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Black Rock secures new cash to develop Las Quinchas
27 February 2008
Black Rock Oil, the AIM-traded oil and gas exploration and production company, has agreed the terms of a deal to develop its interests in the Las Quinchas Association Contract in Colombia.
The move will see Black Rock switch its interest in the site into to a new company called Las Quinchas Resource Corp. Prospero Hydrocarbons Inc, a private Canada based oil group, has agreed to invest up to US$4 million in return for a 49% stake in the new company.
Dr John Cubitt, managing director of Black Rock, commented: “We are delighted to have concluded this increased participation with Prospero and look forward to working with them on our Colombian assets.”
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