Investor Update

Tsimiroro NPV Projection MADAGASCAR OIL Increase from 2010 CPR based on resource volume projected by Netherland Sewell Current case Brent price based on market projections increases from midpoint of $70 to midpoint of $80 Brent with a new low of $60 and a high of $100 ■ Mean Expected Value (EV) represents the best estimate probability of resource value at a 10% discount rate ■ CPR assumption is 70% recovery of Oil in place; Model ranges from 50%-80% (Kern River at 80%) Assumes 29% discount to Brent and 22% of production used for fuel P10 P50 P90 Mean EV US$ mm US$ mm US$ mm US$ mm Expected value of Contingent resources 2010 MOIL CPR 960 MM bbls @$70 Brent $ (412) $ 804 $2,764 CPR case at 1.7 B bbls @ $70 Brent Current case 1.7 B bbls @ $80 Brent $ 731 $ 3,164 $6,667 $ 1,024 $3,500 $2,500 $6,500 $ 11,600 $ 6,748 14 May 2012 Investor Update 20 20

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