Adrian Larking, Managing Director

26 November 2007

Green Rock Energy Limited

Annual General Meeting

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Disclaimer

The information contained herein must be treated as confidential by the intended recipient. This document must not be passed onto any person without written permission from Green Rock Energy Limited.

Green Rock Energy Limited has taken reasonable care in producing the text and images contained in this presentation but does not warrant that the information contained herein is accurate or up to date.

The information on these slides is based on publicly available information, internal data and information from other sources. It is not intended to give investment or other advice to anyone and the information is not a substitute for detailed investigation or analysis.

Green Rock Energy Limited will not be responsible for any loss or damage (direct or indirect, consequential or otherwise) resulting from the use of information provided in this presentation.

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Green Rock Energy Ltd - Corporate Overview

Australian company, listed on Australian Stock Exchange (code “GRK”)

Market Capitalisation: – A$19.2 million

Options – 40 million options– 10 cents (April 2008)

Shareholders – 2,200 – Top 20 (34%)– Directors (7%)

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Green Rock Energy Ltd - Business Overview

Developer of commercial geothermal energy projects

Long life resources supplying long life markets

Australian Geothermal Projects (100% interest)

Hungarian Projects (32% interest)

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Geothermal Energy - Recovering the Earth’s Natural Heat

1. Hot Water – in natural reservoirs – known as “Conventional ” or “Hydrothermal” systems

2. Hot Rocks (EGS)– Hot Dry Rocks

Geothermal Resources

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Geothermal Energy- Why geothermal energy?

Conventional Geothermal Energy technology is well proven

Advantages of Geothermal Energy Varied uses – electricity, direct heat applications Renewable energy – access to carbon credits Domestic source of energy Base load, long life, power source – high availability >95% 50,000 times energy of known world oil & gas reserves (US Dept Energy) Technology driving costs down c.f. fossil fuel prices increasing Attractive to green/ethical funds

Sub-surface Tasks Both Conventional & EGS - sustainable water circulation flow rate EGS - fracture stimulation to create a large underground reservoir

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OD Geothermal Energy Project (100%) Location (2,899 km2)

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OD Geothermal Energy Project Past Activities

Blanche No1 well– Sited 5km from power grid on seismic line

– Drilled, cored & logged to 1,935m

In-situ stress analysis (CSIRO)

Temperature measured beneath & around mine

Well production capability (GeothermEx)

Confirmed– Suitable temperatures in granite host

– Extensive volume of homogeneous granite

– Large potential resource

– Likely horizontal flow direction

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OD Geothermal Energy Project Evaluation & Development Phases

2008– Mini hydro-fracture of existing

slim hole well– Design first of two deep wells– Drill 1st production well– Fracture stimulate 1st well

 2009– Drill 2nd production well– Fracture stimulate 2nd well– Flow test fractured reservoir

2011– 3 to 5 MWe Pilot Power Plant

2013– +20 MWe modular plants

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OD Geothermal Energy Project Comparison with other EGS Projects

Project ownership 100% by Green Rock Energy Ltd

Site location Next to power demand and transmission grid

Potential resource Drilled into hot granite and confirmed temperatures

Establish water circulation Water supplies Adequate water for flow circulation & cooling

Infrastructure Roxby Downs township and services

Connection to electricity grid 10kms from grid

Scaled development Immediate access to market

Experience Conventional & EGS (above & below ground)

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Patchawarra Project (100% interest) Location (1,483 km2)

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Patchawarra Project Location selection

Patchawarra Trough, Cooper Basin geological formations prospective for hot geothermal water

Prospective aquifers reach a thickness in excess of 1,200m at depths in excess of 3,000m

To be evaluated and developed in conjunction with the construction of an electricity distribution network connected to the Cooper Basin

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Upper Spencer Gulf Project (100% interest) Location (1,938 km2)

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Upper Spencer Gulf Project Location Selection

6 geothermal exploration licenses & two applications

Early stage of evaluation of the granites for EGS

Evaluating direct use of geothermal heat source for a desalination plant

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Green Rock Energy Ltd - Projects

Hungary Geothermal Energy Project

(32% interest)

Hungary Geothermal Energy ProjectWhy Hungary ?

Good resource potential – high regional heat flow – hot waters intersected in drilling

Extensive database

Supportive legislative regime – attractive feed in tariff pricing

€90 /MWh (c.f. Australia: A$50/MWh)

– guaranteed access to market

Member of European Union

World Bank backed risk insurance

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Hungary Geothermal Energy ProjectJoint Venture (32%)

Joint Venturers MOL - a major Hungarian oil & gas company Enex hf - a major Icelandic geothermal operating

& consulting company Green Rock Energy Limited

Scope Testing of existing hydrocarbon wells or new wells Generate a pipeline of geothermal projects >100 MW electricity + direct heat capacity

1st Site drilled Suspended (usable for direct heat)

Currently selecting 2nd & 3rd sites

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Summary

Commercially driven company A renewable energy that provides continuous energy Evaluation and development approach minimizes risk Ability to develop projects in stages Both Conventional & EGS geothermal projects In a market that will only get more focus International geothermal experience New incentives announced by governments

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THANK YOU