City Shares - Online Share Trading
Stock Market News
BLACK ROCK OIL SURGES 90% ON OIL DISCOVERY
The Acacia Este exploration well in Colombia was spudded on 30 June 2007. Acacia Este was drilled to a total depth of 3,970 feet.Black Rock has now announced that the preliminary interpretation of the logs run at total depth indicates oil saturation in good quality porous sandstones.
Initial results are "very encouraging" and preparation for testing of the well has now commenced in order to assess the well's potential productivity.
Results should be known in 10-20 days.
Dr John Cubitt, Managing Director said '.... if the testing results are positive, Acacia Este could be a highly significant discovery forBlack Rock.'
3 year chart
1 month chart
Long-term holders may finally be getting their money back ! What happens next depends very much of course on the testing results which are expected, as they say, in the next 10 - 20 days. All highly speculative still but worth keeping an eye on, perhaps it will drop :-) Also the various shares magazines and newspapers here in the UK will no doubt have something to say this week.
0 comments:
Post a Comment