BLR Black Rock Oil

RNS Number:9237Q
Black Rock Oil & Gas PLC
4 February 2002



Black Rock Oil & Gas PLC, ("Black Rock") is pleased to announce that it has
reached agreement with an Australian Stock Exchange quoted company, Longreach
Oil Limited ("Longreach") whereby Longreach has the potential to earn a 10%
interest in permit EP373 in the Canning Basin, onshore Western Australia in
return for its contribution on a promoted basis to the drilling of an
exploration well during 2002. Black Rock will retain the operatorship.

The potential farm out is the subject of a conditional option agreement and is
subject to a due diligence study.

The onshore Canning basin of Northern Western Australia is an extensive area
around 40,000 sq km. EP 373 is located in the north central part of the basin
and Black Rock is the operator and 100% permit holder.

The company has re-evaluated the EP 373 licence area using reprocessed seismic
data which has led to definition of a number of structural traps. The four main
structural closures mapped in EP373 have been estimated by Petra Geological
services to contain potential recoverable reserves (mean) totalling around 150
million barrels in the Acacia Sandstone. Scoping economic models commissioned by
the Company indicate that such reserves could be economically developed.

This new agreement is in addition to Black Rock's recent announcement on one of
its other licences, WA 226 P in the northern Perth Basin of Western Australia
for another potential well in 2002. This announcement, made on 24 January 2002
outlined the farm out with Dana Petroleum plc ("Dana"), its existing partner in
the project with two Australian companies - Origin Energy ("Origin") and Voyager
Energy ("Voyager") for Origin and Voyager to earn 30% and 5% equity interests
respectively in the permit in the Northern Perth Basin offshore Western
Australia. To earn their interests, Origin and Voyager will contribute on a
promoted basis to the drilling of an exploration well on the permit by November
2002. Under this agreement, Origin will take over the operatorship from Dana.

Commenting John Scott, Black Rock's Managing Director said:

" These farm outs represent a significant development for Black Rock and we now
have an exciting drilling programme in place and are confident that the group
will make significant further progress in the year"

For further information contact:

UK
John Scott, Managing Director
Julian Riddick, Director
Tel: 020 7629 7237

Australia
David Steinpepreis, Chairman,
Tel: 00 61 8 9481 2407



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

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