Directors' Dealings

30 June 2011

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Directors Dealings

The Company announces that Mr John Van Der Welle, Non-Executive Director of the Company, has notified the Company that he has acquired 28,347 common shares in the Company on 29 June 2011 at an average share price of 34.93p pence per share.

Following this acquisition Mr Van Der Welle is interested in 107,294 common shares in the Company (including options and restricted shares), representing approximately 0.06 per cent. of the Company's issued share capital.

Contact Information:

Madagascar Oil Limited +1 (713) 357-4820

Rene O'Neil

Strand Hanson Limited +44 (0)20 7409 3494

Angela Peace

David Altberg

Pelham Bell Pottinger +44 (0)20 7861 3232

Mark Antelme

Jenny Renton

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