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

Other (please specify):

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

Phineus Partner LP

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

Benchmark Advantage Fund, Ltd

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

 20%

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

ISN BMG5738R1016

Below 3%

Below 3%

51,059,805

51,059,805

20.279%

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

Total (A+B+C)

Number of voting rights

Percentage of voting rights

51,059,805

20.279%

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

Proxy Voting:

10. Name of the proxy holder:

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

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

13. Additional information:

14. Contact name:

Michael Grant, Phineus Partners LP Investment Adviser)

15. Contact telephone number:

001 415 677 0722