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:

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 the notification obligation: iii

RAB Capital Limited acting as discretionary manager for RAB Special Situations (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 on which the threshold is crossed or reached: v

11.09.2012

6. Date on which issuer notified:

12.09.2012

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

5%

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

ORDINARY SHARES*

BMG5738R1016

14,090,000

14,090,000

n/a

12,09,000

n/a

4.72%

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

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

12,090,000

4.72%

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

RAB Capital Limited acts as investment manager for RAB Special Situations (Master) Fund Limited, which is the beneficial owner of the securities disclosed.

The legal title to these securities is held on behalf of the beneficial owner by its 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 cease to hold:

n/a

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

n/a

13. Additional information:

*this figure was calculated using 256,035,137 as the current issued share capital as published on the

 Madagascar Oil company website on 11.09.2012

14. Contact name:

RAB Capital Limited - Legal Team

15. Contact telephone number:

020 7389 7000