Madagascar Oil Limited Overview May 2019

Overview of the Opportunity Large Certified Oil Reserves (NSAI 2019) 614 / 2,357 MMBO 2P/3P Reserves (Gross) 1,498 / 1,512 MMBO 2C/Prospective Resources 50% - 70% Oil Recovery using Steam Flood EOR 15o API Crude, 0.3% Sulfur, Low-Metals, No Wax Onshore, Scalable, Development Ready Low-Risk, Low-Cost Shallow Drilling c. 180,000 BOPD Peak Production Capacity Maintirano Marine Export Facility Flagship Madagascar Oil & Gas Project First National Petroleum Development License Top-Tier PSC Terms, 50-Year Exploitation Period NPV10 $2.7 Billion, IRR 26.3% Oil Recovery Factor rates not unusual; Duri is 70% (? - check) World’s biggest very low Sulphur oil reserve – IMO20 leadin

Attractive fiscal terms Bottom line is fiscal terms are very good for Madagascar If asked about Breakeven prices – note that once reservoir is heated up, production simply continues, ie can stop new drilling and still have production (unlike Shale). We expect breakeven to be around $30/bbl without intervention, noting can go to less than $15/bbl to cover opex, ie stay cashflow-positive (previous analysis had $36/bbl breakeven price (across full cashflow, noting this had only happened for 39 days since June ‘04), $15.3/bbl to cover opex) NB Deleted economic terms slides

OIL & GAS HUB DEVELOPING IN MADAGASCAR REGION Offshore Mozambique and Tanzania c. 150 - 200 Tcf of gas has been discovered in recent years; major world-scale LNG projects being developed Onshore Madagascar over 20 billion barrels of oil has been found over the last 100 years Majors: BP recently signed Madagascar offshore PSCs, ENI studying potential Regulator OMNIS (Office des Mines Nationales et des Industries Strategiques) recently announced 40 offshore blocks being offered for tender Madagascar region is becoming a key oil & gas centre