Investor Update

Projected Tsimiroro Block 3104 Work Schedule 2010 Actual Schedule 2011 Estimated Schedule 2012 Estimated Schedule 2013 Estimated Schedule JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJ Rainy Season Rainy Season Rainy Season MADAGASCAR OIL 2014 Est. Schedule A S O N D J F M A M J J Rainy Season Block 3104 Structural Interpretation Rain ERT contracting ERT mobilization ERT acquisition ERT lab processing Reservoir analysis NSAI Study Delineation drilling Mobilization Drilling Steam Flood Pilot Engineering and Design Site Preparation Permitting Infrastructure improvements Rebuild Steam Generation Equip. Drilling equipment Drill and complete 28 wells Install Steam Generation Equip. Staffing and supervision Long lead items - Facilities Central plant construction Field piping Electrical System Testing Water source and disposal Pre-Commission Systems Start cyclic steaming Start continious injection Production test Steam Flood evaluation 17 June 2011 Delay time Work completed Projected work Projected work-partial progress Investor Update 28

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