Investor Update
Tsimiroro: Significant Resource Increase
In September 2011 Netherland, Sewell &
Associates, Inc. (NSAI) re-evaluated the 2009 CPR
Tsimiroro data after incorporating the 2010
delineating drilling
the 2011 resource evaluation exceeded Management
expectations
Contingent resources have increased 70% - 75%
across low, best and high estimates
Prospective resources have increased from nil to
991 mmb in the low estimate
c. 175% and c. 275% in the base and high case resource
estimates, respectively
The NSAI recovery factor for the steam flood is
unchanged from the CPR at 70% and the new Best
estimate Contingent OOIP result in a recoverable
volume (2C) of 1.1 Billion barrels
14 May 2012
MADAGASCAR OIL
(STOIIP)
Contingent
Prospective
Total
mmb
mmb
mmb
Low estimate
NSAI 2009
644
0
644
NSAI 2011
1,100
991
2,091
Increase
70.8%
na
224.7%
Best estimate
NSAI 2009
965
786
1,751
NSAI 2011
1,688
2,189
3,877
Increase
74.9%
178.5%
121.4%
High estimate
NSAI 2009
1,412
1,843
3,255
NSAI 2011
2,459
6,872
9,331
Increase
74.2%
272.9%
186.7%
Investor Update
9View entire presentation