In addition, Black Rock will attach one free warrant to each ordinary share to subscribe for one new ordinary at 1p up to 1 May 2004.

The funds raised will be used for working capital requirements ahead of its planned Australian dual listing and placing.

Black Rock also informed the market it has issued 1,250,000 ordinary shares to John Tarrant at an issue price of 1.5p each in lieu of amounts due under his service contract with the company.

The company is engaged in exploration for oil in unconventional reservoirs within fractured source rocks, known as self-sourcing reservoirs as well as exploring for conventional oil and gas traps.

The geographical focus of Black Rock is onshore Western and Central Europe, the Mediterranean and Middle East and Australia. The company currently has acreage in Western Australia, England and Jordan in a total of seven licences.