Black Rock Oil

1
Black Rock Oil Gas PLC
Annual General Meeting
January 29th 2007
2
2006 Highlights

• Black Rock reported a loss of 1.66m for 2005/6
  compared to 1.46m for 2004/5 in line with
  expectations
• Raised 2.1m in financial period 2005/6 and a
  further 3.1m post period in difficult conditions
  for the AIM market
• Participated in the drilling and testing of 2
  wells
• Arce 4 in Colombia which was a successful heavy
  oil field appraisal
• 49/8c-4 in the UK Southern North Sea, which
  although suspended as a gas discovery, had
  disappointing flow rates
• Conducted one work over on Arce 2 in Colombia
• Initiated a long-term steam injection test on the
  Arce Field after a delay of 6 months due to
  difficulties with delivery of the steam generator
  from the USA
• Resolved dispute with our Colombian operator,
  Kappa
• Board of Directors has been restructured and the
  management team strengthened

3
2006 Highlights

• Balanced our portfolio of assets and risks by
• withdrawing from the Northern North Sea high
  risk, high cost exploration blocks 22/8a, 22/14b
  and 22/19b
• completing our withdrawal from 2 Australian
  assets and seeking potential buyers for the
  remaining EP-325 and EP-364 licences
• not renewing our offshore Ireland option blocks
  following technical evaluation
• Seeking new low risk exploration and production
  opportunities that compliment our near-production
  Colombian and UK assets

4
Corporate Transformation
Over the past 24 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 with
  exploration upside

• Farming-in to acreage in South America (Colombia)
  and UK that meets these criteria.

• Building an experienced management team to
  implement this growth strategy

5
New Management Team
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Corporate Strategy

• To focus on generating near term cash flow by

• acquiring production or 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 by

• 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
  materially impact the company and maximise
  financial flexibility, yet limit risk exposure

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Asset Summary
Colombia Middle Magdalena Basin Potential near
term cash flow 50-50 joint venture with Kappa
Resources
2006 Highlights

• Arce 4 appraisal completed and flowed at 30.5
  bopd in July 2006
• Arce 2 reworking
• Arce long-term steam testing in started in 4Q
  2006 and is expected to run until 1Q/2Q 2007
• Resolution of dispute with Kappa
• 50 km seismic acquisition on Alhucema

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Colombia - Arce Oil Field

• Discovered 1984, heavy oil at depths of around
  3000 feet
• 4 wells drilled, 30 feet net pay
• Arce 3 4 tested 30 bopd
• Steam flood is the proven stimulation technology
  in the region (see Chicala Field)
• Increase in recovery of between 3 and 5 times
  should be expected
• Steam injection testing in Q4 2006/Q1 2007

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Colombia - Arce Oil Field

• Estimated gross recoverable reserves of 5-10 mmbo
  
• Recent remapping suggests significant upward
  growth in reserves
• If successful, a development plan should be
  submitted to Ecopetrol in the summer 2007 and
  subject to approval Arce could be in production
  around the end of 2007
• Peak production from Arce could reach gt3,000 bopd
  after 3 years

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Colombia - 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

• Estimated recoverable reserves of 2-3 mmbo of
  which 1mmbo is contained in the proven 14 sand
• Testing in 2007

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Colombia Exploration Opportunities (1)
Las Quinchas Association Contract

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

• Acacia (50-100mmbo) heavy oil prospect

• Lalinda (10 mmbo) heavy oil prospect

• Rio Viejo/La Tolda (49 mmbo) light oil,
  12,000-18,000 ft target depth

• Morroa another deep Cretaceous play

Operator estimated mean reserves
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Colombia - Acacia Este

• Acacia Este exploration well to be drilled in Q1
  2007
• 40 chance of success
• Large structure similar to Arce and Chicala
• 50-100 mmbbls mean estimated recoverable reserves
  of heavy oil
• Shallow prospect at lt3500 feet
• If successful, may require one or more appraisal
  wells before development

Acacia Este prospect
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Colombia - Acacia Este

• Payment for this well completes Black Rocks
  farm-in to the Las Quinchas Block and, subject to
  Ecopetrols approval, will confirm our rights to
  a beneficial ownership of 50 of the Block.

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Colombia Exploration Opportunities (2)
Alhucema EP 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
• 50 km 2D seismic acquired in 2H 2006. Prospect
  generation ongoing.

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Asset Summary
Colombia Middle Magdalena Basin 50 joint
venture with Kappa Energy
2007 Planned activities

• Arce heavy Oil Field Steam testing in 4Q 2006/1Q
  2007
• Drilling of low-risk Acacia Este exploration well
  in Q1 2007. Access 50-100 mmbbl potential
  reserves.
• Earn farm-in rights to 50 of Las Quinchas Block
  subject to Ecopetrol approval.
• Arce Field potentially producing 2H 2007
• Testing Baul Field

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Asset Summary
UK Southern North Sea
Prospective acreage adjacent to existing oil and
gas fields 15 interest in Block operated by
Wintershall

• 2006 Highlights
• Drilled 49/8c-4 to test the Monterey gas field
• Drilling was very successful but technical
  difficulties during testing meant that flow rates
  were lt1mmscfd
• Gas was recognised from several zones in the
  Carboniferous
• Reservoir quality was slightly lower than 49/8-2
  but connectedness was established

17
UK Southern North Sea
Monterey Gas Field

• Significant Carboniferous gas find, discovered
  1989 and flowed at 5 mmcf/day
• Operator estimated mean recoverable reserves of
  165 bcf
• Development possibly as hydraulically fractured
  horizontal wells and a small platform connected
  via pipeline probably to Windermere
• Production possibly by 2009 - 2010
• Prospect Stinson, on 49/8c operator estimated
  mean recoverable reserves of 147 bcf

18
Asset Summary
UK Southern North Sea
15 interest in Block operated by Wintershall

• 2007 Planned activities
• Technical review of 49/8c-4
• Undertake dynamic fracture modelling and seismic
  facies study
• If the results are favourable, possibly sidetrack
  or drill new appraisal well (contingent)
• Implement a development plan in 2007/8

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Expectations for 2007

• To realise some of the potential the Colombian
  acreage has to transform Black Rock into a
  significant independent by completing our farm-in
  to the Las Quinchas Block
• To drill and test in Q1 2007 Acacia Este, a low
  risk 50-100 mmbbl exploration prospect in
  Colombia
• To generate some cash flow from a steam injection
  test of the Arce Field in Colombia in Q1/2 and
  from production in Q4 2007. Potentially the
  company could become cash positive in 2008
• To have an active drilling programme in 2007 to
  book net reserves of 2.5-10 million barrels of
  oil equivalent in 2007 from successful
  development of the Arce oil Field and tests of
  the Baul Field in Colombia and Monterey Gas Field
  in the UK
• To complete a full valuation of our assets
• To diversify the portfolio of EP assets in NW
  Europe and South America
• To increase the share price and materially
  increase Black Rocks market capitalisation

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Black Rock Oil Gas PLC Reserves
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Black Rock Oil Gas PLC Assets
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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