BLACK ROCK OIL: CHARTS, RESEARCH AND DISCUSSION (moderated)

$1.6m to be paid which includes the payment for the drilling of the exploration well Acacia Este to meet the rights of the farm-in on the Alhucema block.

Since the 18th of April 2006 BLR has raised £2.864m = $US5.2m. Monterey well was fully carried by Gemini. The $1.6m due in the above is also in the relation to the Acacia well that BLR can contribute up to $1.5m. Work on Arce to date from April 2006 has not cost BLR US$5.2m. Funds would have been withheld until the gemini funding was in place in case BLR had to fund Monty.

Regards,
Ed.