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 Ltd

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

Other (please specify):

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

Blakeney LLP

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

Blakeney Investors

CC Development Partners LP

Blakeney LP

ONYX LP

Ithaca LP

Austin Alpha LP

Heviben LP

Palo Alto LP

Menafrika LP

Blakeney Sand Hill LP

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

27th February 2012

6. Date on which issuer notified:

27th February 2012

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

12%

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 xii

Direct

Indirect

BMG5738R1016

13,359,026

0

30,819,026

0

30,819,026

0

12.24%

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

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

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

30,819,026

12.24%

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

Name of Company / Fund

Number of Shares

% of issued share capital

Blakeney Investors

5,920,400

2.35%

CC Development Partners LP

902,700

0.36%

Blakeney LP

9,338,970

3.71%

ONYX LP

2,488,200

0.99%

Ithaca LP

634,500

0.25%

Austin Alpha LP

3,239,200

1.29%

Heviben LP

4,947,400

1.96%

Palo Alto LP

2,036,156

0.81%

Menafrika LP

1,038,700

0.41%

Blakeney Sand Hill LP

272,800

0.11%

Proxy Voting:

10. Name of the proxy holder:

Blakeney LLP

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

Not applicable

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

Not applicable

13. Additional information:

The percentage figure was calculated using the new issued share capital of 251,788,467 which includes the new placing shares admitted on 27th February 2012.

14. Contact name:

Michael Mumford

15. Contact telephone number:

020 7352 4117