Investor Update

Block 3106 Potential Channel Sands MADAGASCAR OIL ◉ Currently appears to be a seismic correlation to two channel sand areas. Targeting light oil or natural gas. ☐ Cretaceous channels have not previously been targeted in any prior Madagascar drilling. 2010 Gore Micro-seepage survey results (hydrocarbon potential indicated by red area) NMK-1 Area 5,500 acres Namikia 1 Area 2,900 acres 14 May 2012 Investor Update Clarify potential channel sand development and look for additional channels with AGG in 2012 and seismic in 2013. OOIP = 7,758 x 8,400ac x 100ft x 20% x 70%/1.2 = 760 MMBO 10km 30

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