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Black Rock cashes up
UK Black Rock Oil & Gas has lined up $1.4 million of conditional financing for its Colombian assets from Prospero Hydrocarbons, a private Canadian company.
The investment will give Prospero a 49% interest in Black Oil’s Alhucema contract in the Middle Magdalena Valley of Colombia.
The two companies have also signed terms under which Prospero has agreed to invest up to $4 million in Black Oil’s Las Quinchas contract.
Black Rock said the investment should enable the company to develop its Colombian interests over the course of the next year. Closing of the financing is expected to occur on or before 4 March.