Investor Update

Key Milestones Corporate Blocks Exploration Bemolanga Tsimiroro 14 May 2012 Steam Flood Pilot construction completed NSAI First Update Oil 2011-12 AGG/Drill Initial Steam Flood Pilot Results Anticipated PSC Amendment Seismic Programme and Processing Seismic Results/Next Steps Airborne Gravity (AGG) AGG Programme Survey results Begin Corp. Social Resp. U.S. ADR Programme Listing Begin farm- out marketing program Select strategic alternative (Farm-In, Sale, Development) Q2 Q3 Q4 2012 2012 2012 Q1 2013 Q2 Q3 Q4 Q1 2013 2013 2013 2014 Investor Update MADAGASCAR OIL 11

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