BLIGH VENTURES LIMITED(BLV)

name changed to Volant Petroleum Limited

company changes its registry to Gould Ralph, Level 42, 259 George St, Sydney

company advises of a change of name to Volant Petroleum Limited

company announces the appointment of Messers Ramzy El Adl and Igor Sidelnikov to its Board of Directors, as part of the ongoing restructuring process

the various resolutions considered at the general meeting today were carried on a show of hands

company advises that Mr Christopher Ryan has resigned as a Director of the Company, effective from the close of business on 23 May 2006

lodges Half Yearly Report and Half Year Accounts for the period to 31 December 2005

company advises that Mr Christopher John Yong has been appointed Joint Company Secretary of Bligh Ventures Limited and its controlled entities - Ms Leni Stanley continues as Joint Company Secretary also

company advises of the appointment of two new directors to its Board, Mr Joseph Naemi and Mr Bruce G Thomas - existing directors Mr Surrey Bogg and Mr Stephen Blanks have today tendered their resignations

the company provides notice of a general meeting of shareholders to be held at 11:00am on 22 May 2006 at Level 1, 101 Edward St, Brisbane, QLD - the meeting is to consider the acquisition of interests in oil exploration tenements in the middle east - also a Prospectus is in preparation for Bligh (to be renamed Volant Petroleum Limited) to offer to investors 100 million Shares at 30 cents

the company delays the lodgement of its Half Year Report for the period ended 31 December 2005 as it is in the process of finalising a transaction that would potentially have a significant impact on the disclosures contained in the report

the company advises it will make an announcement, probably this week, in relation to a backdoor listing acquisition

company advises that it has cancelled 23,000,000 unlisted options previously issued to Directors on 6 August 2004

company announces that it has entered into an acquisition agreement with Triton Hydrocarbons Pty Limited ("Triton") for the acquisition of interests in two highly prospective petroleum exploration tenements in Egypt and associated capital raisings - it is intended that a general meeting of the Company will be called for mid January 2006 to approve the deal

company advises that both resolutions were passed at the AGM today

provides notice of annual general meeting to be held at Level 1, 101 Edward Street, Brisbane, Queensland on Wednesday 30 November 2005 at 11.00 am

the Company has placed 398,832 new fully paid ordinary shares at 10 cents each to Triton Hydrocarbons Pty Ltd - it is in advanced negotiations with Triton Hydrocarbons in relation to the acquisition of interests in "highly prospective oil exploration tenements" in the middle east - further details will be released once the negotiations are complete - it is envisaged that the shareholder meeting required to approve this transaction will be held in December 2005

lodges annual report

we understand directors are actively pursuing opportunities in the investments, technology and resources fields that will hopefully lead to the re-quotation of the company's shares

we have asked directors for an update of developments

company lodges Half Yearly Report/Half Year Accounts to 31 December 2004 - they show a lot of red ink and a net tangible asset backing of a negative 0.2cents a share - there is significant uncertainty as to whether the company will continue as a going concern - directors talk about a capital raising and restructuring but it remains to be seen whether that will proceed

little of substance has reached the market since September 2004 and there is no word of any recent developments on the company's website

lodges annual report

lodges prelim final report

a series of resolutions were passed at a general meeting in Brisbane issuing options to directors, setting directors fees and approving a management agreement with only 800 votes for the resolutions and only 71,839 discretionary votes exercised in favour by directors - this company is essentially under the control of Westchester Ventures and its associates

advises the reconstruction of capital is complete whereby every 4 `Old' fully paid shares have been consolidated into 1 `New' fully paid share and every 4 `Old' options exercisable at 5.0 cents have been consolidated into 1 `New' option exercisable at 20 cents - entitlements were rounded up where excess shares equalled 2 or more

company offers to buy back shares at 4 cents a share, at the same time telling shareholders that it hopes they will decline the offer

at AGM a number of very significant changes to the capital structure of the company were proposed and approved - shareholders are referred to the Notice of Meeting released to ASX on 13 November for details

the company has not paid its annual listing fee - it will be removed from the official list on 1 September 2003 if it does not pay the fee by Friday Aug 29

the company failed to lodge its half yearly financial statements on time and ASIC has taken action to prevent the company from using the limited disclosure regime when raising money

company's shares suspended from trading following the implementation of the reduction of capital approved by shareholders on 28 November 2002 - shareholders were sent a holding statement for shares in Panaseer Ltd (formerly Techniche Ltd), a cheque representing the cash component of the reduction of capital and an explanatory statement on the tax consequences of the reduction