BLR Black Rock Oil

    RNS Number : 4411Y
  Black Rock Oil & Gas PLC
  07 July 2008
   

 For immediate release  7 July 2008

    Black Rock Oil & Gas Plc
    ("Black Rock" or the "Company")

    Corporate update

    As announced at the Annual General Meeting held in April, the 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 13 June 2008, the Company 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") 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.

    A further announcement will be made in due course.

    For further information, please contact:

 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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