Directorate Change

22 May 2014

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Directorate Changes

Madagascar Oil (AIM:MOIL) today announces that Mr Madjedi Hasan, a Non-Executive Director of the Company and nominated representative of Benchmark Advantage Fund Ltd ("Benchmark"), has chosen to resign from the board of directors of the Company (the "Board"), with immediate effect. Mr Hasan feels unable to continue as a member of the Board due to, what he regards as, fundamental differences in opinion with certain other members of the Board.

Benchmark has exercised its right, in accordance with the terms of the Relationship Agreement, to appoint a nominated representative to the Board in order to fill the vacancy created by Mr Hasan's resignation. The Relationship Agreement was entered into by Benchmark, SEP African Ventures Limited ("SEP") (formerly Persistency Private Equity Limited ("Persistency")) and the Company on 18 December 2012, and amended on 24 January 2013. The Relationship Agreement was entered into, inter alia, to afford certain protections to shareholders of the Company, given the significant influence the substantial shareholders, being Benchmark and Persistency, could potentially exert on the Company.

Accordingly, Mr Teck Soon Kong, has been appointed as a Non-Executive Director of the Company and a nominated representative of Benchmark, also with immediate effect.

The Board now comprises six Directors: Iain Patrick (Senior Independent Director), Richard Laing (Non-Executive Director), Al Njoo (Non-Executive Director and Benchmark representative), Teck Soon Kong (Non-Executive Director and Benchmark representative), David Mahoney (Non-Executive Director and SEP representative) and Gordon Stein (Chief Financial Officer).

Ian Patrick, Senior Independent Director Non-Executive Director, said:

"I would like to welcome Teck Soon Kong to the Board and look forward to working with him, and the other new Board members, to drive forward the development of the Company, building on the recent Declaration of Commerciality. I would also like to thank Madjedi Hasan, on behalf of the Board, for his service as a Non-Executive Director of the Company during a period of significant change for the Company."

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

Teck Soon Kong (aged 73)

Mr. Kong spent 31 years with Royal Dutch Shell plc ("Shell") and five years as an adviser in the Minister's Office of Petroleum & Mineral Resources, Saudi Arabia.

Following his retirement from Shell in 1996, he served as Chairman and Chief Executive Officer of Nelson Resources Limited, Chief Operating Officer and Chief Executive Officer of Nimir Petroleum, Director of Pearl Energy (Pte) Ltd. and also as Chairman of Noble Denton Holdings Ltd. from 2002 to 2009.

Mr. Kong currently serves as a Director of Sterling Resources and has held the position of Chairman at AIM listed Sunkar Resources plc since 2006.

Mr. Kong holds a BSc (Hons) in Chemical Engineering from Imperial College, University of London.

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

-ENDS-