Companies: BLR   

Energy hopeful Black Rock Oil & Gas is understood to need £2 million for its Acacia Este discovery in Colombia.

Spokesmen for the AIM-quoted company remain tight-lipped, but close observers believe managing director Dr John Cubitt intends to use the funds raised for an appraisal well on Acacia Este. This is part of a joint venture with Kappa Resources Colombia in the Middle Magdalena Basin, onshore Colombia, and Cubitt has suggested it 'could be a highly significant discovery for Black Rock'.

Some critics suggest the timing is unfortunate, with Black Rock shares, at 24p, down from 139.5p in 2004 and 50p earlier this year.

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