Madagascar Oil announces Management Changes

19 July 2013

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Madagascar Oil Limited announces Management Changes

Madagascar Oil (AIM: MOIL) today announces the resignation of Paul Ellis as Chief Executive Officer (CEO) of the Company.

Mr. Ellis stepped up from the position of Non-executive Director in December 2012 to help guide the Company though a transitional period. During that period the Company completed a significant financing and made a number of key management appointments including COO and Country Manager, Stewart Ahmed and CFO, Gordon Stein. Mr. Ellis and the Company have decided that now is an appropriate time for the Company to seek new leadership, to take the Company to the next stage of development, where the focus will be on operating the Steam Flood Pilot and preparation of a Feasibility Study in order to demonstrate commercialisation of the project. Mr. Ellis has therefore formally tendered his resignation as CEO, will step down from that role immediately, and will now begin serving the six month notice period of his Service Agreement. Mr. Ellis remains a Director of the Company.

The Board will immediately begin its search for a new CEO and will update the market as and when appropriate.

Andrew Morris, Chairman, commented:

"I would like to express my gratitude to Paul, who stepped up to the CEO position at a difficult time for the business and was instrumental in the Company's turnaround project and refinancing. We are fortunate to continue to have his skills and experience available to us as we move into the next phase of Madagascar Oil's development, and as the Board looks for a new CEO."

-ENDS-