Investor Update

MADAGASCAR OIL 100 Tsimiroro Steam Flood Pilot Facilities Central Plant Designed Use oil to generate steam and electricity Recycle most of the water and re- inject as steam Uses technologies that are reliable and robust Safety and Environmental protection built into plan Instrumented to monitor key components, rates, temperatures and pressures, monitor and troubleshoot onsite and remotely Water Preparation/Conditioning Steam and Electrical Generation Oil/Water Separation Oil Storage LAY DOWN AREA 14 May 2012 Investor Update 15

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