Board Changes

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

31 December 2012

 MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Board Changes

Madagascar Oil announces, as set out in the announcement of 18 December 2012 and the circular posted to Shareholders on 28 December 2012 (the "Circular"), the following changes to the board of directors of the Company (the "Board"):

·; Laurie Hunter, Mark Weller, John van der Welle and Colin Orr-Ewing, all being Non-Executive Directors, have resigned from the Board with immediate effect

·; The Company welcomes the appointment of Peter Kingston as a Non-Executive Director and representative of the Benchmark Parties (as defined in the Circular), effective immediately. The information on Peter Kingston that falls to be disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules was disclosed in the announcement of 18 December 2012

·; The Company also welcomes the appointment of Iain Patrick as an Independent Non-Executive Director, effective immediately

Mr. Patrick has ca. 30 years experience in the international oil and gas industry. After graduating with an LL.M in 1980, Iain worked as an oil industry lawyer before joining Monument Oil and Gas plc in 1988 where he held the position of Commercial Director until the sale of the company in 1999. Iain then co-founded PWX Limited, a consultancy providing business development support to a number of oil and gas companies. In 2006, Iain was appointed as Director of Commercial & Legal Affairs of Gulf Keystone Petroleum (UK) Limited, before joining Edgo Energy limited as the Commercial Director in 2008.

John (Iain) Alexander Patrick (55)

There is no further information to be disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies with regard to Mr Patrick.

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