Does ODP.NET support EF Model-First with DbContext?

Does ODP.NET support EF Model-First with DbContext?

We're trying to use an Entity Framework Model-First approach with Oracle
11g and ODP.NET 11.2.0.3.20. We'd like to use EF 4.1 or EF 5.0 with
DbContext.
Short version: Has anyone managed to do that?
Long version: On VS2010 and Entity Framework 4.0, everything works fine.
I'm able to Generate Database from Model.
When I try it with EF 4.1 or EF 5.0, I always end up with an Object
reference not set to an instance of an Object error message in Visual
Studio:

I tried it the following ways:
Created a new EF 5.0 model in VS2012, set code generation workflow and
templates to the Oracle stuff (Generate Oracle via T4 (TPT).xaml and
SSDLToOracle.tt). Then I clicked on Generate Database from Model and chose
a working Oracle connection, but Visual Studio just shows that error.
Created an EF 4.1 model in VS2012, same error.
Created an EF 4.1 model in VS2010, same error.
Tried a Database-First approach in EF 5.0 and EF 4.1, same error.
It only works if I'm using VS2010 and EF 4.0.
However, Oracle claims that it should work, see
http://www.oracle.com/technetwork/topics/dotnet/downloads/install112030-1440546.html
:
ODAC supports DbContext APIs.
Has anyone managed to use EF 4.1 or 5.0 with Oracle ODP.NET?