ABN 90 147 370 312

3 July 2014
Australian Securities Exchange
Level 8, Exchange Plaza
2 The Esplanade
PERTH WA 6000

WITHDRAWAL OF RIGHTS ISSUE and BOARD CHANGES

Black Star Petroleum Limited (ASX: BSP) (the Company) confirms that as announced on 1
July 2014, the Board has resolved to withdraw the fully underwritten renounceable rights issue announced to the ASX on 10 June 2014.
The withdrawal of the offer resulted from recent share price weakness which triggered a breach of one of the conditions within the Underwriting Agreement, namely that the Company's shares traded below the rights issue price for more than two (2) consecutive days.
The Board is assessing the Company's funding arrangements and expects to make an announcement in this regard before the end of July 2014.

BOARD CHANGES

The Company advises that Mr Anthony Polglase has resigned as a Non-Executive Director of the Company.
The Company is pleased to announce the appointment of Mr Mark Reilly as a Non- Executive Director of the Company. Mr Reilly is a Chartered Accountant and has over 15 years' experience as a public company director and in advisory capacity with extensive experience in the mining, banking and finance industries.
Yours faithfully

JONATHAN HART

Company Secretary

BLACK STAR PETROLEUM LIMITED

Level 1/330 Churchill Avenue Subiaco WA 6008

P.O. Box 540, Subiaco WA 6904, Australia

Ph +61 8 9200 4493, Fax +61 8 9200 4469

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