Investor Presentation

November 2007

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Disclaimer

• Please note that no formal resource nor reserve figures have yet been prepared under any of the accepted standards and that any figures quoted are sourced from the field operator and have not generally been independently verified by Black Rock Oil & Gas Plc.

• The information contained in this confidential document ("Presentation") has been prepared by Black Rock Oil & Gas Plc (the "Company"). It has not been fully verified and is subject to material updating, revision and further amendment. This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 and therefore it is being delivered for information purposes only to a very limited number of persons and companies who are persons who have professional experience in matters relating to investments and who fall within the category of person set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or are high net worth companies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it. Any other person who receives this Presentation should not rely or act upon it. By accepting this Presentation and not immediately returning it, the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive the Presentation. This Presentation is not to be disclosed to any other person or used for any other purpose.

• Hanson Westhouse Limited ("Hanson Westhouse") is acting for the Company and no-one else in connection with the proposals contained in this presentation. Accordingly recipients should note that Hanson Westhouse is neither advising nor treating as a client any other person and will not be responsible to anyone other than the Company for providing the protections afforded to customers of Hanson Westhouse nor for providing advice in relation to the proposals contained in this presentation.

• While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

• Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.

• This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. In particular, this Presentation does not constitute an offer or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

• Neither this Presentation nor any copy of it may be (a) taken or transmitted into Australia, Canada, Japan, the Republic of Ireland, the Republic of South Africa or the United States of America (each a “Restricted Territory”), their territories or possessions; (b) distributed to any U.S. person (as defined in Regulation S under the United States Securities Act of 1933 (as amended)) or (c) distributed to any individual outside a Restricted Territory who is a resident thereof in any such case for the purpose of offer for sale or solicitation or invitation to buy or subscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance with any applicable exemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction

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Black Rock Oil & Gas Plc

AIM-quoted oil and gas exploration company

Principal interests in Colombia and the UK Southern North Sea

Recent heavy oil discovery in Colombia

Near production opportunities with significant exploration potential in Colombia

Exploration potential in Southern North Sea

Recent share capital reorganisation

Competent Persons Report underway

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Directors

Tony Baldry MP, Non-Executive 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 including Forest Oil

International, Shell and Force Petroleum– 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 and BP

Chris Moore, Non-Executive Director– Over 30 years experience in the international upstream petroleum industry– Exploration, finance and asset management positions in BP, Tricentrol and ARCO– Specialises in upstream project evaluation, negotiation and execution– Adviser on strategic new venture development

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Current Capital Structure

Symbol & Exchange BLR – AIM Market capitalisation £6.6 million Price as at 28 October 2007 20.5p High – Low Share Price in 2007 18 – 55p Shares issued* 32,160,407 Options/warrants outstanding 577,018

(200,000 exercisable at 50p per share before 18/04/2009

377,018 exercisable at 25p per share before 8/8/2010) Fully diluted share capital 32,737,425

* The company undertook a 50 for 1 share consolidation exercise in July 2007

 

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Corporate Strategy

Focus on generating near term cash flow– previously non-commercial or undeveloped discoveries

– target bypassed pay and acreage adjacent to existing producing fields

– acquire production Balance low risk production with high quality exploration projects

– acquire exploration acreage in hydrocarbon provinces with proven potential

– seek significant equity interests to materially impact the company and maximise financial flexibility

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Progress on 2007 Targets

Realise the potential of the Colombian acreage– Acacia Este and Arce seeing activity in 2007

Drill and test Acacia Este– Discovered 16°API oil– Tested at 101 bbls per day, 4 strokes per minute

Complete Arce Field steam injection test – Steam injection has commenced and we will be evaluating production

rates for remainder of 2007– JV proceeding with appraisal on sole risk basis

Have an active drilling programme – Acacia Este drilled and 1 appraisal well on Acacia Este in Q4 2007

Begin process to book net reserves of 2.5-10 million barrels of oil equivalent*– Competent Persons Report commissioned

Diversify the portfolio of E&P assets in Europe and the Americas– Continue to review opportunities to manage the portfolio– Concluded that North American opportunities inappropriate at this time in

line with market sentiment

* see disclaimer

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Targets for 2008

Build on the potential of the Colombian acreage Acacia Este appraisal

– Conduct a rapid appraisal programme including long-term production tests, additional appraisal well drilling and 2D/3D seismic acquisition

– Submit a commerciality application to Ecopetrol and move towards development by year end

– Obtain debt financing for development Arce Field evaluation on going

– Possible acquisition of additional 2D seismic– Possible appraisal well in 2H 2008

Have an active exploration drilling programme – On Las Quinchas, drill Acacia Este-3 appraisal plus possibly drill/test

Baul and 1-3 extra exploration targets– On Alhucema, drill exploration wells Arriconada -1 in 1Q + possibly one

other Book net reserves of 2.5-10 million barrels of oil equivalent* Diversify the portfolio of E&P assets in Europe and Latin America

– 1+ projects in Colombia or Peru

* see disclaimer

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Colombia

Proven oil producing region – 1.9 billion barrels of discovered reserves in the Middle Magdalena Valley region

Colombia produces 556,800 bopd (2006) BP, Occidental, Petrobras and Lukoil are all active in the country Colombia is stable politically with President Uribe in his second 4

year term Colombia is economically buoyant Middle Magdalena Valley currently has limited criminal or terrorist

activity Excellent infrastructure close to our licences including pipelines,

refinery, trucking station, paved roads and a small airport Region consists primarily of rolling hills used for cattle rearing

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Colombia - Middle Magdalena Basin

50% joint venture with Kappa Resources Colombia

2 licences – Las Quinchas Association Contract – Alhucema E&P Contract

Las Quinchas - Acacia Este

discovery and appraisal– 50 -150 mmbbl potential*

Las Quinchas – Arce Field continuing appraisal and testing

Alhucema - drilling Arrinconada-1 and possibly 1 additional exploration well in 2008

*see disclaimer

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Colombia fiscal models

Association Contracts (e.g. Las Quinchas)– Production sharing under shared risk terms– R factor (additional share of production allocated to Ecopetrol related to

the ratio of revenue to costs but only applies to fields producing above 60 mmboe)

– Ecopetrol 50% back-in potential at declaration of commerciality, but pays share of back costs out of production

– Sliding scale royalty based on rate prevailing at time of discovery and 35% income tax

– Independent oil company take on small heavy oil fields 40-60% E&P Contracts (e.g. Alhucema)

– With ANH (Colombian Government Agency) since 2004. No back-in rights for Ecopetrol

– Sliding scale royalty, fee of 30% of price exceeding benchmarks and 35% income tax

– Independent oil company take ranges from 50-60%

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Colombia - Acacia Este

Acacia Este oil discovery– Drilled in July-August 2007– Tested at 101 barrels of 16°API oil

per day– Large structure – Shallow depth– Operator estimated target 50-150

mmbbls recoverable heavy oil* 2+ appraisal wells may be drilled

in 2007/8 New 2D seismic to be acquired in

1H 2008 Long-term production tests to be

conducted in 2008 Commerciality submission in 2008 Development feasible in 2009

* see disclaimer

Acacia Esteprospect

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Colombia - Acacia Este

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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

Long term steam injection testing started in Q2 2007. Ongoing

Operator estimated gross 10-20 mmbo recoverable*

Commerciality statement was submitted in 2007 and JV allowed to proceed on a sole risk basis

Peak production could reach 3,000 bopd after 5 years*. 30-60 wells may be required

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Steam injection plant

Oil gathering station

Colombia - Arce Oil Field

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Colombia - Baul Oil Field

Shallow heavy oil, 100’ net pay

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

Testing in 1Q 2008

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Colombia – Exploration Opportunities

Las Quinchas Association Contract

Large number of drillable prospects, from shallow heavy oil to light oil targets in the deep Cretaceous– La Linda (37 mmbo in 2 separate

fault block targets*): heavy oil prospect

– Rio Viejo/La Tolda (24 mmbo target*): light oil, 12,000-18,000 ft target depth

50% relinquishment required in 2008

* see disclaimer

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Colombia – Exploration Opportunities

Heavy and light oil prospects– Possible extension of Chicala / Arce

oilfield trend

– Juanes prospects

– N Morroa Cretaceous light oil lead 50 km 2D seismic acquired in 2H

2006 Arrinconada-1 well (previously

known as Juanes SW) to be drilled in 1Q 2008

Exploration well possibly to be drilled in 2H 2008

Alhucema E&P Contract

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UK Southern North Sea

Carboniferous gas find, discovered in 1989 and flowed at 5 mmcf/day

Drilled 49/8c-4 in 2006 to appraise and 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

Now moved into second 4 year phase of licence

50% relinquishment completed

15% interest in Block 49/8c operated by Wintershall

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UK Southern North Sea

Operator estimated mean recoverable reserves - 165 bcf*

Recent positive economics for development based on horizontal well and fracture stimulation technology

Future studies include a seismic facies evaluation of the Carboniferous reservoirs, pre-development studies and economic screening.

Development possibly tied back to Cutter or Markham

Production possibly by 2009

Stinson Gas Prospect Operator estimated mean

recoverable reserves - 147 bcf*

*see disclaimer

Monterey Gas Field

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Summary

Black Rock has turned a corner

Acacia Este potential “company maker” discovery in 2007— 50 -150 mmbbls recoverable*— Tested at 101 barrels of 16°API oil per day— 1 appraisal well to be drilled in November 2007 and 1+ in 2008— Long-term production tests in 2008— Commerciality submission in 2008— Development considered feasible in 2009

Arce Field steam injection test still continuing― Arce Field development allowed on a sole risk basis

Additional exploration opportunities on existing licences in Colombia

Economics for development of Monterey in UK improving

* see disclaimer

Davidson HouseForbury Square

ReadingBerkshireRG1 3EU

United Kingdom

Tel: +44 (0) 1189 001 350Fax: +44 (0) 1189 001 351

www.blackrockoil.com Email: info@blackrockoil.com

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