Investor Update

Overview Exploration Blocks MOIL has 100% of three exploration blocks PSC 3105 - Manambolo contains two prospective areas covering over 38,000 acres five stratigraphic pinch-out leads in three Cretaceous depositional systems MADAGASCAR OIL Exploration drilling history Well Name Year Drilled TD Operator (metres) Result PSC 3105 - Manambolo Serinam-1 1971 Conoco 3,658 Heavy oil (100 API shows) - numerous oil and gas shows in down-dip wells Serinam East-1 1974 Chevron 2,970 Minor gas shows - lacking evidence of hydrocarbon charge Manambolo -1 1985 Amoco 4,262 Heavy oil (10° - PSC 3106 Morondava API shows) - three structural closures have been mapped covering over 31,000 acres Manambolo West-1 1987 OMNIS/P CIAC 2,600 15.6 mmscf/d DST reservoirs expected in the Isalo Il sandstones and Bemaraha carbonates Manambolo East-1 1990 Amoco 1,676 Minor gas shows gas and minor oil shows present in down dip wells within mapped reservoir intervals - charge and trap are the key risk factors ☐ PSC 3107 - Manandaza - four structural closures mapped covering 27,000 acres Lower Sakamena reservoir appears to be poor permeability, but if accumulation can be proved to be of sufficient size, fracturing techniques could be tested for production potential - large area of block has not been examined 17 June 2011 Investor Update Manambolo West-2 1993 OMNIS 1,890 No shows PCC 3106- Morondava Namakia-1 1984 Amoco 4,481 Live oil and trace gas Saronanala-1 1985 Amoco 2,385 No shows - PSC 3107 Manandaza Manandaza-1 1991 Shell 2,508 Non- commercial light oil (41° API) Manandaza South-1 1993 Shell 2,223 No shows 29

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