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 the appointment of Mr. David Mahoney to the Board of Directors of the Company (the "Board"), effective immediately.

Mr. Mahoney is being appointed as a Non-Executive Director and is the representative of SEP African Ventures Limited (formerly Persistency Private Equity Limited ("Persistency")). As described in the circular of 28 December 2012, and in accordance with the terms of the Relationship Agreement, SEP African Ventures Limited has the right to appoint a representative to the Board. The Relationship Agreement was entered into by Benchmark Advantage Fund, Ltd. ("Benchmark"), Persistency and the Company on 18 December 2012, and amended on 24 January 2013, 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.

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

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

David John Mahoney (aged 48)

Mr. Mahoney, was born and educated in the UK and began his career there, handling probate matters and wills/estates administration. He then moved offshore to Guernsey, and in an offshore finance industry career spanning 28 years has worked for an accountancy firm and major banking groups in Guernsey, Jersey, Grand Cayman, and the Bahamas, handling complex multi-jurisdictional offshore structures, for ultra-high net worth clients worldwide, whilst most recently providing consultancy services on risk management, operational procedures, and regulatory compliance matters to offshore banks. He holds numerous senior board positions in diverse trading operations in the UK, Europe, and the United States.

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

-ENDS-