Notification of Major Interest in Shares

9 August, 2011

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Notification of Major Interest in Shares

Madagascar Oil has today received notification from MSD Capital L.P. that following the acquisition of 3,675,000 ordinary shares in the Company, it now has a holding of 18,789,000 shares in the Company, representing 9.77% of the Company's 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

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