Notification of Major Interest in Shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

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

Madagascar Oil Limited

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

An acquisition or disposal of voting rights:

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 the notification obligation: iii

MSD Capital, L.P.

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

5. Date of the transaction and date on which the threshold is crossed or reached: v

27 February 2012

6. Date on which issuer notified:

26 March 2012

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

8%, 9%

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

18,789,000

18,789,000

18,789,000

7.45%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise / Conversion Period xiv

Number of voting rights that may be acquired if the instrument is exercised/ 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

Nominal

Delta

n/a

Total (A+B+C)

Number of voting rights

Percentage of voting rights

18,789,000

7.45%

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

Michael Dell is the controlling member of MSD Captial, L.P.'s general partner

Proxy Voting:

10. Name of the proxy holder:

n/a

11. Number of voting rights proxy holder will cease to hold:

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

13. Additional information:

n/a

14. Contact name:

Marc Lisker, General Counsel

15. Contact telephone number:

(212) 303-1668