Investor Update
Oil Resources
Introduction
MOIL's significant oil resources are contained in two key assets:
The 100% Working Interest Tsimiroro field is the largest asset.
NSAI 2008 Original Oil in Place (OOIP) Tsimiroro
Low Estimate
Best Estimate
High Estimate
Contingent OOIP (mmb)
383
940
1781
Prospective OOIP (mmb)
7
708
3747
Total (mmb)
390
1,648
5,528
Source: Netherland Sewell & Associates, Inc. CPR June 2010
MADAGASCAR OIL
The NSAI re-evaluation of the resource, following work completed in 2010, is expected in July 2011.
Work continues to raise the Contingent Resources level in Tsimiroro to the more lucrative reserves level:
We intend to restart construction of the steam flood pilot immediately to be able to determine the
optimum technical parameters for commercial development of a full scale steam flood.
Identification of the most favorable heavy crude sales options to optimize refinery value and transportation
for the crude streams will progress when first production occurs on the pilot following Q3 2012.
The 40% Working Interest Bemolanga asset represents a significant heavy oil mining play, but the mine currently
falls below the economic hurdles necessary to proceed with construction of a bitumen extraction pilot.
"
17 June 2011
The best estimate of the MOIL PIIP remains at 874 million barrels total and 470 million barrels Contingent,
but is in the process of being reassessed by Norwest to include the 2010 testing data.
Investor Update
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