Madagascar Oil Limited Investor Update 17 June 2011 Not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia or Japan. 17 June 2011 Investor Update 1
Contents Summary and Overview Tsimiroro Bemolanga Exploration Blocks Funding Projection Appendices 17 June 2011 Investor Update 3
Summary and Overview 17 June 2011 Investor Update 4
Summary We have resolved with the Government of Madagascar our outstanding delays on our Tsimiroro asset. At our Management Committee Meeting on 16 June 2011 for the Tsimiroro Block (3104), the following matters were addressed: -…
Summary The Company fully achieved its work objectives for the year 2010 Tsimiroro field 24 new wells were drilled and 430 km of ERT survey was completed in the heavy oil field play. Bemolanga field The drilling program exceeded…
Area Overview The Madagascar Oil Limited (MOIL) group concessions cover five contiguous onshore blocks in Madagascar comprising 29,500 km2. Tsimiroro - A heavy oil field, currently with 965 million barrels Contingent Original-…
Oil Resources Introduction MOILs significant oil resources are contained in two key assets: The 100% Working Interest Tsimiroro field is the largest asset. NSAI 2008 Original Oil in Place (OOIP) Tsimiroro Low Estimate Best…
Tsimiroro 17 June 2011 Investor Update 9
Tsimiroro ERT Campaign 2010 - ELECTRICAL RESISTIVITY TOMOGRAPHY (ERT) The objective of the ERT Survey was; 2010 ERT lines and wells to facilitate picking the locations for the 2010 delineation wells. Main to assess in more detail…
Expansion of Resource 2010 Program - Drilling and ERT The dual approach to increase the resource base as well as move resources from Prospective to Contingent was advanced as planned in 2010. 1. An initial review of the ERT survey…
Tsimiroro Field Planned 2011 FTG Full Tensor Gravity (FTG) airborne gravimetric survey Bemolanga 2010 survey Tsimiroro FTG survey purpose: 1. Tie Tsimiroro interpretation into 2010 Bemolanga Survey. Block 3102 2. Provide detailed…
Future Plans and Adjusted Timeline Tsimiroro Field Conduct FTG and drilling , based on 2010 ERT and drilling results, to add to Contingent Resources - Design FTG program for 2011 following analysis of 2010 results. Drill 20 new wells…
Bemolanga 17 June 2011 Investor Update 14
Overview Bemolanga The Total and Madagascar Oil Joint Venture (the JV) has proposed and the government has agreed to: - Grant an extension of the current PSC exploration phase - Shift the work program focus to pursuit of deeper…
Bemolanga Future Steps Madagascar Oil and Total will: Pursue deep plays. - Conduct 8600 km of airborne FTG gravimetric survey to determine potential basement structures - Assess need for seismic acquisition. - The PSC will extend…
Bemolanga Mining Conclusions The JV drilled and cored 160 wells in 2009 and 2010 to define and test the PIIP and recovery. - Completed tests on bitumen content. - Tested extraction using hot water process. - Estimated required…
Exploration Blocks 17 June 2011 Investor Update 18
2010 Work Completed Exploration Blocks GORE report issued in March 2011 Three of the seven areas surveyed show good indications of hydrocarbon accumulation: 3107 Area 1 3105 Area 2 3105 3106 Area 2 Two areas have poor…
Exploration: Potential 2011 Work Program A Full Tensor Gravity Gradiometry (FTG) survey program is being proposed in 2011 to gain key data and efficiently utilize the time remaining this year. FTG preliminary estimate (subject to…
Overview Full Tensor Gravity (FTG) Gradiometry FTG - Airborne Gravity Gradient and Magnetic acquisition: Regional context and over areas of interest. Dykes effectively mapped to great detail and main faults identified. Basement…
Funding Projection 17 June 2011 Investor Update 22
Funding Projection Use of funds MOIL currently has approximately 59 million to Item Cost (US mm) provide funding for the Tsimiroro field pre- development testing and the Exploration Block Drilling (Tsimiroro) 2011-2102 3.0…
Appendix 17 June 2011 Investor Update 24
Organization Introduction Executive Directors and Senior Management Technical Staff J. Laurie Hunter Chairman and CEO L. Jim Lederhos Chief Engineer Mark Weller COO Matt Meyer Chief Mining Engineer Seth Fagelman CFO Jim Collins…
Multi Zone Steam Flood Pilot project to restart installation Key Features Steam Flood Schematic Proven technology and extensive industry Injection Well experience minimizes concern over technical Production Well TOW application…
Tsimiroro Steam Flood Pilot Facilities Central Plant Designed Water Preparation/Conditioning Maximize use of equipment already in country imported by MOSA. Steam and Electrical Generation Use oil to generate steam and electricity.…
Projected Tsimiroro Block 3104 Work Schedule 17 June 2011 Investor Update 28
Overview Exploration Blocks MOIL has 100% of three exploration blocks Exploration drilling history PSC 3105 Manambolo - contains two prospective areas covering over 38,000 Well Name Year Drilled Operator TD (metres) Result…
Block 3105: Preliminary GORE Results Hydrocarbon Potential Model 8: Red closures represent a 50% Prospective Area 1 probability of subsurface trapped hydrocarbons. PA 1 does not appear to have any significant areas above…
Block 3106: Preliminary GORE Results Hydrocarbon Potential Model 8: Red closures represent a 50% probability of subsurface trapped hydrocarbons. Area 1 Saronanala East A and B do not appear to have any significant areas above…
Block 3107: Preliminary GORE Results Hydrocarbon Potential Model 8: Red closures represent a 50% probability of Area 1 subsurface trapped hydrocarbons. Good potential is indicated with above background readings noted in all three…
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