BLACK ROCK MINING LIMITED — AGM Information 2012

Nov 27, 2012

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Green Rock Energy Limited

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Presentation to Annual General Meeting 28[th] November 2012

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Progress in 2012

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• We grew our WA oil & gas interests through two farm-ins:

• Backreef Area (Canning Basin) with Oil Basins Limited

• SPA 33 (S. Carnarvon Basin) with Palatine

• There has been continued strong support from Cygnet Capital – raised $2 million n anuary ani J d $3 8. million n i May

• We are advancing other projects:

• JV with New Standard Energy in Laurel Project, Canning Basin

• o Mid West Geothermal Power Project – awarded $5.4 million WA LEED funding

• JV with MOL in Hungary for Geothermal Power

• We are continuing the evaluation of new oil & gas opportunities including bids for new permits onshore WA

• Cost reductions are in place to reduce burn rate

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Growing Our WA Oil & Gas Interests

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Backreef Area: JV with Oil Basins Limited

• GRK earned 20% interest through paying $3.6m

• of costs or acf B kreef-1 Production esT t in May and East Blina-1 well in October

• Targets remain near term oil production and

• longer term shale gas potential

Laurel Project: JV with New Standard Energy

• GRK earned 15% interest in EP417 by funding

• Lawford-1 re-entry, rising to 20% with second well

• GRK has 40% rights to new permits (NSE 60%)

• including Seven Lakes SPA adjacent to EP417

• Target is Laurel formation for shale gas / liquids

S.Carnarvon Basin: SPA 33 with Palatine

• GRK farmed-in for 50% interest by paying

• through paying work program costs up to $200k • Multiple potential targets in underexplored

• sub-basin

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Backreef Area: JV with Oil Basins Limited

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• GRK now holds 20% interest in Backreef Area.

• Re-entered and tested Backreef-1. Recovered sub-commercial volume of oil from Yellow Drum dolomite.

• East Blina-1 drilled in October 2012 completed commitments and satisfied farm-in terms.

• Recovery of oil in Backreef-1 and good reservoir development in the Yellow Drum dolomite in both Backreef-1 and East Blina-1 have very positive implications for developing other prospects in the Backreef Area.

• Minor oil shows in the Laurel Formation in East Blina-1.

• Buru will be drilling in the adjacent EP 129 area in 2013 which may provide additional information to the Joint Venture

• Joint Venture Operator OBL has demonstrated ability to complete cost-effective drilling operation.

• JV planning strategy to evaluate course of action for future exploration

• Exciting unconventional oil potential of the Gogo and Virgin Hills Formations which have been identified as the source of the oil in Blina and Backreef.

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Oil from formation floating in the annulus at the rig floor at Backreef-1

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Laurel Project: JV with New Standard Energy

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• Blocks located in the south eastern Fitzroy

• Trough on trend with Buru’s recent Laurel Formation discoveries at Valhalla, Paradise and Yulleroo.

• Potential for oil discoveries similar to the Ungani

• Field also exist.

• Airborne gravity survey completed in September

• 2012 – interpretation due early 2013.

• Results will determine area within Seven Lakes

• SPA for conversion to Exploration Permit (EP)

• Results will also be incorporated with existing

• data in EP417 and surrounds to high-grade areas for further exploration activities.

• GRK and NSE working together in Fitzroy

• Trough under Area of Mutual Interest (AMI) Agreement .

• Focusing on both conventional and

• unconventional potential.

• Under AMI, Green Rock Energy will own 40%

• while NSE will own 60% equity and operatorship.

• Green Rock regards highly the relationship with

• New Standard Energy with both companies very motivated to realise value from the highly prospective Laurel Formation already proven by Buru.

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Source: NSE Investor Review May 2012

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Farm-in to southern Carnarvon Basin SPA

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• SPA 33 covers ~19,500km[2] and includes the Coolcalalaya Sub-bas n ani d southern part of the yroB Sub-bas n oi f the Carnarvon Basin.

• Green Rock to earn 50% interest in SPA 33 from Palatine by funding 100% of the costs of gravity survey, estimated at ~$200 000, .

• Palatine to be Operator for the SPA work program.

• Green Rock to become Operator on conversion to Exploration Permit (EP) in 2013.

• Up to 50% can be converted to EP.

• The Dampier to Bunbury Natural Gas Pipeline runs directly through the permit area. The existing pipeline serves a large number of power generation, industrial, mining and domestic customers n i Western usA tralia.

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Coolcalalaya Sub-basin: SPA 33

• Gravity and magnetic data highlight area is part of a series of north-south oriented sub-basins that include the Merlinleigh and Byro Sub-basins.

• Regional correlations suggest significant potential for unconventional and conventional hydrocarbons in the Devonian sediments equivalent to the Gnueda Formation in the Merlinleigh Sub-basin and Gascoyne Platform where excellent potentia source l rocks have been identified.

• Equivalent intervals in Canning Basin - Gogo and Virgin Hills Formations - are the source of oil accumulation at the Blina Field, adjacent to the Backreef Area.

• Potential is also present in the early Permian formations for unconventional gas and coal seam methane.

• This interval is equivalent to the zone recently tested successfully by Norwest Energy in the Perth Basin and is one of the primary objectives in the Merlinleigh Sub-basin where both New Standard Energy and Tap Oil hold interests.

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----- Start of picture text -----

50 km
SPA 33
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Sediment Thickness (m)

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Mid West Geothermal Power Project

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• Targeting naturally permeable Hot Sedimentary Aquifers in known hot spots close to local power network. Substantial geophysical, geological and well data from 2D and 3D seismic plus ~250 petro eum wel lls n as n i b i

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• Substantial MW potential close to fast growing Mid

• West markets – Asia Iron & Karara magnetite developments etc.

• Pro ect nc uj i l ded in alliance w ti h leading renewable power developer Pacific Hydro targeting initial capacity of 25MW then scaling up rapidly

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• Collaboration with New World Energy which holds

• adjacent Permits

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• The Project was awarded $5.4 million from the WA

• LEED Fund and is a strong contender for Commonwealth Emerging Renewables funding.

• LEED funding as reneweh d interest from potentia l JV and farm-in partners.

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• Objective is to finalise funding and secure a drilling

• rig in 1Q 2013 for drilling first well in late 2013

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JV with MOL for Conventional Geothermal Power in Hungary

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• CEGE is preparing for the first geothermal concession tender expected during the next few months. Public comment on the Environmental Impact Assessment of the target concession area closed on 15[th] . January 2012

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• Work to evaluate the first well already acquired indicates that an economic geothermal resource exists that could support several MW of power generation capacity in the initial project. The total area is expected to support multiple projects.

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• Green Rock continues to seek funding for a large part of its interest from European investors.

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Milestones for next 6 months

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• Canning Basin - Laurel Project: review results of aerial gravity

• survey over EP417 and Seven Lakes SPA; select most prospective part of SPA area for new Exploration Permit. Continue to asses new acreage opportunities in Area of Mutual Interest with NSE

• S Carnarvon Basin. - SPA33: Palatine to conduct aerial gravity survey; jointly review results and select most prospective part of SPA area for new Exploration Permit

• Mid West Geothermal Power Project: Secure JV and

• Commonwealth funding and drilling rig for first well in late 2013

• Hungary: Concession process underway and external funding secured to support GRK share of JV

• Continue to pursue project and corporate opportunities that could

• realise value for shareholders

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