Investor Update

Conventional Prospects: Billion Barrel Plus Potential MADAGASCAR OIL There have been at least 7 conventional oil and gas prospects identified through work to date Potential OIP (millions Block Field Name Leads Lead Type of BBL's)¹ 3102 3102 Bemolanga 2 Basement 440 Basement 450 3104 Tsimiroro Undet Unknown 3104 3105 Manambolo 2 Channel Sand 200 Channel Sand 380 3106 Morondava 2 Channel Sand 500 Channel Sand 260 3107 Manandaza 1 Structural 520 1 Based on Company estimates. 14 May 2012 Investor Update 3106 3107 25

View entire presentation