Investor Update

Tsimiroro Prospects ■ The Airborne Gravity Gradiometry (AGG) survey was completed in October 2011. ■ Full analysis of the AGG will be complete in mid-2012. ■ No specific prospects have yet been identified. ■ The shallow field appears to follow a long gravity high on the block, which corresponds with our current findings and indicates that there is additional heavy oil to be explored. Heavy Oil Area 14 May 2012 Investor Update MADAGASCAR OIL 22 27

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