Investor Update
Funding Projection
MADAGASCAR OIL
At 30 April 2012, MOIL has approximately US$50
million to provide funding for the Tsimiroro field pre-
development testing and the Exploration Block
opportunities. Funding will now be allocated as
shown:
- Increasing resource and proving commerciality of
Tsimiroro asset through a steam flood pilot
Further development of conventional prospects
on all 5 blocks
This cash is expected to fully fund the MOIL capital
programme into 2014.
Capital Structure
Basic common shares O/S
256,035,137
Restricted stock issued
533,330
Common shares O/S
256,568,467
Shares issuable upon:
Item
Delineation Drilling (Tsimiroro)
Steam Flood Pilot Capex
Use of funds
Cost (US$ mm)
$2.3
$19.0
$10.0
$3.9
$14.8
$50.0
Steam Flood Pilot operation
Exploration Block FTG
Working capital (into 2014)
Total
There is potential that additional funds will be needed for
all project decisions. However, every effort will be made
to conserve capital on planned expenditures. In addition,
certain events may adjust costs and/or provide income.
Options (ranging from 30-95 pence)
Fully diluted shares O/S (1)
9,625,788
266,194,255
(1) Excludes 160,000 options and 70,020 warrants with a strike price of
$10.00/share or greater
14 May 2012
Investor Update
32
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