BLACK ROCK MINING LIMITED — Capital/Financing Update 2012

Oct 24, 2012

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25 October 2012

ASX Markets Announcements Australian Stock Exchange Limited 10[th] Floor, 20 Bond Street Sydney NSW 2000

Dear Sirs

EAST BLINA-1 OPERATIONS REPORT #3

Oil Basins Limited (ASX codes OBL, OBLOB ) ( OBL or the Company ) wishes to make the following ASX Announcement, so as to keep the market fully informed.

The Company, as designated Operator on behalf of the Backreef Area Joint Venture (OBL net 80% and Green Rock Energy Limited (ASX code GRK ) net 20% beneficial interests respectively), wishes to make the following weekly Operations Report #3 at the East Blina-1 petroleum exploration well, within Production Licence L6, Canning Basin.

EAST BLINA-1 PETROLEUM EXPLORATION WELL

Interests: OBL 80%, GRK 20% Operator: Oil Basins Limited Spud Date: 8:00am, 17 October 2012 Depth: 410mRT @ 6:00am 25 October 2012 Surface Casing Shoe: Set 244 mm (9-5/8 inch) diameter surface casing at 349mRT Progress: 56m since last Report. Installation and testing of BOP’s took longer than planned and in addition on 23 October 2012 fishing operations were required within the cased hole. The fish was successfully retrieved in one pass using a magnet and following testing BOP’s and the formation integrity test, drilling operations recommenced at 8:00pm 24 October 2012. Formation Tops:  Blina Shale 20mRT (27m higher than prognosed)  Liveringa Formation 80mRT (24m higher than prognosed)  Noonkanbah Formation 260mRT (25m higher than prognosed) Current Operation: Drilling with a 216 mm (8-1/2 inch) diameter production hole to TD. Planned TD: 1210mRT

Target: Intra Yellow Drum dolomite reservoir – (gross reservoir column 27m), with a prognosed Formation Top at 1162mRT.

Well Duration: Less than 11 days* from spud-date – drill and logging and wireline testing/sampling and PVT (as appropriate).

• Anticipated subject to change (duration will be updated in next report after reaching TD)

In accordance with ASX Listing Rules, during the conduct of East Blina-1 drilling operations, OBL on behalf of the Backreef Area Joint Venture will advise the market weekly (on Thursdays), or as soon as possible after concluding an important well drilling operation and/or obtaining an important assessment or result.

Yours faithfully

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Neil Doyle, SPE Director & CEO

GLOSSARY & PETROLEUM UNITS

m	metres
M	Thousand
MM	Million
B	Billion
Bbl or Bbls Barrel of crude oil (ie 159 litres)
BOP	Blow out preventor
RT	Measured depth relative to Rotary Table
PVT	Pressure, volume and temperature (fluid sample)
TD	Total depth