Black Rock Oil & Gas PLCBlack Rock Oil & Gas PLC

Annual General MeetingAnnual General Meeting

1919thth December 2005 December 2005

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

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

– Farming-in to acreage that meets these criteria

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

– Building an experienced management team to implement this growth strategy

Transformation

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

The Board

Tony Baldry MP, Chairman

Ivan Burgess, Chief Executive Officer

Dr John Cubitt, Technical Director

John Bottomley, Director

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

2005 Highlights

2005

Tested and flowed oil at Arce 3 in Colombia

Activity Summary

PREDICTION

Achieve commercial production in Colombia during 2006

AIM

To be cash positive by end of 2007

Dr John Cubitt

Technical Director

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

– Prove up net reserves of 30 mmboe

– Drill a significant UK exploration opportunity

Assets

Planned activities summary:

Colombia: Middle Magdalena BasinPotential near term cash flow50% joint venture with Kappa Energy

• 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

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

Baul Oil Field

• 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

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

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

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

* Operator estimated mean reserves

– 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

Colombia – Exploration Opportunities (2)

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

Alhucema Association Contract

• Similar geology to Las Quinchas – heavy and light oil prospects

– Possible extension of Chicala oilfield trend

– Northern extension of Morroa lead

Core Assets

Planned activities:

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

Offshore UK Perspective acreage adjacent to existing oil and gas fields

Southern Gas Basin

• Significant Carboniferous gas find, discovered 1989

Monterey Gas Field

• 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

Northern North Sea

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

Huntingdon Prospect

• Drilling planned in Q1/Q2 2006

• Operator estimated mean recoverable reserves of 48 mmbo

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

Assets

Proposal:

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

Offshore Eire Long term exploration opportunity

41%

Breakdown of 2006 expenditure

N North Sea S Gas Basin Eire OverheadsArce La Tolda Other Colombia

18%

4%

6%

12%

11% 8%

Black Rock’s Key Assets

Licence BLR Interest % Operator Activities expected in 2006

Core Area - Colombia

Las Quinchas Assoc Contract 50 Kappa

- Arce oil field Testing, seismic acquisition and drill 2+ wells, commence production

- Baul oil field Testing

- Bukhara oil field Testing

- Other untested prospects Seismic acquisition and possibly drill 1 well

Alhucema Assoc. Contract 50 Kappa Seismic acquisition and possibly drill 1 well

Secondary Area – UK Offshore

P 1147 Blocks 49/8c & 49/9d 15 Carrizo

- Monterey gas field Drill well in Q2/3 2006

P 1114 Blocks 22/14b and 22/19b 20 Carrizo

- Huntingdon prospect Drill well in Q1/2 2006

Block 22/8c 15 Carrizo

Longer Term

Offshore Eire

04/6 100 Black Rock Extend option or drop

04/7 100 Black Rock Extend option or drop

04/8 100 Black Rock Extend option or drop