Investor Presentaiton

Summary MADAGASCAR OIL We have resolved with the Government of Madagascar our outstanding delays on our Tsimiroro asset. At our Management Committee Meeting on 16 June 2011 for the Tsimiroro Block (3104), the following matters were addressed: - - OMNIS and the Ministry of Mines & Hydrocarbons acknowledged that our Tsimiroro Production Sharing Contract is valid and its validity has never been in question. Our work programme and budget for 2011-2012 has been approved. The Company presented the complete work programme and budget for the 3 year steam flood pilot and OMNIS and the Ministry acknowledged that the annual work program is part of this three-year programme. OMNIS and the Ministry acknowledged that MOL will be exercising its option to a 2 year extension to the term of the Tsimiroro production sharing contract which will effectively extend the contract term to August 2014. The parties acknowledged that MOIL has suffered a six month force majeure event and the Management Committee will consider a six month extension if needed to complete the work programme. Management believes that it will have sufficient time to complete the Tsimiroro steam flood pilot based on our existing contractual rights and the assurances provided at our management committee meeting. We also have confirmation from OMNIS that the Management Committee Meeting for the Company's exploration Blocks (3105, 3106 and 3107) will be held on 6 July 2011 and we expect to resolve the delays for those blocks in due course. We believe that this exercise with the Government of Madagascar has served to educate the current government officials as to our historical compliance under our contacts, the amount of work we have completed in country relative to our peers and our plans for future development to bring online the country's first commercial oil production. The comprehensive review of Tsimiroro by the Government should serve to strengthen our future position and return risk to a normal level for African operations. 17 June 2011 Investor Update 5

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