Directorate Change

31 March 2014

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Madagascar Oil Limited announces a Directorate Change

Madagascar Oil (AIM: MOIL) is pleased to announce that Gordon Stein will join the Board of Directors of the Company (the "Board"), effective immediately. He will join the Board as an independent Director in his role as Chief Financial Officer (CFO) for the Company, in which capacity he has served since 28 June 2013.

Following this appointment, the Board will consist of six Directors, Iain Patrick (Senior Independent Director), Richard Laing, Al Njoo, Madjedi Hasan, David Mahoney and Gordon Stein.

The Information included below is required under Schedule Two Part (g) of the AIM Rules for Companies:

Gordon Bowman Stein (aged 55)

Gordon Stein is a member of the Chartered Institute of Public Finance & Accountancy and was previously CFO at Cadogan Petroleum plc which is an independent oil and gas exploration, development and production company with onshore gas and condensate assets in Ukraine. Preceding this he has been CFO at Vanguard Energy Limited and Regal Petroleum plc. He has also held senior financial and operational management positions in Fairfield Energy Limited, Acorn Oil & Gas Limited, LASMO plc, Monument Oil & Gas plc, Centrica plc and BG plc. Gordon has over 21 years' experience in the upstream oil and gas sector in the UK and internationally, including Ukraine, Tunisia, Venezuela, Algeria and Turkmenistan.

There is no further information to be disclosed pursuant to Schedule Two Part (g) of the AIM Rules for Companies.

-ENDS-