Madagascar Oil Ltd. Annual General Meeting December 8, 2011* * Updated on 6 January 2011 to include non-price sensitive updates on pages 11 and 12, with comparisons to 2010 Admission document metrics, and on page 15 to note the…
Tsimiroro 2010 Data and Drilling Acquired 47 ERT lines comprising 430 km as shown on the map which served as the primary guide for the picking the 2010 drilling locations. Main A 24 well drilling program was successfully Field…
Tsimiroro NSAI Oil Resource Increase The 2011 Tsimiroro resource evaluation exceeded expectations. Netherland Sewell Associates, Inc. completed the reevaluation of the 2010 data in September 2011. NSAI 2009 Original Oil in Place (OOIP)…
NSAI Revaluation of Tsimiroro Resource The Contingent area sizes remained essentially the same, however the oil contour thickness increased to increase OOIP volume. The Prospective Low area increased substantially in size and the…
Tsimiroro Current Estimate of Production Based on the 1.7 billion barrel Contingent resource case, peak production will reach approximately 150,000 BOPD in 12 years after production start. Start of production is estimated at July…
Tsimiroro Pre-Production Cost Up front cost for installation of the initial wells for 10,000 BOPD of production and initial an 50,000 barrel processing facility and export capability will be between 1.25 and 1.5 billion and is not…
Tsimiroro Contingent Case Income Undiscounted income allocation for the life of the field is estimated at 52% to the government and 48% to the operator. Operator is responsible for 100% of the investment over life of project.…
Tsimiroro Annual Cash Flow Contingent resource only case cash flow is shown below. Operator required to make all capital investment over life of project. AGM December 2011 9
Madagascar Oil NPV Projection Increase from 2010 CPR based on resource volume projected by Netherland Sewell. Current case Brent price based on market projections increases from midpoint of 70 to midpoint of 80 Brent with a new Low of…
Tsimiroro Risk Profile and Discount Rate Effect MOIL Probability ranges for NPV10 Expected Mean Values based on Decision Strategies Inc. analysis of 2010 CPR data with: 6.75 EV 1.1 B 15.21 6.7 B 15.2 BEV Mean Values 2011 increased…
Tsimiroro NPV Sensitivity Crude Price Sensitivity Brent Crude 110.00 NPV Brent Price Sensitivity 100.00 Leaving all other factors in the 90.00 original ranges. 80.00 70.00 2011 Contingent case improves 60.00 NSAI 2011…
2011 ERT Test Program Nine ERT lines totaling 47 km were acquired by Stratagem over a portion of the same tracks utilized for ERT acquisition by Worley Parsons in 2010. Stratagem utilizes a different acquisition and processing…
Tsimiroro Field 2011 FTG Survey Airborne Gravity (FTG) 2011 Survey : 6000 Km2 coverage with 16,700 line Km. Survey Purpose 1. Tie Tsimiroro data to Bemolanga Survey. 2. Provide detailed Tsimiroro tectonic Blk 3102 analysis over all…
2011 Tsimiroro Drilling Campaign The 2011 delineation well locations: Focused on Prospective resource areas in the center of the field. All wells drilled through the Isalo, which is 50-100 meters below the Amboloando, to also test…
Tsimiroro Steam Flood Steam Flood Pilot well and facility operations site New Tsimiroro 140 man Camp Installation AGM December 2011 16
Tsimiroro Project Construction Status The Steam Flood Pilot Project status at end of November 2011: Facility Layout Facilities Engineering: 80% Site preparation and civil works: 98% Drilling equipment and materials for pilot…
Steam Flood Location and Timeline Initial cyclic steam injection on producers and injectors in September 2012. Steam Flood start for continuous steam to injection wells expected at end of 2012. 9 patterns with 16 producers and…
Block 3105 Potential Channel Sands Look for definition of path of multiple potential channel sands. Targeting light oil or natural gas. Channel characteristics similar to Mozambique and Angola. 2010 Gore Micro-seepage survey…
Block 3106 Potential Channel Sands Look for definition of path of two potential channel sands. Cretaceous channels have not previously been targeted in any prior Madagascar drilling. Clarify potential 2010 Gore Micro-seepage…
Block 3107 Potential Seismic in 2012 Gore survey in 2010 is inconclusive, but a 11,000 acre central area appears as high hydrocarbon potential. Good hydrocarbon potential distributed across the survey area. The highest potential area…
Planned 2012 Airborne Gravity Program Airborne Gravity (Full Tensor Gravity) Gradiometry survey Area 1 Block 3105 - 8,000 line km Block 3107 - 1,600 line km Areas 2 and 3 1 Block 3106 - 11,000 line km FTG data benefits include: The…
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