North Sea promise: the Monterey field
Black Rock lands Monterey cash
AIM-listed Black Rock Oil & Gas said Gemini Oil & Gas Fund II has agreed to fund its 15% share of the drilling and testing of the 49/8c-4 Monterey appraisal well, in the Southern gas basin of the UK North Sea.
Gemini is guaranteeing up to $4.274 million in return for payments from Black Rock's future revenues from the Monterey gas field.
Monterey is estimated to hold 165 billion cubic feet of reserves. The well will appraise the commerciality of the field.
Operated by Wintershall, the Monterey appraisal well is expected to spud early next month and will take about 53 days to reach its projected total depth of about 4020 metres.