Holding in Company

14 October 2011

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Holding in Company

Madagascar Oil received notification yesterday that, following the acquisition of 8,633,600 common shares of US$0.001 each in the capital of the Company ("Shares") on 13 October 2011, by Outrider Master Fund, LP, the total number of Shares in which Outrider Management, LLC is now interested is 11,681,790, the nature of such interests being as follows:-

a) as general partner and investment adviser to Outrider Master Fund, LP, which is the registered shareholder of 8,633,600 Shares; and

b) as trading manager and having sole investment discretion with respect to an account of HFR EM Outrider Master Trust, which is the registered holder of 3,048,190 Shares.

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

Henry Lerwill

-ENDS-