Over on the £1 thread, MOTHERNO1 recently asked for my thoughts on BLR. I asked her to highlight it again should buys start appearing above 2.50p, as I believed that such a 3 yr breakout would be a significant achievement, which could see the price double in a very short time.
She highlighted it again following the news release below, which saw the price suddenly rise sharply and close at 2.79p .. the next 10 x days should see growing interest and anticipation ..
31/12/04 - LONDON (AFX) - Black Rock Oil & Gas PLC said drilling started today on the Cooper 1 well in Western Australia. The well is expected to take about 10 days to drill. If successful the structure into which Cooper 1 is to be drilled could contain more than 20 mln barrels recoverable of oil of which Black Rock has 7.5 pct. "The shallow water depth and proximity to shore would result in modest development costs with the potential high productivity of the Birdrong Sandstone reservoir making even a relatively small oil pool discovery economic," the company said.
