Investor Update

14 May 2012 -$2.0 -$4.0 Billions $0.0 $2.0 $4.0 $8.0 Cumulative Discounted Cash Flows $6.0 Year 0 Year 5 Year 10 Year 15 Year 20 Tsimiroro Compared to a Deepwater Tie-Back Project MADAGASCAR OIL Year 25 Investor Update Year 30 Key Project Metrics Recoverable BBLS (millions) Time to Peak Production Deep water Tie-Back Continuous Steam Flood 100 1,182 7 years 12 years Estimated Field Life 15 years 40 years Initial investment (billions) $2.0 $1.3 Gross Revenue (billions) $10.5 $104.1 Deepwater Tie Back Avg. Net Cash Flow Margin 75% 50% Steam Flood NPV10 (billions) $0.9 $6.7 Unlevered IRR 22% 30% Year 35 Year 40 23

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