Investor Update
Major Shareholders
Shareholder
Shares (millions)'
% of total
Benchmark Advantage Fund
51.1
19.9%
Blakeney Group
30.8
12.0%
Persistency
29.5
11.5%
MSD
18.8
7.3%
The John Paul DeJoria Family Trust
12.8
5.0%
Outrider Management
15.1
5.9%
RAB Special Situations
13.8
5.4%
Carmignac
8.6
3.4%
Norges
Henderson
6.6
2.6%
6.6
2.6%
Management
Sub-Total
Total Shares Outstanding
2
3.6
1.4%
197
76.9%
257
100.0%
14 May 2012
1 As reported to the Company by its shareholders in accordance with the Company's bye-laws.
Excludes 9.6 million options at prices from 32-95 pence and 533,330 shares of restricted stock.
IPO in December 2010; Secondary Offering in February 2012
Strong institutional base holds over 75%+ of shares
Benchmark controlled by Al Njoo, CEO of heavy oil player Nations Petroleum
Investor Update
MADAGASCAR OIL
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