Investor Update

2010 Work Completed Exploration Blocks GORE report issued in March 2011 Three of the seven areas surveyed show good indications of hydrocarbon accumulation: 3107 Area 1 3105 Area 2 3106 Area 2 3105 MADAGASCAR OIL Two areas have poor hydrocarbon presence; (3105 Area 1 and 3106 Area 1). Two areas are inconclusive (Areas 2 and 3 in 3107). 3106 3107 The elevated hydrocarbon signature anomalies are not coeval with the seismic prospects, indicating a level of structural/stratigraphic complexity not currently fully understood. Gore and Madagascar Oil are reprocessing the data and will compare with seismic to determine next potential steps. 17 June 2011 Investor Update 19

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