Investor Update
Funding Projection
MADAGASCAR OIL
MOIL currently has approximately $59 million to
provide funding for the Tsimiroro field pre-
development testing and the Exploration Block
opportunities. Funding will now be allocated as
shown:
- Increasing resource and proving commerciality of
Tsimiroro asset through a steam flood pilot
Development of drillable prospects on the
Exploration Blocks
This cash is expected to fully fund the MOIL capital
programme over the next two years.
Capital Structure
Drilling (Tsimiroro) 2011-2102
FTG and possible ERT (Tsimiroro) 2011-2012
Steam Flood Pilot (Tsimiroro)
Use of funds
Item
Cost (US$ mm)
3.0
3.0
$30.0
$6.0
$3.0
Exploration Block seismic
Working capital (through mid-2013)
Total
$3.0
$11.0
$59.0
Steam Flood Pilot operation - 9 months
Exploration Block FTG
Basic common shares O/S
Restricted stock issued
Common shares O/S
Shares issuable upon:
Options ($1.59/share)
Warrants ($2.00/share)
192,365,157
4,000,000
196,365,157
1,565,788
718,370
198,649,315
The projected cash flow has been impacted by the
program delay in 2011and an addition as follows:
"
The working capital and legal expense expended
during the government dispute was $4 million.
The addition of the FTG survey on the Exploration
Blocks requires $3 million.
There is potential that additional funds will be needed for
all project decisions. However, every effort will be made
to conserve capital on planned expenditures. In addition,
certain events may adjust costs and/or provide income in
the next 2 years.
Investor Update
23
Fully diluted shares O/S (1)
(1) Excludes 1,590,060 warrants and options with a strike price of
$10.00/share or greater
17 June 2011View entire presentation