Investor Update

Bemolanga Mining Conclusions 8042000 COCOHOR 500000 502000 504000 506000 508000 510000 512000 514000 516000 H AUTE 106 Height of bitumen At 3% cut-off 10-12 m 8-10 17 June 2011 6-8 4-6 2-4 0-2 NG N BA 003 ht WHO NINA SAPLE 9121 1129 18129 WAS N N127 NT2 + 121 1428 NGO4 WOMA RAZON ком CAMP MALAY GZON YEAR 5243 5118 1044 3541 North and South bitumen mine areas Investor Update MADAGASCAR OIL The JV drilled and cored 160 wells in 2009 and 2010 to define and test the PIIP and recovery. - - - - - - Completed tests on bitumen content. Tested extraction using hot water process. Estimated required facility and cost. Observations from JV mine analysis: The bitumen volume is greater than 1 billion barrels. Weight percent of bitumen in the ore is half that of Canadian averages at 5.54%. Conventional Clark hot water extraction, recovery above average bitumen of 75%. Madagascar Oil and Total E&P agree that: The low ore grade makes an economic project scenario unlikely in the near future. Commitment to a pilot extraction plant is not a prudent investment at this time. 17

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