Investor Update
Summary
■ The Company fully achieved its work objectives for the year 2010
Tsimiroro field
24 new wells were drilled and
■
430 km of ERT survey was completed in the heavy oil field play.
Bemolanga field
■
The drilling program exceeded the planned 70 wells with 86 core wells drilled.
MADAGASCAR OIL
The Bemolanga assessment program and mining analysis was completed in April 2011.
Exploration Blocks
880 km² of GORE micro-seepage survey area on Blocks 3105, 3106 and 3107 was completed on schedule
and the laboratory test results are now being analyzed.
■ Upcoming value changing events on the Tsimiroro Block to increase commercial potential
The Company expects Netherland Sewell & Associates (NSAI) to complete its report on the evaluation of the
2010 work on the Tsimiroro resource base in July 2011.
The Company will restart the installation of the Tsimiroro steam flood pilot facility. Based on the delay
incurred it is now expected to achieve first production in Q3 2012, rather than Q4 2011 as originally planned.
■ Funding for at least 2 years in place
The delay in 2011 and added work on the Exploration Blocks may require supplemental funding in mid-2013.
17 June 2011
Investor Update
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