Directors Dealings

29 June 2011

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Directors Dealings

The Company announces that Mr J Laurie Hunter, Chairman and CEO of the Company, has notified the Company that The Hunter Capital Defined Benefit Pension Plan, of which Mr. Hunter is a trustee and beneficiary, acquired 100,000 common shares in the Company on 28 June 2011 at an average share price of 35.47 pence per share.

Following this acquisition Mr Hunter is interested in, 2,600,000 common shares in the Company (including options and restricted shares), representing approximately 1.35 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

-ENDS-