Black Rock Oil

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Black Rock Oil Gas PLC
Annual General Meeting
19th December 2005
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Disclaimer

• Black Rock Oil and Gas PLC hereby represents and
  warrants that it has the right and authority to
  disclose the information contained herein,
  however, the directors make no representations or
  warranties, express or implied, as to the
  quality, accuracy and completeness of the
  information disclosed herein, and the recipient
  and any reader of this information expressly
  acknowledges the inherent risk or error in the
  accusation, processing and interpretation of
  geophysical and geological data. Black Rock Oil
  and Gas PLC, its directors, their officers and
  employees shall have no liability whatsoever with
  respect to the use or reliance upon information
  contained herein.
• This presentation may contain forward looking
  statements that are subject to risk factors
  associated with oil and gas businesses. It is
  believed that the expectations reflected in these
  statements are reasonable but they may be
  affected by a variety of variables and changes in
  underlying assumptions which could cause actual
  results or trends to differ materially, including
  but not limited to price fluctuations, actual
  demand, currency fluctuations, drilling and
  production results, reserve estimates, loss of
  market, industry competition, environmental
  risks, physical risks, legislative, fiscal and
  regulatory developments, economic and financial
  market conditions in various countries and
  regions, political risks, project delay or
  advancement, approvals and cost estimates

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Transformation
Over the past 18 months, Black Rock Oil Gas
PLC has transformed itself from a cash shell to
an exploration company with significant potential
by

• Adopting a low risk exploration strategy

• Creating a balanced portfolio in terms of
  geographical spread and near-term production

• Farming-in to acreage that meets these criteria

• Building an experienced management team to
  implement this growth strategy

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Summary

• Attractive acreage low risk projects
• Active drilling programme planned in 2006
  potential to prove up in excess of 30 million
  barrels of oil energy equivalent net reserves
  (Arce, Baul and Monterey)
• Management team strengthened with appointments to
  the Board
• North Sea acreage has potential to transform
  Black Rock into a significant UK independent over
  time

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The Board
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Strategy

• To focus on generating near term cash flow by

• acquiring previously non-commercial or
  undeveloped discoveries

• targeting bypassed pay and acreage adjacent to
  existing producing fields

• To balance low risk production with high quality
  exploration projects

• acquiring exploration acreage in known
  hydrocarbon provinces

• avoiding high risk basins and countries

• working with successful operators with
  established track record and local
  knowledge/expertise

• seeking significant equity interests to maximise
  financial flexibility

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2005 Highlights
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2005
Tested and flowed oil at Arce 3 in Colombia
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Activity Summary
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PREDICTION
Achieve commercial production in Colombia
during 2006
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AIM
To be cash positive by end of 2007
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Dr John Cubitt
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2006
In 2006, Black Rock is expecting to

• Generate cash flow from a Colombian steam flood

• Test two further Colombian oil fields

• Undertake an appraisal of a UK gas field

• Drill a significant UK exploration opportunity

• Prove up net reserves of 30 mmboe

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Assets
Colombia Middle Magdalena Basin Potential near
term cash flow 50 joint venture with Kappa Energy
Planned activities summary

• Steam flood testing in early 2006

• Arce 4 and 5 to be drilled in Q2 2006

• Potentially producing 2H 2006

• Testing Baul and Bukhara

• Seismic acquisition

• Exploration well drilling

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Arce Oil Field

• Discovered 1984, shallow heavy oil

• 3 wells drilled, 30 feet net pay

• Arce 3 tested 30 bopd with constant water cut

• Steam testing in early 2006

• Estimated gross reserves of 5-10 mmbo

• Five well pilot project should produce in excess
  of 115,000 barrels of oil

• Peak production from Arce could reach 3,200 bopd
  after 3 years

• Chicala Oil field is on production using steam
  flood techniques

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Baul Oil Field

• Discovered 1960, shallow heavy oil, 5 wells
  drilled, 100 net pay

• Baul 3 produced 16,610 barrels of oil from a 14
  sand in 1960-61

• Testing in Q2/3 2006

• Estimated recoverable reserves of 2-3 mmbo of
  which 1mmbo is contained in the proven 14 sand

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Bukhara Oil Field

• Discovered 2000, shallow heavy oil

• 1 well drilled, 175 feet net pay

• 2005 test inconclusive

• Re-testing in early 2006

• Estimated recoverable reserves up to 75 mmbo

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Colombia Exploration Opportunities (1)
Las Quinchas Association Contract

• Perspective block containing a number of
  opportunities, ranging from shallow heavy oil to
  light oil targets in the deep Cretaceous

• Acacia (15mmbo) heavy oil prospect

• South Lalinda (10 mmbo) heavy oil prospect

• Rio Viejo/La Tolda (49 mmbo) light oil, 18,000
  ft target depth

• Morroa another deep Cretaceous play

• One deep Cretaceous test well planned for 2006

Operator estimated mean reserves
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Colombia Exploration Opportunities (2)
Alhucema Association Contract

• Awarded in September 2005 as a result of farm-in
  agreement with Kappa

• Similar geology to Las Quinchas heavy and light
  oil prospects

• Possible extension of Chicala oilfield trend

• Northern extension of Morroa lead

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Core Assets
Offshore UK
Perspective acreage adjacent to existing oil and
gas fields

• Planned activities
• UKCS farm-in One well to be drilled in each of
  22/14b and 49/8c

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Southern Gas Basin
Monterey Gas Field

• Significant Carboniferous gas find, discovered
  1989

• Well flowed at up to 5 mmcf/day

• Petrophysics suggests a 300 feet gas column

• Drilling planned for Q3 2006

• Operator estimated mean recoverable reserves of
  165 bcf

• Development via a 2 well subsea tieback, probably
  to Markham field

• Prospect Stinson, on 49/8c operator estimated
  mean recoverable reserves of 147 bcf

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Northern North Sea
Huntingdon Prospect

• 3 targets in the Tertiary, Jurassic and Triassic,
  significant oil potential

• Drilling planned in Q1/Q2 2006

• Operator estimated mean recoverable reserves of
  48 mmbo

• 9 other prospects in Blocks 22/14b and 22/19b

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Assets
Offshore Eire
Long term exploration opportunity

• Proposal
• Offshore Eire Black Rock committed to process
  and interpret seismic before 3 options expire in
  2006

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Breakdown of 2006 expenditure
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Black Rocks Key Assets