GRANT OF ASX WAIVER FIRESTONE ENERGY LIMITED (Incorporated in Australia) (Registration number ABN 058 436 794) Share code on the JSE Limited: FSE Share code on the ASX: FSE ISIN: AU000000FSE6 (SA company registration number 2008/023973/10) ("FSE" or "the Company") 31 August 2012 ASX Limited Exchange Plaza 2 The Esplanade PERTH WA 6000 Attn: Ms Fiona Murphy Dear Ms Murphy Grant of ASX Waiver The Company advises that it has applied for and has been granted a waiver from ASX Listing Rule 7.3.2. The waiver applies to the extent necessary to permit the Company’s notice of general meeting (the "Notice") seeking shareholder approval for the issue to Ariona Company SA of a maximum of 40,700,000 convertible notes (“Convertible Notes”), not to state that 10,000,000 of the Convertible Notes will be issued no later than 3 months after the date of the meeting, on the following conditions: * the Notice states that the 10,000,000 Convertible Notes will be issued no later than 12 months from the date that is 5 business days after the date of the meeting; * any annual report released during the period in which the 10,000,000 Convertible Notes are issued or remain to be issued, discloses details of the Convertible Notes that have been issued and/or which remain to be issued; and * the Company releases the terms of this waiver to the market immediately. Yours Faithfully Jerry Monzu Company Secretary Firestone Energy Limited (ABN 71 058 436 794) Suite B9, 431 Roberts Road, Subiaco WA 6008, Australia T: +61 8 9287 4605 F: +61 8 9287 4655 SPONSOR RIVER GROUP 31 AUGUST 2012 Date: 31/08/2012 11:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.