Companies: BLR   

Oil hopeful Black Rock is looking somewhat beleaguered after a deal to merge with another exploration play, Afrex, fell through due to the failure to secure financing. As a result, Black Rock has been reducing its commitments. The firm has exchanged its stake in a Western Australian licence for shares and reduced its holding in a number of licences on the Isle of Wight and nearby mainland. But what the company really requires is money to remain afloat. The hope is that ways and means will be found to resurrect the Afrex deal, although investors should not hold their breath.