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

Absolutely Mr Pasty, almost £2m/$4m during this period since June 2006, with $1.59m spent in Colombia since with another $1m final payment required. Obviously BLR cannot run to cash dry so the additional funds would be used to support the current financial position. That gives us full funding and 100% interest paid on this additional well before we meet the licence obligations and revert to 50% respective interests. They will need to keep their additional funds aside for working capital purposes, that would see us well funded into 07 and hopefully towards production from Arce. The initial work commitment stated from BLR initially was about $3.2m from memory, it seems that they have had to pay in excess of that to earn their interests in these licences. At least we are edging towards production and cash flow and another fully funded exploration well to 4000ft.

Regards,
Ed.