Notification of Major Interest in Shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Madagascar Oil Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

X

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

RAB Capital Limited acting as discretionary manager of RAB Special Situations (Master) Fund Limited and RAB Global Mining and Resources (Master) Fund Limited

4. Full name of shareholder(s)  (if different from 3.):iv

 Credit Suisse Client Nominees (UK) Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

 27 February 2012

6. Date on which issuer notified:

 28 February 2012

7. Threshold(s) that is/are crossed orreached: vi, vii

 6%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect

Direct

Indirect

ORDINARY SHARES

12,347,000

12,347,000

n/a

n/a

13,790,000

n/a

5.48%

BMG5738R1016

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

n/a

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

n/a

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

13,790,000

5.48%*

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

RAB Capital Limited acts as an investment manager for RAB Special Situations (Master) Fund Limited ("SS") and RAB Global Mining and Resources (Master) Fund Limited ("GMR" and, together with SS, the "Funds") which are the beneficial owners of the securities disclosed as follows:

SS: 13,550,000

GMR: 240,000

The legal title to all of these securities is held on behalf of the Funds by nominee, Credit Suisse Client Nominees (UK) Limited.

Proxy Voting:

10. Name of the proxy holder:

n/a

11. Number of voting rights proxy holder will ceaseto hold:

n/a

12. Date on which proxy holder will cease to holdvoting rights:

n/a

13. Additional information:

*this figure was calculated using 251,788,467 as notified by the issuer on 27/02/2012

14. Contact name:

RAB Capital Limited - Legal Team

15. Contact telephone number:

020 7389 7000