www.blackrockoilandgasplc.co.uk
www.vsaresources.com
www.oilbarrel.com
Presentation from Thursday 6th July 06 can be seen on oilbarrel !


Monterey appraisal well suspended pending Wintershall evaluation. 1/12/06
BLR and Kappa in dispute.
BLR to meet with Kappa within next two weeks 1/12/06

Black Rock Oil - Update on Colombia
RNS Number:4556M
Black Rock Oil & Gas PLC
21 November 2006


For immediate release

21 November 2006


Black Rock Oil & Gas PLC

('Black Rock' or the 'Company')

Update on Colombia


The Board of Black Rock announces that a dispute has arisen with the Company's
Colombian joint venture partner, Kappa Resources Colombia Limited ('Kappa').


In April 2005, the Company acquired through farm-in a 50 per cent. non-operated
equity interest from Kappa in the 249,000 acre Las Quinchas Association Contract
located in the Middle Magdalena Valley of Colombia and entered into a joint
operating agreement (the 'JOA') with Kappa. Subsequently in September 2005,
Black Rock also agreed to farm-in to the Alhucema Exploration & Production (E&P)
Contract.


As previously announced on 21 September 2006, the construction of the facilities
on the Arce Oil Field required for the agreed steam injection testing programme
had commenced. The long-term test was expected to be completed in approximately
6 months.


The Company also announced that Kappa had advised the Company that it expected
to start drilling a further 2 exploration wells, Acacia Este and Chicala Este,
in the Las Quinchas Block before the end of this calendar year. This has now
been delayed and Kappa has recently stated that rigs are being sought for the
first quarter of 2007.


Subsequently, the Company received a number of cash calls from Kappa for various
activities, only some of which had been fully approved and documented by Black
Rock. The Company paid US$1 million to Kappa in respect of the undisputed items
of expenditure. The Company subsequently challenged the validity of a number of
the remaining cash calls, which the Directors of the Company have been advised
had not been issued in accordance with the terms of the JOA. In particular, the
Company challenged those cash calls in respect of expenditure for operations
that are not expected to be carried out until 2007. Without notice Kappa Energy
Colombia Ltd then issued a default notice to the Company. The Company issued a
comprehensive rebuttal of the disputed cash calls and the validity of the
default notice.


The Company has commenced proceedings in Colombia to protect the Company's
Colombian assets and to prevent Kappa taking any further unilateral action which
might prejudice the Company's interests until such time as the disagreement over
the cash calls and works programme has been resolved between the Company and
Kappa in accordance with the JOA's agreed procedures.


Black Rock is working diligently with its advisors and intermediaries to resolve
this disagreement and has made a number of requests to meet with Kappa, although
to date, Kappa has not made any response to Black Rock's request to meet.


A further announcement will be made in due course.


For further information, please contact:

Black Rock Oil & Gas plc
John Cubitt, Managing Director Tel: 020 7240 3953

www.blackrockoil.com
----------------------

Beaumont Cornish Limited
Roland Cornish, Chairman Tel: 020 7628 3396

Bankside Consultants
Michael Padley/Susan Scott Tel: 020 7367 8888


ENDS

That's irritating - just when things seemed to be working out well, too!!


BLR Bid: 0.7p Offer: 1p Change: -0.55

Recovering slightly, though:

BLR Bid: 1p Offer: 1.1p Change: -0.35

interesting soul, !

I have to say I'd have been tempted to buy more at 1p, so maybe the MM's deliberately dropped the price that low to shake out a few panic sellers.

Am holding my breath for Monterey.

yes , I almost sold but will wait to see what happens ! :)

I don't even want to think about the massive sell-off that will ensue if Monterey is a bust.

well I only have 25k shares as I was not sure about this + I wanted some AAU :) KEEPING a eye on them !! :)

Like so many of these small oil companies over rated under achievers sefton and Cambrian oil and gas. Leg it dump now put your cash else where.

Like so many of these small oil companies over rated under achievers sefton and Cambrian oil and gas. Leg it dump now put your cash else where.

wish i had not been so prescient this morning ...... condolences to holders

Understand what you mean about the small oilers but this has major up left potential I will be topping up certainly not dumping !

Glad this was one I ditched last week.

Bad luck to those who remain.

cynic, your premonition this morning is quite disturbing.

What are this weeks lottery numbers please, for Wednesday?

sww dont right them off just yet !! I still hold at 1.10 and look at the sp after the RNS , a lot more risk now for sure but we will see !

Grim...but the sp is now only back to where it was a few weeks ago.. .I'm staying in for better for worse and all that... I went in this for as a high risk punt... so not ditching now... could be so much different in a couple of yrs time! or it go bust ! who knows ? grim but exciting !

looks like 4 MM x 250k buys after closing ??

smilero - I am not wrting them off, just in my p/f.

A bit of a disagreement on the board saw Ivan go, and here we are now with this a short time after.

Did he see this coming?

sure he did and has left a pile of ? behind him :) will be interesting to see what happens tomorrow

http://ifcln001.worldbank.org/ifcext/spiwebsite1.nsf/f451ebbebr34a9a8cabr85256a550073ff10/278f3f2c8d790bea85257178006439f9?OpenDocument

smiler o : Good post.
IFC is also working closely with Kappa to help the company develop best practices in corporate governance, environmental and social management systems.

Maybe they havent started that course yet!