Woburn Energy plc, formerly - Black Rock Oil & Gas plc - (AIM ticker: WBN)
website: www.blackrockoilandgasplc.co.uk



2009
The new Woburn Energy remains focused on being active in oil and gas exploration and seeking new acquisition opportunities. It inherited a chequered past from Black Rock with cash-hungry projects in Colombia and the UK, while facing a critical funding shortage. The take-over of the original venture partner/operator Kappa Energy Colombia by Canadian Pacific Rubiates led to improved relations for its Colombian interests, and to the arrival of a Canadian private company, Prospero Hydrocarbures, and a US$5 million purchase of 49% of its Colombian interests. Its funding difficulties led to an abortive attempt to sell its interest in North Sea block 49/8c. However by early 2009 a rescue funding was made by Cetus Investment which injected £2 million for an effective 86% stake in the Company with a commitment to further funding in the range of £5-10 million. This recapitalisation signified a 97% dilution for the original Black Rock shareholders, and resulted in the decisions to cease further exploration work and to relinquish remaining licences in Colombia, while assuming that the development of the UK Monterey gas field would be unlikely, all of which leaves Woburn in need of new acquisition prospects.

2008
Black Rock Oil & Gas is an exploration and production company. In addition to licences in the Southern Gas Basin of the UK North Sea, its principal interest is a 50/50 joint venture with Kappa Resources Colombia, a subsidiary of Kappa Energy Holdings Limited and the operator of the Las Quinchas Association Contract and the Alhucema E & P Contract, both situated in the prolific hydrocarbon basin of the Middle Magdalena Valley. In July 2008 the entire Kappa Group was acquired by the Canadian Pacific Rubiales Group, which led to the issue of an independent Petrotech Report assessing the underlying value of the Colombian interests as significantly in excess of Black Rock’s full market capitalisation of £0.6 million at a 2p share price. The Colombian interests have a net book asset value of £3 million. Close attention to financing needs has seen management changes, wide-ranging operational cost reductions, lower working capital requirements and led to an active search for potential merger opportunities or new partners, as yet without success. Meanwhile the funding of the Colombian interests has been met through a private Canadian company, Prospero Hydrocarbons. Black Rock has sold its remaining Australian interests and is seeking a buyer or farm-in partner for all its UK Southern North Sea gas interests which include a 15% interest in the Monterey field.

2007
Black Rock Oil & Gas is an exploration and production company with licences in onshore Colombia, and in the Southern Gas Basin of the UK North Sea. In Colombia it is in a 50/50 joint venture with operator Kappa Resources in the Las Quinchas Association Contract and the Alhucema E & P Contract, both situated in the prolific hydrocarbon basin of the Middle Magdalena Valley. For Las Quinchas, following completion of its farm-in obligations, its 50% interest is subject to the approval of Ecopetrol, the state oil company. This block contains the Arce and Baul heavy oilfields and a number of exploration prospects including the Acacia Este oil discovery. The Arce oilfield is currently undergoing a steam injection test to determine commerciality and development options. Black Rock made a placement of new shares in June to raise additional working capital and to cover the costs of an appraisal well on the Acacia Este discovery and an exploration well for the Alhucema area planned for late 2007 and early 2008.

In the UK, Black Rock has a 15% interest in two adjacent North Sea blocks, one of which contains the Monterey Gas discovery and the Stinson and Winchester prospects; the joint venture has under application a four year extension to the licence with the aim of improving the marginal economics of the Monterey discovery, although a 50% relinquishment would be applied if the licence extension is approved.