Black Rock rides in to Paraguay play
UK-based explorer Black Rock Oil & Gas is making a move on Paraguay after sealing a $1.35 million option to farm in to CDS Oil & Gas' Boqueron Concession, which holds the Emilia oil prospect.
Under the terms of the deal, Black Rock has a 100-day period to take a 20% interest in any hydrocarbons occurring down to and including the Carboniferous formation on the 800,000 hectare concession.
Black Rock added that the $1.35 million price tag includes paying 40% of the costs of a 2D seismic survey that CDS plans to shoot this year.
The Emilia prospect has an estimated mid-case resource potential of about 27.2 million barrels of oil in place, of which 6.4 million barrels are thought to be recoverable.