Investor Update

Tsimiroro: A World-Class Resource Cumulative Production MMBOE 2500 14 May 2012 2000 1500 1000 500 0 0 5 10 15 Circa 1976 MADAGASCAR OIL -Tsimiroro Contingent & Prospective Cumulative Production Brent Field Cumulative Production T 20 25 30 35 40 Years of Production Source for Brent Field: UK PPRS "Petroleum Production Reporting System" (www.og.decc.gov.uk/pprs/full_production.htm) Investor Update 18

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