Update on Financial Restructure About Firestone Energy 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") Firestone Energy Limited is an 13 November 2012 independent, Australian exploration and development company listed on the Australian Stock Exchange Ltd (ASX) and the Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a Joint Update on Financial Restructure Venture with Sekoko Resources (Pty) Ltd through which Firestone Energy has acquired the right to 60% participation interests in the Waterberg Coal Project located in Lephalale area, Limpopo Province, South Africa. On 5 October 2012 Firestone Energy Limited (ASX/JSE: FSE) (the “Company” or “FSE”) announced that it had received shareholder approval for the proposed The first stage of the project is to develop the financial restructure which included a $40.7 million funding facility from Ariona Smitspan mine which has a substantial Company SA. measured thermal coal resource and to develop the Vetleegte mine which is a Since 5 October 2012, the Company has been working with Ariona to satisfy the substantial metallurgical coal deposit. remaining conditions precedents that have taken longer than originally expected. While all the conditions precedent have now been satisfied, Ariona has requested Firestone Energy is committed to becoming a a seven day extension in order to propose a deed of variation as to the terms of profitable independent coal and energy the financial settlement, to which the board has agreed, that may result in the producer at its projects in South Africa, financial completion occurring in stages. thereby making a substantial contribution to the social and economic development of the Ariona is a special purpose vehicle representing a consortium of international Lephalale area and South Africa. institutional and private investors focusing on global resource opportunities. Corporate Details ASX: FSE JSE: FSE Issued Capital: 3,114 million ordinary shares Yours sincerely, Major Shareholders: Sekoko Resources (Pty) Ltd Linc Energy Ltd BBY Nominees Pty Ltd Bell Potter Nominees Ltd David Knox Directors and Officers Chief Executive Officer www.firestoneenergy.com.au Non Executive Directors: Tel: Australia (+61 08 9287 4600) Mr Tim Tebeila (Chairman) South Africa (+27 11 706 3548) David Perkins (Deputy Chairman) Dr Pius Kasolo Ben Mphahlele Kobus Terblanche About Sekoko Resources Officers: Sekoko Resources (Pty) Ltd is a South African-based black-owned energy and minerals Mr David Knox CEO company developing the coal, magnetite iron ore and PGMs Projects in the Limpopo Ms Amanda Matthee CFO Mr Jerry Monzu Company Secretary Province of South Africa. This includes a significant exploration program and development of the Waterberg Coal Joint Venture Project based on significant Coal Zone Resources. Contact: SPONSOR Suite B9, 431 Roberts Road RIVER GROUP Subiaco, Western Australia 6008 JOHANNESBURG Tel: +61 (08) 9287 4600 13 NOVEMBER 2012 Web: www.firestoneenergy.com.au Date: 13/11/2012 08:38:00 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.