Black Star Petroleum : Quarterly Activities Report

Microsoft Word - BSP_Quarterly Shareholder Oct 2014 ASX (2) (3) ASX Release 23 October 2014 BLACK STAR PETROLEUM LIMITED

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Churchill Avenue, Subiaco Western Australia 6008 Tel: [phone]
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Contact Matthew Wood Executive Chairman E‐mail [e-mail]

For the latest news

www.blackstarpetroleum.com.au Directors / Officers

Matthew Wood Brian McMaster Mark Reilly

Greg Wood - Chief Executive Officer

Issued Capital

480.0 million shares
95.3 million listed options

ASX Codes: BSP, BSPO SEPTEMBER 2014 QUARTERLY UPDATE

Black Star Petroleum Limited ("BSP" or "the Company") is pleased to
report on its activities for the September quarter.
During the quarter, the Company announced a renounceable entitlement issue of six shares for every one share held at an issue price of $0.005 per share to raise $3,424,030 with $1,250,000 being underwritten (see ASX announcement 1 August 2014). A total of 268,458,504 shares were issued.
The Company realised a portion of its investment in The Global Resources Investment Trust Plc ("GRIT") through selling 449,915 GRIT shares for GBP 0.30 per share. The Company received $279,464 on settlement of the transactions.
As previously announced, Mr Mark Reilly was appointed as a Non‐ Executive Director following the resignation of Mr Polglase.
In August 2014 the Company entered into a Controlled Placement Agreement ("CPA") with Acuity Capital. The CPA provides BSP with up to
$1 million of standby equity capital over the coming 12 months. BSP retains full control of the placement process, including having sole discretion as to whether or not to utilise the CPA. BSP is under no obligation to raise capital under the CPA.

Post Quarter

On 14 October, the Company announced it had entered into a binding conditional term sheet for the purchase of Hawkley Oil and Gas Ltd's Ukraine oil and gas operations. This acquisition will provide the Company with immediate access to cashflow (post settlement) which will be utilised to develop Black Star's extensive holdings in Banner County, Nebraska, USA (see ASX announcement dated 14 October 2014 for full details).

Greg Wood Chief Executive Officer BLACK STAR PETROLEUM LIMITED

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Black Star Petroleum Limited

Appendix 1 - Interests in Leases held

Tenure Reference	Location	Interest at beginning of quarter	Interest at end of quarter	Acquired during the quarter	Disposed of during the quarter
Nebraska Oil Project: ‐ 28 petroleum exploration leases	Banner County, Nebraska	73.07%	73.07%	‐	‐
EPM 14346	QLD, Australia	100%	100%	‐	‐
EPM 18368	QLD, Australia	100%	100%	‐	‐
MDL 107	QLD, Australia	100%	100%	‐	‐

Appendix 2 - Summary of Expenditure Incurred Per Project

Project	A$'000
MDL 107	3
Nebraska	159
Total	162

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Black Star Petroleum Limited