Black Rock Oil & Gas PLCBlack Rock Oil & Gas PLC

Annual General MeetingAnnual General Meeting

January 29January 29thth 2007 2007

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

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

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

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

– Creating a balanced portfolio in terms of geographical spread and near-term production with exploration upside

– Building an experienced management team to implement this growth strategy

Corporate Transformation

New Management Team

Tony Baldry MP, Chairman– Member of Parliament for Banbury for over 20 years– Former Parliamentary Under Secretary of State, Department of Energy– Jointly oversaw the privatisation of the Electricity Industry– Wealth of experience providing corporate strategic and financial advice

Dr John Cubitt, Managing Director– Chartered Geologist– 27 years experience in international oil & gas exploration and production– Specialises in Board level strategic and operational direction, project management and asset evaluation

Peter Kitson, Finance Director– Fellow of Association of Certified Accountants– 15 years experience in Oil and Gas with BP and Elf– General Management Experience with, for example, Commonwealth

Development Corporation

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

Asset Summary

2006 Highlights:

Colombia: Middle Magdalena BasinPotential near term cash flow

50-50 joint venture with Kappa Resources

• 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

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

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 >3,000 bopd after 3 years

Colombia - Baul Oil Field

• 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

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

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

* Operator estimated mean reserves

– 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

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 <3500 feet• If successful, may require one

or more appraisal wells before development

Acacia Esteprospect

Colombia - Acacia Este

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

Colombia – Exploration Opportunities (2)

• 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.

Alhucema E&P Contract

Asset Summary

2007 Planned activities:

Colombia: Middle Magdalena Basin50% joint venture with Kappa Energy

• 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

Asset Summary

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 <1mmscfd

• Gas was recognised from several zones in the Carboniferous

• Reservoir quality was slightly lower than 49/8-2 but connectedness was established

UK: Southern North SeaProspective acreage adjacent to existing oil and gas fields

15% interest in Block operated by Wintershall

UK Southern North Sea

• 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

Monterey Gas Field

Asset Summary

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

UK: Southern North Sea15% interest in Block operated by Wintershall

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 E&P assets in NW Europe and South

America• To increase the share price and materially increase Black

Rock’s market capitalisation

Black Rock Oil & Gas PLC Reserves

Licence Net (Mbbls) Risked (Mbbls) Expected production

Core Area - Colombia

Las Quinchas Assoc. Contract

- Arce oil field 2.5 – 5 1.25 – 2.5 2H 2007

- Baul oil field 1.0 – 3.0 0.5-1.5 2008

- Bukhara oil field 5 – 37.5 0.5 – 3.75 2009?

- Acacia prospect 25 - 50 5 - 10 2008/9

Secondary Area – UK Offshore

P1147 Blocks 49/8c & 49/9d

- Monterey gas field 4 1.0 – 2.0 2010

TOTAL 40.5 – 99.5 8.25 – 19.75

Black Rock Oil & Gas PLC Assets

Licence BR Interest % after earn-in

Operator Activities expected in 2007

Core Area - Colombia

Las Quinchas Assoc. Contract 50 Kappa

- Arce oil field Long term steam injection testing, commence production in 2H 2007

- Baul oil field Testing in 2007

- Bukhara oil field

- Acacia prospect Drill 1 well in 2007

Alhucema E&P Contract 50 Kappa Possibly drill 1 well in 2007.

Secondary Area – UK Offshore

P1147 Blocks 49/8c & 49/9d 15 Wintershall

- Monterey gas field Contingent appraisal or sidetrack well in Q4 2007

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