Black Rock Oil and Gas changed its company name to Woburn Energy in January of 2009. The company is a gas and oil exploration company that searches for areas rich in gas and oil that can quickly be developed. Woburn Energy’s stated mission is to “acquire low risk opportunities with a high chance of early success leading to production” in low-risk countries in both Europe and South America. Only countries with a stabile government are considered for exploration and development. Demand for the oil and gas produced by Black Rock is based on U.S. and U.K. consumption.
The company previously held acreage in Ireland and Australia but recently gave up on those areas to focus efforts on deposits in the United Kingdom North Sea and Colombia. Colombia currently shows the most potential for development. In Colombia, The Las Quinchas block contains an estimated 5-10 million barrels of recoverable oil. Testing in the Acacia Este exploration prospect has indicated that long-term production could potentially produce 40 barrels of heavy oil a day. In the UK North Sea, Woburn Energy holds a 15% stake in a hydrocarbon-rich gas field in Monterey. This field contains an estimated 165 billion cubic feet of recoverable natural gas and is undeveloped as of yet.
The board of directors is made up of 6 members. Kamran Ahmed, Rustom Bejon Kanga, Hasan Hashwani, Anthony Brian Baldry and Arif Kemal are non-executive directors. The executive managing director is Dr. John Malcolm Cubitt. Dr. Cubitt has over 27 years experience in the natural resources exploration industry and is a registered Chartered Geologist. He has both a BS and a PhD in geology.