Investor Update

☐ Block 3105 Potential Channel Sands MADAGASCAR OIL Appears to be a seismic correlation to two channel sand areas, with a possible third area. Targeting light oil or natural gas. Channel characteristics similar to Mozambique finds and Angola channel sand production. Area 2,140 acres SER = Area 4,200 acres Serinam 1 2010 Gore Micro-seepage survey results (hydrocarbon potential indicated by red area) OOIP = 7,758 x 6,340ac x 100ft x 20% x 70%/1.2 = 574 MMBO ESER-1 E Seram 1 Clarify potential channel sand development and look for additional channels with AGG in 2012 and seismic in 2013. 14 May 2012 Investor Update 10km 29

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