Black Rock raises £2 million for further drilling in Colombia
Tuesday, September 25, 2007
Black Rock Oil & Gas plc has raised £2.1 million in a placing of new ordinary shares at 18p per share to provide working capital and for the drilling of two wells in Colombia.
Black Rock expects to drill an appraisal well on the Acacia Este discovery in Colombia, announced earlier in July this year and an exploration well on the Juanes prospect on the Alhucema E&P contract area, also in Colombia.
Dr. John Cubitt, Black Rock Oil & Gas' Managing Director, said:
"The Acacia Este discovery was a highly significant event for the Company and this placing will allow us to appraise the discovery with a further well and drill the Juanes exploration well on the Alhucema E&P contract area. Subject to rig availability we hope to see Acacia Este No 2 well drilled in 4Q 2007 and Juanes spudded as soon as possible thereafter."
Tony Baldry, Non Executive Chairman, Dr. John Cubitt, Managing Director and Peter Kitson, Finance Director are participating in the placing by subscribing for 313,333 new ordinary shares each.
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