Black Rock Oil & Gas Plc provides the following update on the company’s activities in Colombia and the Southern North Sea. In summary:

• The Acacia Este -1 discovery well has been re-worked with a gravel pack and has commenced an extended production test, with positive production results at a current average of 70 barrels of oil per day (“BOPD”) under low pump rates. The Directors expect that the Acacia Este-2 appraisal well will be spudded in December and it will enter an extended production test early in 2008. The location of a further appraisal well will be determined following the acquisition in early 2008 of new seismic over the field. The directors continue to be excited about the prospects for Acacia Este.

• There have been continuing operational difficulties with the Arce Field steam test which has now been suspended. Future options for Arce are under review. Meanwhile Arce 4 will be kept on cold production operations.

• On the Alhucema contract the Arriconada-1 exploration well (previously known as Juanes SW) will be spudded as soon as possible after environmental permitting is completed. It is expected that these permits will be obtained during the month of December.

• In the Southern North Sea, further activities including pre-development and economic screening studies have been approved in respect of the Monterey Field.

• Gaffney Cline & Associates have been commissioned to provide a Competent Persons Report on the Company’s Colombian and Southern North Sea assets as at 31 December 2007.

Colombia - Las Quinchas Association Contract Kappa Resources Colombia Limited (“Kappa”), the operator of the Las Quinchas Contract, is in the process of applying for the formal assignment to Black Rock of 50% of its interest in the Las Quinchas Association Contract. This assignment is subject to the approval of both Ecopetrol and the ANH, the Colombian government agency responsible for overseeing Colombia’s oil and gas exploration and production sector.

Acacia Este discovery Operations at Acacia Este-1 were temporarily suspended in late August after the well sanded up. Operations recommenced in late October after a work-over rig became available and was mobilized to the well. After cleaning out the well, the opportunity was taken to re-test the lowermost zone which had not previously produced significant volumes. Swab tests resulted in production rates of several barrels per day with no water. Although the rates are low, the results are very important because this potentially extends the hydrocarbon column significantly down dip.

A work-over was then undertaken to re-complete the well with a gravel pack within the liner over the upper zone that had previously produced up to 101 BOPD at a pump rates of 3-4 strokes per minute (“SPM”). Initial rates following the work-over peaked at 98 BOPD at 2 SPM, with very little water. Production at higher pump rates has not been undertaken as there is presently insufficient storage capacity in the field. A pressure build up test will be carried out in the near future, after which the well will recommence the extended production test.

The initial appraisal well, Acacia Este-2, is expected to be spudded in early December (to be funded from the proceeds of the September placing). Initial test results are expected to be available around the end of the year. The two wells will then be put on extended production test, which should start early in 2008.

The current seismic data coverage is inadequate to optimise further appraisal well locations. The joint venture therefore intends to mobilise a seismic crew early in 2008. The second appraisal well, Acacia Este-3, will be located after this data has been acquired and interpreted and is planned for mid-2008.

Arce Field Ecopetrol has declined to participate in the Arce Field at this time. Ecopetrol has authorised Kappa, the operator of the Arce Field, and Black Rock to proceed with the development of a 77 acre area including the 4 existing Arce wells and the surrounding area at its sole risk. As is customary, Ecopetrol retains the right to participate at a future date by reimbursing past costs, including a penalty premium for those costs expended during sole risk operations. Exploration operations outside of the sole risk area, including the Acacia Este discovery, and untested extensions of the Arce accumulation, will also continue to be funded by Kappa and Black Rock. Ecopetrol also confirmed that the contract’s exploration period is now over, and the contract has entered the exploitation period.

The steam test pilot at Arce has been problematic with both the steam generation equipment and the individual well completions. The most recent attempt has been abandoned after components of the steam generator failed. The joint venture is reviewing its options in the light of these continuing testing problems.

Since the joint venture is mobilising a seismic crew for Acacia Este, consideration is being given to acquiring data over the Arce field also. This would allow more confident selection of an up-dip location for a further appraisal well.

Colombia - Alhucema Exploration & Production Contract The first well under the Alhucema contract has been delayed due to permitting and land access issues. To avoid confusion with the Juanes prospects, the Juanes SW location and well have been renamed Arrinconada. The Directors expect Arrinconada-1 will now be drilled in the first quarter of 2008 or as soon as the appropriate approvals have been obtained.

Black Rock’s formal assignment of interest in the Alhucema contract from Kappa is subject to the approval of the ANH.

Southern North Sea P1147 licence Cautious progress has been made towards development during the last six months. Through extensive evaluation of the results of the 49/8c-4 well by the operator, Wintershall, and modelling of the potential application of horizontal well technology and fracture stimulation, potentially positive economics have now been obtained for the Monterey field. Wintershall has also identified a possible export route that would reduce non-well capital expenditure significantly. The future work programme includes phase 2 of a detailed seismic project to evaluate the distribution and quality of the Carboniferous reservoir units, pre-development studies and economic screening of the Monterey field. A mandatory 50% relinquishment of the 49/8c and 49/9d area has been completed and the joint venture has moved into the second 4 year term of the licence.

Corporate Black Rock has commissioned Gaffney, Cline and Associates to produce a Competent Person’s Report on its Colombian and Southern North Sea assets. Work has commenced and it is expected that the report will be completed by the end of March 2008 with an effective date of 31 December 2007. This will incorporate reserves and resource estimates (as appropriate) for the current portfolio of discoveries and prospects. The Company does not propose to update any reserves or resource estimates while this report is pending.

As announced in September, the Company is using the proceeds of the September placing to fund the current stage of drilling activity in its Colombian interests as described in this announcement.

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