Black Rock Oil & Gas PLC

1. Black Rock Oil & Gas PLC Annual General Meeting 19th December 2005

2. 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

3. 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

4. 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

5. Tony Baldry MP, Chairman Ivan Burgess, Chief Executive Officer Dr John Cubitt, Technical Director John Bottomley, Director The Board

6. 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

7. 2005 Highlights

8. 2005 Tested and flowed oil at Arce 3 in Colombia

9. Activity Summary

10. PREDICTION Achieve commercial production in Colombia during 2006

11. AIM To be cash positive by end of 2007

12. Technical Director Dr John Cubitt

13. 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

14. 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

15. 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

16. 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

17. 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

18. 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

19. 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

20. 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

21. 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

22. 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

23. Assets Offshore Eire Long term exploration opportunity • Proposal: • Offshore Eire – Black Rock committed to process and interpret seismic before 3 options expire in 2006

24. 41% 6% 18% 12% 11% 4% 8% N North Sea S Gas Basin Arce La Tolda Other Colombia Eire Overheads Breakdown of 2006 expenditure

25. Black Rock’s Key Assets