Notice of AGM

14 November 2011

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Notice of AGM

Madagascar Oil announces that it has today posted to shareholders of the Company notice of an annual general meeting (the "AGM") to be held in New York on 8 December 2011 at the office of King & Spalding LLP located at 1185 Avenue of the Americas, New York, New York 10036 at 11.00am (Eastern time).

Further details of the resolutions are set out in the notice of AGM sent to shareholders, an electronic copy of which is available on the Company's website www.madagascaroil.com.

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-