Black Rock Oil & Gas plc reports that Advent Energy Ltd."), an independent Australian oil and gas exploration company, has acquired Black Rock's 8.3% interest in licence EP-325, Offshore Carnarvon Basin, Western Australia.
Under the terms of the agreement, Advent will pay Black Rock an 0.8% royalty on any sales of hydrocarbons from EP-325. and will assume responsibility for all future cash calls relating to EP-325 and any successive renewals, permits or licences.
Ivan Burgess, Managing Director of Black Rock Oil & Gas plc, commented:
"Black Rock flagged its intention to exit from exploration in Australia some time ago. We believe this deal is in the best interests of our shareholders as it allows us to participate in any exploration success on EP-325, yet concentrate management time and financial resources on our core Colombian and North Sea acreage."