BLACK ROCK MINING LIMITED — Capital/Financing Update 2012

Aug 13, 2012

ASX Announcement

Company Announcements Office Australian Securities Exchange

By e-lodgement

14 August 2012

(ASX Code GRK)

East Blina-1 Update

Please find attached an announcement by Oil Basins Limited (ASX:OBL), as Operator of the Backreef Area, providing an update on the preparations for the proposed 2012 Canning Basin drilling operations.

Green Rock Energy Limited holds beneficial rights to a 20% joint venture interest in the Backreef Area.

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Nigel Hodder Company Secretary

Investors and Media T: +61 (0) 9482 0482 E: info@greenrock.com.au

About Green Rock Energy Limited

Listed on the ASX in 2005, Green Rock (GRK) is a geothermal and hydrocarbons explorer and developer with geothermal interests in Western Australia, South Australia and Hungary and hydrocarbons interests in Western Australia. Its key projects are:

• A 15% interest in EP417 in the Canning Basin with a right to earn up to 20% through a farm-in agreement with

• Attachments New Standard Energy (NSE) together with an Area of Mutual Interest Agreement for other potential

• opportunities including the Seven Lakes Special Prospecting Area awarded to NSE

• • 1.The beneficial right to a 20% JV interest in the Backreef Area in the Canning Basin operated by Oil Basins Summary of the Terms of the Heads of Agreement Limited (OBL)

• ABOUT OIL BASINS LIMITED (OBL) • An alliance with leading Australian renewable power developer Pacific Hydro for conventional geothermal power generation in GRK’s permits in the Mid West of WA and GRK’s and Pacific Hydro’s licences in the Great Artesian Basin in SA

• A joint venture with MOL in Hungary for geothermal power generation (GRK 50%)

ABOUT OIL BASINS LIMITED (OBL)

OBL is involved in exploration and development of oil and gas in the offshore Gippsland Basin, Victoria, the onshore Canning Basin of Western Australia and the offshore Carnarvon Basin, Western Australia.

Presently, the Company’s portfolio includes:

• 12.5% Rights to Vic/P41 situated in offshore Gippsland Basin

• 17% interest in Vic/P66 situated in offshore Gippsland Basin

• 100% Beneficial Rights and operator Backreef Area, onshore Canning Basin

• 50% interest in EP5/07-8 situated in onshore Canning Basin (designated operator CSG and USG)

• 100% interest and operator R3 situated in offshore Carnarvon Basin

OBL regularly performs inhouse and external geological and geotechnical assessments of oil and gas sector farmin, investment and acquisition opportunities and remains interested in expanding its portfolio in both upstream and downstream opportunities within Australia and internationally.

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14 August 2012

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

Dear Sirs

EAST BLINA-1 UPDATE

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) has significantly advanced its preparations for the proposed 2012 Canning Basin drilling operations, whereby it has:

• Entered into a Letter of Intent ( LOI ) to contract a Petroleum Drilling Rig for the drilling of East Blina-1, and an option for a second well.

• The LOI and subsequent Drilling Contract are subject to the drilling rig being cleared for use in WA by the Department of Mines and Petroleum ( DMP ) and all site clearances been approved by the DMP and stakeholders.

Rig Selection – OBL conducted an exhaustive search of available suitable rigs by way of a formal ‘Expression of Interest’ tender process sent to over 18 rig contractors, which was managed by its petroleum and drilling engineering consultant Du-el Drilling Services Pty Ltd

Drilling Rig – the East Blina-1 exploration well of circa 1100m TD (and possible contingent Backreef-2 well of circa 1000m TD ) will be drilled by Dynamic Drilling Rig 17, a ‘fit-for purpose’ Bourne 2000 drilling rig which is rated to drill to a depth of circa 1500m. The rig is presently located in Roma, Queensland and its use is expected to significantly reduce both drilling and mobilisation costs of comparable available competitor rigs.

Time & Spud Date – the drilling time is estimated at around 10 days to drill, evaluate and complete and, subject to all DMP approvals, it is expected that East Blina-1 will spud in early October 2012 and be completed ahead of the deadline for completion of the Backreef Area farmin commitment well by 31 October 2012.

Yours faithfully

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Neil Doyle, SPE Director & CEO

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Backreef Area
Non-Backreef Area
Buru acreage
Blina Oil Field
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Figure 1

Location of East Blina-1 (Lead A) within Backreef Area showing mapping of Shallow Oil Play

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Figure 2
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PSDM East Blina-1 (Lead A) within Backreef Area
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Figure 3 Risked Assessment of East Blina-1 (Lead A) Prospective Resources (ignoring deeper USG potential)

DISCLAIMER

The technical information quoted has been complied and / or assessed by Mr Geoff Geary who is a professional geologist (Bachelor Science – Geology) with over 32 years standing and who is also a Member of Petroleum Exploration Society of Australia. Mr Geary has consented to the inclusion of the technical assessment in this ASX announcement. Investors are reminded at all times refer to the appropriate OBL ASX Releases and the information in the form and context in which they originally appear and in particular to the review the risk sections of the independent expert report dated 24 November 2011 on OBL website.

GLOSSARY & PETROLEUM UNITS

M	Thousand
MM	Million
B	Billion
bbl	Barrel of crude oil (i.e. 159 litres)
PJ	Peta Joule (1,000 Tera Joules (TJ))
Bcf	Billion cubic feet
Tcf	Trillion cubic feet (i.e. 1,000 Bcf)
BOE6	Barrel of crude oil equivalent – commonly defined as 1 TJ equates to circa 158
	BOE – approximately equivalent to 1 barrel of crude equating to 6,000 Bcf dry
	methane on an energy equivalent basis
PSTM	Pre-stack time migration – reprocessing method used with seismic.
PSDM	Pre-stack depth migration – reprocessing method used with seismic converting
	time into depth.
AVO	Amplitude versus Offset, enhancing statistical processing method used with 3D
	seismic.
TWT	Two-way time
FMT	Formation testing (pressure & sampling) tool
TD	Total depth
GIP	Gas in Place
GPoS	Geological Probability of Success
RT	Relative to rotary turntable
OWC	Oil water contact
STOIIP	Stock tank oil in place (stabilised crude at atmospheric sea level conditions) –
	also commonly referred to as Oil in Place (OIP)
SwIrr	Irreducible water saturation
stb	Recoverable stock tank barrels (stabilised barrels – as per above definition)