Prospero ups stake in Black Rock's Las Quinchas

Calgary-based private oil company Prospero Hydrocarbons will increase its stake in UK-based Black Rock Oil's (LSE: BLR) interest in the Las Quinchas association contract in Colombia's Middle Magdalena valley, Black Rock said in a statement.
Black Rock farmed into the contract in 2005 and obtained a 50% interest from block operator Kappa Resources.

Black subsequently transferred its interest in Las Quinchas into a wholly owned, Barbados-based subsidiary called Las Quinchas Resource.

Prospero has subscribed for 425,298 shares of common stock in Las Quinchas Resource for US$347,182, representing 0.83% of the issued share capital of the holding company.

Prospero has agreed to invest a further US$3,652,818 for shares representing up to 49% of the holding company, according to the statement.

The funds will be used for the continued development of Las Quinchas, including the Acacia Este field.

The Acacia Este 1 well was drilled in August 2007 and tested at 101b/d of 16 degree API oil. Acacia Este 2 was spudded in December last year, where tests are being performed.

Prospero's management will assist in technical evaluations and a Prospero nominee will join the board of Las Quinchas Resource.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: March 3, 2008

No comments: