BLR Black Rock Oil

    RNS Number : 6863W
  Black Rock Oil & Gas PLC
  13 June 2008
   

    For immediate release
    13 June 2008


    Black Rock Oil & Gas Plc
    ("Black Rock" or the "Company")
    Disposal of Western Australian R3 retention lease

    The Board of Black Rock announces that the Company has agreed to dispose of its 15 per cent. interest in the R3 retention lease in
offshore Western Australia operated by Tap Oil which contains the currently non-commercial Cyrano Field (the "R3 Retention Lease") to Oil
Basins Limited Pty ("OBL"). OBL is an ASX listed oil and gas development company based in Australia. As identified in the Company's 2006
Annual Report, longer term projects such as the R3 Retention Lease that do not meet expectations will be terminated rather than consume
funds and management time. 

    The total consideration payable by OBL on completion amounts to A$40,000 in cash and 500,000 new OBL ordinary shares. Based on the
closing OBL share price of 11 Australian Cents per OBL ordinary share on 12 June 2008, the last practicable date before the publication of
this announcement, the total consideration amounts to A$95,000 (equivalent to approximately �45,609 at current exchange rates). Wildlook
Enterprises Pty Ltd ("Wildlook"), a wholly-owned subsidiary of Black Rock, holds the R3 Retention Lease. Black Rock wrote down the value of
Wildlook in its 2007 accounts to zero. Wildlook is a dormant company and did not trade in the year ended 30 June 2007. The disposal is not
therefore expected to have a material impact on earnings or assets in the current financial year ending on 30 June 2008. The proceeds of the
disposal will be used to provide additional working capital for the Company.


    Enquiries:

 Black Rock Oil & Gas plc                  01189 001350 
 Dr John Cubitt, Managing Director  www.blackrockoil.com


 Beaumont Cornish Limited                  0207 628 3396
 Michael Cornish                                        







This information is provided by RNS
The company news service from the London Stock Exchange
 
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