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Investor Update

MADAGASCAR OIL MOIL Acreage Compares Favourably Acreage held by MOIL in Madagascar is similar in size to acreage in Uganda where recent discoveries have occurred. Madagascar Oil Ltd Acreage Position Uganda acreage: Lake Albert to Lake Edward 2 30 30720 304 3 31200 31-400E 32200 South Sudan 324 33 E 14 May 2012 W E 3102 3104 LEGEND TOWNS LICENSED AREAS UNLICENSED AREAS LAKES Gas Discovery Oil Discovery ROAD NETWORK INTERNATIONAL BOUNDARY 3105 3106 3107 100 km E E KOBORO D.R.Congo BAZA EASE EAS АРЦА KIBALE EA30 BUNCHBUGETO FORT PORTAL KUUWENGE Tanzania 30 Rwanda 30 DOE 3100 20-400 ©Petroleum Exploration and Production Department, February 2012 Investor Update HAY Uganda EAS RHINO CAMP BASIN Size 2,941 sq.km Licensed to Neptune Petroleum (U) Ltd on 27 Sept 2005. EA1 PAKWACH BASIN Size 3058 sq.km Licensed to Tullow Uganda Ltd on 3 Feb 2012 for an exploration period of one year JOBI-RII DISCOVERY AREA Size 598 sq.km Six Discoveries: Ngiri, Jobi, Rii, Jobi- East, Mpyo and Gunya in this area. Discoveries under Appraisal by Tullow Uganda Limited. BULIISA DISCOVERY AREA Size 427 sq km Six discoveries; Ngege, Kasamene, Kigogole, Wairindi, Ngara and Nsoga in this area. Discoveries under Appraisal by Tullow Uganda Operations Pty Ltd. BOGA MASALA KAISO-TONYA DISCOVERY AREA Size 1100 sq.km Four discoveries; Mputa, Nzizi, Ngassa and Waraga in this area. Discoveries under Appraisal by Tullow Uganda Operations Pty Ltd before definition of Production Area. KAMPALA KINGFISHER DISCOVERY AREA Size 344 sq.km Production License granted to Tullow Uganda Ltd on 3rd Feb 2012 KANYWATABA PROSPECT AREA Size 171 sq.km Licensed to Tullow Uganda Ltd on 3 Feb 2012 for an exploration period of six months. EA4B LAKES EDWARD/GEORGE BASIN Size 510 sq.km Licensed to Dominion Petroleum Ltd. 27th July 2007. 0510 20 30 40 100 km 300 3020 240061 33-00 8
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