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Investor Update

Tsimiroro - ERT Campaign 2010 - ELECTRICAL RESISTIVITY TOMOGRAPHY (ERT) The objective of the ERT Survey was; to facilitate picking the locations for the 2010 delineation wells. to assess in more detail the Amboloando structures which could contain hydrocarbons. Results of the ERT survey: 47 ERT Lines were run comprising 430 km. The technique improved structural interpretation in the main portion of the field. It provided significant data improvement over prior seismic work. It identified a new field extension of the south end of the field. Employed 200 + national workers, from the areas of influence, in ERT activities (line clearance, access paths and transport and deployment of equipment and cables). The chart shown indicates the ERT lines run and the new wells drilled in 2010, based on the ERT picks. MADAGASCAR OIL 2010 ERT lines and wells Main Field 719 PS MOX-34 ◇ MOX-35 MOX-36 MOX-37 MOX-38 MOX-39 MOX-40 MOX-41 MOX-42 MOX-45 MOX-46 MOX-47 ◇ MOX-48 ... O MOX-49 MOX-50 ◇ MOX-53 MOX-54 MOX-55 MOX-56 MOX-58 MOX-60 MOX-63 ◇ MOX-64 17 June 2011 New Area Investor Update 10
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