GastoPower

Madagascar

Updated,April2009

Disclaimer
This Thi presentation should not b relied upon as a representation of any matter th t a potential i t ti h ld t be li d t ti f tt that t ti l investor or th i t their adviser should consider in evaluating the Company. Potential investors must make their own independent assessment and investigation of the matters contained herein and should not rely on any statement or the adequacy or accuracy of the information provided. The Company and its related bodies corporate or any of its directors, agents, officers or employees d not make any representation or warranty, express or i li d as t di t t ffi l do t k t ti t implied, to the accuracy or completeness of any information, statements or representations contained in the presentation, and they do not accept any liability whatsoever (including in negligence) for any information, representation or statement made in or omitted from this presentation. This presentation may contain forward looking statements that are subject to risk factors associated with the oil and gas businesses. Based on currently available information, the Company believes that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, interest and foreign exchange rates, availability of capital, political risks, project delay or advancement, approvals and cost estimates. Investors should undertake their own analysis and obtain independent advice before investing in Mocoh Resources.
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TableofContent Table of Content

1. 1 2. 3. 3 4. 5. 6. 7. 8. 9. 10. 10 11. ExecutiveSummary E ti S MocohSA MocohResourcesLtd Mocoh Resources Ltd ManjaBlock3108 SikilyWell y GastoPower Economics BenefitsforMadagascar Proposeddealstructure Conclusion C l i Contactdetails
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ExecutiveSummary Executive Summary

The opportunity exists to gain a significant, negotiable interest and operatorship in the Manja 3108 License to develop a GastoPower project for the regional supply of energy to Madagascar. This is thanks to the discovery of gas reserves at the Sikily1 well (southern part of the block). The project requires:
t 1st milestone ( l (prefeasibility f l f b l finalization): ) USD2.5M 2nd milestone (full feasibility): USD10M 3rd milestone (construction and production) USD15M

The current costs simulation demonstrates a power production cost of between 1520 US cents/KWh, whereas the National electricity company Jirama is buying it from other producers at 3767 US cents/KWh. The key benefits of the project to Madagascar are: 1. 2. 2 3. 4. 5. 6. 7. Improved supply of energy Significant reduction in cost of energy Improved power distribution Environment friendly (natural gas vs. heavy fuels) Development of regional industries p g Increase in local employment Reduced foreign exchange exposure

MocohSACompanyProfile Mocoh SA Company Profile

Headquarters in Geneva African focused trading company Trading activities: 30 employees Madagascar activities: 35 employees, including two geologists Has offices in Switzerland, United Kingdom, Madagascar, South Africa, Kenya, Nigeria, Tanzania, Turkey Turnover of just under USD 1billion in 2008 Buys , Sells and Distributes Products and Crude of just under 1M MT in 2008 Operates and d li O t d delivers product and crude i d t d d in Kenya, Sudan, Uganda, Tanzania, Malawi, Zambia, Zimbabwe, Mozambique, Madagascar, Comoros, South Africa, Namibia, DRC, Congo, Nigeria, , , , g , g , Ghana, Morocco, Tunisia, Libya, Algeria and most European countries and the Middle East Is registered and trades with all the major oil companies and National Governments Has lines of credit with many of the large Trade Finance banks.

CompanyStructure Company Structure

MocohResourcesLtd M hR Ltd
Owns100%of

AmicohResourcesLtd Amicoh Resources Ltd

Owns100%of

Manja3108PSA j
ExpendituretodateofapproximatelyUSD8M d d f l
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BoardofDirectors Board of Directors

MichaelHacking
Director Di t Michael has more than 28 years experience in the oil industry and has been highly successful in establishing and managing new businesses in competitive markets. Prior to Mocoh, he was the Managing Director of Vanol I V l International L d an i i l Ltd, international trading company and then established E i l di d h bli h d Engen P Petroleum l International Ltd, the international division of the integrated downstream South African refining company. Michael holds a BA from Cape Town University and an MBA from IMD Business School in Switzerland. Olivier has long experience i th mining and oil i d t i H i currently a di t of M h R Oli i h a l i in the i i d il industries. He is tl director f Mocoh Resources, a former Non Exec. Director of Anzon Energy Ltd, an Australian oil & gas company listed on the Australian stock exchange with a net worth of US$600myn and recently bought by ROC Oil. He is a former director of the Energy Derivatives group at Total Fina Elf and worked as a senior executive at Elf Trading and Credit Lyonnais in SE Asia, Russia & CIS, and Central and Eastern Europe. He has served as a director in bio tech and high tech medical companies.

OlivierFric
Director

DavidTripodi
Director

David has worked on several mining projects in North America and Latin America. Before Mocoh he worked for Caterpillar first as a Marketing Consultant in North America, then as Allocation Manager to the Europe, Africa and Middle East (EAME) markets. David holds an MSc in Metallogeny at the University of Geneva, a P t d t d G Postgraduate degree i Mi i in Mining and E i d Environmental E i t l Engineering at EPFL and P l t h i of i t d Polytechnic f Montreal, and a certificate in Entrepreneurship at EPFL and HEC Geneva.

WillyRanjatoelina
Director

Willy has a very good knowledge of the mining and hydrocarbon sectors in Madagascar with nearly 30 years of professional experience About 10 years working with Office des Mines Nationales et des Industries experience. Stratgiques (OMNIS) including five years as a Director in charge of supervision of new ventures of joint ventures companies and the promotion of oil exploration in Madagascar. Then, nine years as General Manager of the mining company KRAOMITA MALAGASY (KRAOMA) dealing with production, beneficiation, export and marketing of chrome ore. Followed by 10 years as an administrator of companies in the private sector and local representation of several AngloSaxon companies operating in the mining sector (B iti h G l i l S i i t (British Geological Survey, F Fugro Ai b Airborne G Geophysics, etc) and i th fi ld of oil exploration h i t ) d in the field f il l ti (Amicoh Resources Ltd). Mr. Ranjatoelina holds a diploma in Political Sciences from the Institut dEtudes Politiques Paris, as well as a certificate in Petroleum Management from Massachusetts Education Institute Arthur D. Little Inc. in Cambridge, USA. 7

TechnicalTeam Technical Team

PeterMikkelsen
Peter Mikkelsen is a geologist with 32 years of upstream oil industry experience, including 15 years at g g y p y p g y exploration manager level or equivalent. He received a Bsc (Hons) degree in Geology from Oxford University in 1976. He then joined Carless Exploration Ltd, working on its UK onshore and offshore portfolio and was primarily responsible for onshore discoveries in the early 80s. He became VP of Exploration of Carless US subsidiary in 1986 and then returned to the UK to join Brabant in 1988. As exploration director he was involved in a number of North Sea discoveries including Malory Hannay director, discoveries, Malory, and Goldeneye, together with an expansion of Brabants international portfolio into Europe and Tunisia. He is nonexecutive Director of Rift Oil Plc, where he participated to the discovery of high quality gas reservoirs with the PukPuk project in Papua New Guinea. Alain was the senior exploration geophysicist and geologist for Elf Aquitane from 1987 to 1996, when he created his own company Radar Technologies France. He has been involved in Oil and Gas exploration in the Congo, Kurdistan, Kazakhstan, France and Madagascar. He was General Secretary for Elf in Congo. During his career, Alain has made several discoveries of oil, gas and mines in Africa, Middle East and France. Alain has been involved in the Sikily project in 2008, when he undertook a ast a d a ce a as bee o ed t e S y p oject 008, e e u de too thermographic field survey of the Sikily1 well area. He is an Ingnieur des Mines in Atomic and Nuclear physics.

AlainGachet

JacquesParadis

Jacques i a f J is former executive f i from H d Q b and h was M HydroQubec d he Managing Di i Director D Deputy of Ji f Jirama, the h National electricity company in Madagascar. He has created his own company Zphyr, working on the development of power projects in Madagascar and he is also the RSW country representative.

Manja3108 Manja 3108

Mocohs understanding and coverage of the African market b h d di d f h fi k brought several h l investment opportunities. One such project is the very exciting upstream block on the west coast Madagascar Block 3108 Manja Large Oil companies present in Madagascar are Exxon Mobil, Total, Tullow, Essar, Niko Resources, ROC Oil Manja consists of 3 opportunities: North East ( l Exploration Leads) h (Oil l d) Central (Oil Exploration Leads) South (Gas Discovery at Sikily1 Well) Mocohs strategy is to focus on the Sikily gas discovery for GastoPower development
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PermitLocation Permit Location

Permitarea10,725km
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Manja3108 Manja 3108

Mocohs understanding and coverage of the African market b h d di d f h fi k brought several h l investment opportunities. One such project is the very exciting upstream block on the west coast Madagascar Block 3108 Manja Majors present in Madagascar are Exxon Mobil, Total, Tullow, Essar, Niko Resources, ROC Oil Manja consists of 3 opportunities: North East ( l Exploration Leads) h (Oil l d) Central (Oil Exploration Leads) South (Gas Discovery at Sikily1 Well) Mocohs strategy is to focus on the Sikily gas discovery for GastoPower development
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ExistingSeismicandWellLocations Existing Seismic and Well Locations

Sikily1 GastoPower
5explorationwellsand4,141kmofseismicdata(theprofiles indarkblue,2,108km,havebeenreprocessedbyAmicoh)

WorkCompleted Work Completed

Historical:
Gravi/Magdata 4,141kmof2DSeismicdata 5wellsdrilled
3inthe1950sSPM(SocitdesPtrolesdeMadagascar) 3 i th 1950 SPM (S it d Pt l d M d ) 2inthe1970s/80s(ChevronandAmoco). ThesewellswerenotdrilleddeepenoughatthattimetopenetratethemainIsalosandobjective Sikily1(1954)discoveredgasinaMid/LowerJurassicformation,testingat2.65mmcf/d

Amicoh:
Satelliteimagery(tectonicsevaluation) GravityinterpretationwithexistingAeroMag i i i ih i i Geochemicalfieldstudy Reprocessingof2,108kmof2Dseismic(1980sAmoco) Acquisitionof218kmofnew2DseismicbyBGPinNov07 Acquisition of 218 km of new 2D seismic by BGP in Nov 07 FinalmigratedsectionswithKelmaninJune08 ThermographicsurveyoftheSikily1wellarea PrefeasibilitystudyofGastoPowerproject(inprogress) y y p j ( p g )
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Sikily1Well Sikily 1 Well

Sikily1wellwasdrilledin1954bySPM(SocitdesPtrolesdeMadagascar)onamappable surfacefeature,confirmedlater(195556)onagravimetrichigh f f fi dl (1955 56) i i hi h ThiswelltestedgasinMidJurassicorLiassicfrom1417mto1424mandfrom2609to2619 m with a cumulated potential pay zone of 11 5 m withacumulatedpotentialpayzoneof11.5m Thewellproduced75000m3/dofgas(2.65MMscf/d)whichwasofreasonablequality,with 9297%C1withsmallquantitiesofN andCO 92 97% C1 with small quantities of N2 and CO2 Thegasdecreasedby0.9MMCFGPDafter23hours.Nevertheless,thiswellwasunableto reachtheinitialIsalosandstonesobjective reach the initial Isalo sandstones objective
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SikilyThermographicSurvey Sikily Thermographic Survey

Basedonsurfaceprojectionsofdeepthermalanomalies; TheelongatedstructuralblockhostingSikilhy1well(usedforthermographiccalibration),is characterizedbyacoldsubsurfaceanomalyof21kmwhichcorrespondsmostlikely,tothe sizeofthegasfielditself; Discoverofanothercoldanomalycovering12km matchinganotherantitheticstructure; Theboundariesofthesecoldanomaliesareborderedbyahotrim(+4C)matchingthe fracturepatternsdetectedbyradar; Tracesofhydrothermalactivitiesweredetected10kmontheSouthWestofSikilywell,on theboundaryoftheManjapermit(hotspringsanddoleritesinRanoMafana,alongthe Mangokyriver); Wecanexpectthepresenceofhydrocarbonsoveracompactareaof33kmwithpossible connectionsbetweentwomaingasstructures;

Recoverablegasreservesare46BCFwithapotentialof1TCF
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GastoPowerProject j
Mocoh will be using the gas discovered in the Sikily1 well (southern part of the Manja 3108 block) for the regional supply of energy through the development of the Sikily GastoPower project.
1.GasExtraction 2.PowerGeneration 3.PowerSupply
ToliaraRegion(Jirama,AERP) TotalHeavyOilsExtraction MiningCompanies DevelopmentofnewIndustries

NaturalGasPower
Power stations fired by natural gas will be a major part of the futures lowercarbon economy because natural gas is the cleanest fossil fuel available. When used in power generation, gasfired power typically produces 50 percent less carbon dioxide than conventional coalfired plants. Gas fired power plants run with the help of gas turbines, which are similar to airplane engines. Compressed air is forced into combustion chambers, where it mixes with natural gas fuel. The mixture is then burned, making combustion gas. This hot gas expands through the turbine, and its heat energy drives a generator, producing cleaner electricity. Plant fitted with cogeneration technology has an added benefit as some of the steam can be used to supply nearby industry. Supplying h t and power t th lik thi i hi hl energyefficient, cutting overall f l S l i heat d together like this is highly ffi i t tti ll fuel consumption and carbon dioxide emissions.
(source, BP website: www.bp.com )

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Economics
Gas Price $/Mcf Case 1 Case 2 Case 3 14.4 9.1 91 8.3 Power Price* $/KWh 0.11 0.07 0 07 0.06 Required Gas BCF 8.2 32.6 32 6 47.8 Max Plant Capacity MW 5 - 11 27 - 37 44 - 54

* conversion factor of 1Mcf = 301KWh, power production efficiency hypothesis is 44%

INPUT Capex:
WellCosts:US10M/well ProductionFacilities:
1. 2. 3. Case1(2MMScf):US$12M Case2(5MMScf):US$16M Case3(8MMScf):US$20M

OUTPUT GasPrice(assumingNPV=0):
1. 2. 3. Case 1: Case 2: Case 3: 14.4 US$/MScf 9.1 US$/MScf 8.3 US$/MScf

Notintegratedinthepresentmodel: g p
Transportation Capex and Opex

Opex:
1. 2. 3. Case 1 (2MMScf): US$2M/y Case 2 (5MMScf): US$3M/y Case 3 (8MMScf): US$4M/y ( ) $ y

OtherCosts:
Royalty: 8%

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WorkProgrammeUntilProduction
1. PreFeasibility Study (Year1) Pre FeasibilityStudy(Year1)
Acquisitionof5060kmof2DseismicintheSikilyarea(USD2M forYear1)

2. FullFeasibility
Testwelltoproperlyassesssizeandproductionrates(USD10M Test well to properly assess size and production rates (USD 10M forYear2) Reviewoverallprojectseconomics(Year2)

3. Construction(Year3Year4) 4. BeginningofProduction(Year5)
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WorkProgramYear1 TimeLine
Datacompilation,ongoingevaluation,dataacquisition

Budget Item Amicoh visit to OMNIS Re-interpret additional information from BP Overall Review of existing data G&G work to reassess block Sikily Pre-Feasibility Study Thermal Imaging Acquisition of 2D Seismic Interpretation of new seismic Well evaluation & planning Basin modelling Studies Supplementary data gathering trips to Manja Ongoing analysis of the geology of the block

Q1

Q2

Q3

Q4

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BudgetYear1
Q1 USD LICENCE COSTS Administration Fee Training Fee Sub Total WORK PROGRAM Sikily Pre-Feasibility Study Thermal Imaging Manja 2D Seismic Seismic Reprocessing Well Planning Sub Total GEOLOGY & GEOPHYSICS G&G interpretation of existing data Sub Total IN COUNTRY OFFICE COSTS Antananarivo Office Sub Total TRAVEL Management visits to Madagascar Sub Total TOTAL COSTS 16,000 16,000 16 000 360,000 16,000 16,000 16 000 305,000 16,000 16,000 16 000 305,000 16,000 16,000 16 000 1,125,000 64,000 64,000 64 000 2,095,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 36,000 36,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 320,000 320,000 105,000 200,000 200,000 15,000 20,000 1,020,000 90,000 200,000 200,000 1,000,000 90,000 400,000 1,000,000 15,000 20,000 1,525,000 100,000 100 000 50,000 150,000 100,000 100 000 50,000 150,000 Q2 USD Q3 USD Q4 USD Total USD

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BenefitsforMadagascar Benefits for Madagascar

Improved supply of energy Significant reduction in cost of energy Improved power distribution Environment friendly (natural gas vs. heavy fuels) Development of regional industries Partnership with world class companies and key stakeholders (Jirama) ( )

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ImprovedSupplyofEnergy Improved Supply of Energy

Presently fuels are brought into Madagascar through private companies who are also the distributors of gasoil and gasoline through their petrol stations These companies have no incentive to reduce cost Their margins are high and the cost of fuels are some of the highest in Africa These products are imported from the AG by tanker into Tamatave On discharging, losses occur Storage losses, handling fees, forex fees, insurance and general finance fees, are all loaded on to the cost of energy This product is then reloaded on to a vessel which does the circuit of the island to discharge to all the various ports around the island eventually arriving to Tulear on the South West side of the island. The cost of this product is extremely h h f the end consumer h f h l high for h
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SignificantReductioninCostofEnergy Significant Reduction in Cost of Energy

The cost of electricity produced from this gas project will be b b substantially l i ll lower than the present cost. h h Our current understanding is a production cost of electricity of 1520 US cents/kWh, whereas Jirama is buying it from other producers at 37 67 US cents/kWh 3767 cents/kWh.

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ImprovedPowerDistribution Improved Power Distribution

Madagascarpowermostlygeneratedbyexternalandcostintensive resources NointerconnectedtransmissiongridinMadagascar JIRAMAoperatessmallgridsaround3majorurbancentres: JIRAMA t ll id d3 j b t AntananarivoAntsirabe(70%ofMadagascarelectricityconsumption), Transmission Toamasina, Grids Fianarantsoa Restofthecountryservedbystandalonesystems (notall24hrservice) Installedgridcapacity:140MW,insufficientwithloadsheddingofatleast 10MWoccurringatpeakdemandtimes Duetolowdemandlevelsandlargedistancesbetweenloadcentres,local Due to low demand levels and large distances between load centres local standalonesupplysystemsstillremaintheleastcostsolutionforsupplyin themajorityofareas

Manja The Sikily gas represents a clean alternative for a gasfired power 3108
plant to substitute highcost power generation
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EnvironmentFriendly Environment Friendly

(source:www.naturalgas.org)

Natural gas is an extremely important source of energy for reducing pollution and maintaining a clean and healthy environment. In addition to being a domestically abundant and secure source of energy, the use of natural gas also offers a number of environmental benefits over other sources of energy, particularly other fossil fuels. As well as providing an efficient competitively priced fuel for the generation efficient, of electricity, the increased use of natural gas allows for the improvement in the emissions profile of the electric generation industry. Essentially, electric generation and industrial applications that require energy, particularly for heating, use the combustion of fossil fuels for that energy. Because of its clean burning nature, the use of natural gas wherever possible, either in conjunction with other fossil fuels, or instead of them, can help to reduce the emission of harmful pollutants. p p
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KeyPartners Key Partners

Jirama,MadagascarNationalElectricity Company p y Caterpillar,Switzerland&Madagascar RSW Canada RSW,Canada IPAEconomics,AbuDhabi MadaHydro,Madagascar

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ProposedDealStructure Proposed Deal Structure

Mocoh Resources is prepared to offer 20% of its shares in Amicoh for USD 2.5M During 20102011, on the anticipation of a positive prefeasibility study, Mocoh Resources will raise a further USD 10M offering 30% of Amicoh, to drill one well Debt financing will be sought for the final investment in gas generators

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CONCLUSION
TheSikilyGastoPowerprojectrespondstomanyoftheenvironmentaland socialinvestmentcriteriaforNGOsandcommercialinvestors:
Improved supply of energy I d l f Significant reduction in cost of energy Improved power distribution Environment friendly (natural gas vs. heavy fuels) Development of regional industries Increase in local employment Reduced foreign exchange exposure Madagascan gas for the people of Madagascar

Thecommercialupsidefortheinvestoristheopportunityofthesubstantialoilreservesinthe northandcentralpartoftheblock.Theworkthathasbeendonecreatesaworldclass opportunity. pp y Interestedcompanieswillberequiredtosignconfidentialityagreement,andwillthenbeinvited forpresentations,andtoviewthetechnicalinformationindetailonaKingdomworkstation.

Wewouldbedelightedtospeakwithinterested partiesatyourconvenience

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CONTACTDETAILS
DavidTripodi David Tripodi 14,RueEtienneDumont 1204Geneva Switzerland Tel:+41223109401 Tel + 41 22 310 9401 Fax:+41223105245 email:david.tripodi@mocoh.ch or MichaelHacking h l k 14,RueEtienneDumont 1204Geneva Switzerland Tel:+41223105244 l Fax:+41223105245 email:michael.hacking@mocoh.ch