News Regions Hardcopy Market Data Careers Web- tv Events Subscribe Focus About Upstream Advertise

Cash dispute: hits Black Rock's Colombian joint venture

Black Rock and Kappa in cash row

Black Rock Oil & Gas is in dispute with Colombian joint venture partner Kappa Resources over cash calls.

The company said it had previously been advised by Kappa that it would start drilling two further exploration wells at the Las Quinchas Block in Colombia before the end of the year. This was then delayed, with Kappa stating recently that rigs are being sought for the first quarter of 2007.

Black Rock stated it had subsequently received a number of cash calls from Kappa for various activities, only some of which it had fully approved.

After having paid $1 million for the approved items, Black Rock challenged some of the remaining cash calls which it felt contradicted the terms of their agreement, particularly those relating to expenditure not due to be carried out until 2007.

In response, Kappa issued a default notice to Black Rock. The latter then issued a rebuttal of the disputed cash calls and the validity

of the default notice.

Black Rock said it has now commenced proceedings in Colombia to protect its assets. The company added that Kappa had not yet responded to any of its requests to meet.

e-mail this to a friend

e-mail this to a friend

FREE Daily newsletter print
most popular
search
subscriber login
recruitment

Senior Level Exploration Staff

Our client is looking for highly motivated and highly skilled E&P professionals who can assist with increasing its export production capacity from 2.5 million bopd to...

Petro Staff

Contracts Engineer ( Drilling and Construction)

Incumbent will have high involvement with other divisions, vendors and other customers to ensure compliance with standards and regulations. Changes to services, procedures...

Sheffield Offshore

Senior Level Exploration Staff

Our client is looking for highly motivated and highly skilled E&P professionals who can assist with increasing its export production capacity from 2.5 million bopd to...

Petro Staff

Instrumentation & Control Engineer

OMV Exploration & Production

Operations Readiness Coordinator (f/m)

OMV Exploration & Production

HSE Specialists (Drilling)

Sheffield Offshore

Operations Manager

Roc Oil Company

Lead Planning Engineer

Mentor IMC Group

Technical Manager

Sheffield Offshore

Senior Cost Engineer

Mentor IMC Group

Lead Process Engineer

Sheffield Offshore

Production Technologist

Roc Oil Company

Drilling Contracts Engineer

Sheffield Offshore

Schedule Engineer

Orion Group

Drilling Completions Engineer

Sheffield Offshore

click here for all positions
news from other nhst publications