Madagascar Oil Limited Option Register (internal company records) Certi?cate Option Hozder Exercise Price Options held Date Issued FirSt Exercise Finai Exercise Notes ?whiningDate 7 EBarry Rogers 3 1.30; 200,000; 27-Mae08 2??Mer-06 3 years from 1P0 iimelrhy-Neisee ESurrendered - March 3 Stewart McAlpme 130E 2??Mar~05 27-Mar-06 3 years from FPO 4 Ey?ia?Bea?aza I I Surrendered March ?07 5 $eamila-Mereei Surrendered March '07 6 Bean-Hit: Surrendered - March '07 3 Qieier?Eafem Surrendered - March ?07 8 Beagemn-Skeitee Surrendered March '07 9 Miehaei?MeGewe Surrendered - March '07 1G Barry Rogers 150100.000E 15-Jun~07 15-Jun-O? 27~Mar~11 44 Eydia?Bearleza ESurrendered March ?07 $2 Benjamia-Skeitee Surrendered March ?67 43 Qi?ier?kafent Surrendered - March ?07 44 Surrendered - March ?07 45 Surrendered March '07 45 Heebe?-ArWeaeAFe?haa Surrendereci March ?07 41 Surrendered March ?07 .ECraIg Bond mac-E 27-Mar?08 27-Mar-06 3 years from 1P0 gigg??d as 4?9 Baa?Regem Terminated - Feb ?07 2? Didier Lefont 1.50 the date of issue :2 5 from Issue Eggs}: Of con?rm Page 1 Option Regtsiers Updated 378ept0? Madagascar Limited Option Register (internai company records) Czrti?cate Option Holder Exercise Price Options heid Date Issued First Exercise Final Exercise I Notes . .. Date Date . .. 22 2222222222? 2 2-22: 222-222 ?22 22222229?? Michaei McGown I 1.50 480.000; iba dais of issue 3 5 from Issue 065:5? of centre: 24 Hepbe?-AArsf-tiia Surrendered - March ?07 25 Geeige?Niisen Surrendered March ?07 26 Geergew?iises Surrendered - March 21 Geerge?iises Surrendered - March '07 28 Gemge?N?sen Surrendered March ?07 29 Credit Smsse 1.00 . 20,075,875? iba date of issue 5 from issue W36 _WJosephJacqueS Jean .. .. .. 5-100 dafe of issue 3 from Issue Hgases"wags; {on 1.095.590. 27mm 2mm ?mm Page 2 Option Registers - Updaied