the R3 retention lease in offshore Western Australia operated by Tap Oil which contains the currently non-commercial Cyrano Field to Oil Basins Limited Pty 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.
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