Black Rock Oil & Gas (AIM: BLR) divested of a legacy asset in Western Australia today. The company sold its 15 percent interest in the 'R3 retention lease' to Oil Basins, an ASX listed oil and gas company based in Australia.
Oil Basins will pay Black Rock A$40,000 in cash and issue 0.5 million shares, putting the total consideration at around A$95,000.
Black Rock said that the proceeds of the disposal will be used to provide additional working capital for the Company.