BLR Black Rock Oil

RNS Number:1266T
Black Rock Oil & Gas PLC
25 April 2008


For immediate release                                           25 April 2008


                            Black Rock Oil & Gas Plc

                        ("Black Rock" or the "Company")

                  Annual General Meeting Chairman's Statement


Chairman's Statement

The Chairman of the Company, Tony Baldry, makes the following statement at the
Annual General Meeting of the Company being held today:


"Earlier this year the Company successfully completed its arrangements with
Prospero Hydrocarbons Inc which substantially relieved the Company of its share
of the exploration and appraisal expenditures in Colombia over the coming year.
The Board remains confident about the prospects for the Company's projects in
Colombia and we are already benefiting from Prospero management's extensive
South American heavy oil experience.


Within the UK Southern North Sea, Black Rock still has a 15% interest in Block
49/8c, operated by Wintershall Noordzee. While Monterey remains an opportunity
for development, this is unlikely to take place before the end of 2009 as
further technical work will be required to confirm the precise development
scenario for this Carboniferous tight gas sand field. Given the length of time
now needed to realise value in Monterey, as announced at the time of our interim
results in March, the Board has decided to seek a buyer or farm-in partner for
the Company's UK Southern North Sea interests.


Since the completion of the financing arrangements with Prospero, the Board has
been able to implement wide-ranging operational cost reductions, both in the UK
at head office and in Colombia, to substantially reduce the additional working
capital required by the Company to finance its ongoing central costs for the
remainder of this year. As part of these arrangements, the Directors have agreed
to substantially reduce their remuneration. Against a background of challenging
stock-market conditions for smaller exploration companies such as Black Rock,
the Board has reviewed the options to raise the additional working capital
required (which includes a possible disposal of the Company's UK Southern North
Sea interest in due course) while maximising the value of the Company and its
Colombian interests for shareholders. The Board has considered a number of
possible courses of action and plans to embark on an active process of
identifying potential merger opportunities, and seeking additional business
partners, some of whom may in any event regard the Company as a merger or
acquisition opportunity for themselves. We will keep shareholders informed on
our progress as these discussions develop".

City Code
As a possible outcome of the strategic review process could be an offer for the
Company (although no such proposal has  been received to date), the Company is
being treated under the City Code on Takeovers and Mergers ("City Code") as 
being in an offer period. There can be no certainty that any offer will be
forthcoming, nor any certainty as to the  terms on which such offer, if
forthcoming, may be made.

Relevant Securities in Issue
The Company confirms that it has 32,160,407 Ordinary Shares of 1 pence each in
issue at the close of business on 25 April 2008 and the Ordinary Shares in the
Company are admitted to trading on AIM under the UK ISIN code GB00B1YW2916.

Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any 
person is, or becomes, "interested"  (directly or indirectly) in 1% or more of 
any class of "relevant securities" of the offeror or Black Rock (the offeree 
company), all "dealings" in any "relevant securities" of that company (including
by means of an option in respect of,  or a derivative referenced to, any such
"relevant securities") must be publicly disclosed by no later than 3.30 pm 
(London time) on the London business day following the date of the relevant
transaction. This requirement will continue  until the date on which the offer
becomes, or is  declared, unconditional as to acceptances, lapses or is
otherwise  withdrawn or  on which the "offer period" otherwise ends. If two or
more persons act together pursuant to an agreement  or understanding, whether
formal or informal, to acquire an "interest" in "relevant securities" of the
offeror or Black  Rock (the offeree company), they will be deemed to be a single
person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of the offeror or of Black Rock  (the offeree company) by the
offeror or Black Rock (the offeree company), or by any of their respective
"associates",  must be disclosed by no later than 12.00 noon (London time) on
the London business day following the date of the  relevant transaction. A
disclosure table, giving details of the companies in whose "relevant securities"
"dealings"  should be disclosed, and the number of such securities in issue, can
be found on the Takeover Panel's website at  www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute,  to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the  ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.  Terms in quotation marks
are defined in the Code, which can also be found on the Panel's website. If you
are in any  doubt as to whether or not you are required to disclose a "dealing"
under Rule 8, you should consult the Panel.


Qualified Person
Dr John Cubitt (a Director of the Company) has been involved in the oil and gas
production industry for more than 28 years. Dr John Cubitt is a registered
Chartered Geologist (CGeol) and has a BSc and PhD in geology. He has compiled,
read and approved the technical disclosure as it relates to Black Rock in this
regulatory announcement.



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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