Directors Dealings

5 July, 2011

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Directors Dealings

The Company announces that Mr Ian Barby, Non-Executive Director of the Company, has notified the Company that he has acquired 30,000 common shares in the Company on 4 July, 2011 at an average share price of 33.5 pence per share.

Following this acquisition Mr Barby is interested in 108,947 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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