Investor Update

Tsimiroro Estimated Contingent Case Production • 250,000 MADAGASCAR OIL Based on the 1.7 billion barrel Contingent resource case, peak production will reach approximately 150,000 BOPD in 12 years after production start. This rate would place Madagascar in the top 10 producers in Africa. Mean case generates Government income of over US$2 billion/year for several years and at least US$1 billion/year for 20 years of project life. Net Production Uncertainty Range 200,000 150,000 100,000 50,000 14 May 2012 BOPD Upper Range Lower Range Mean 2012 2017 2022 2027 2032 2037 2042 2047 2052 2057 2062 Investor Update 19

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