Replacement: Board Changes

The following amendments have been made to the ' Board Changes' announcement released on Monday 31st December at 7.01am under RNS No. 5040U

The text now states that John (Iain) Alexander Patrick is currently CEO of Trinity Energy Limited and is not a Director of Grey Panther Management Limited as stated in the announcement previously released.

All other details remain unchanged.

The full amended text is shown below.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

31 December 2012

 MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Board Changes

Madagascar Oil is pleased to announce that, further to the announcement of 18 December 2012, the appointment of Mr. Peter Kingston to the board of directors of the Company (the "Board") has today become effective. The Company also announces the resignations of Laurie Hunter, Mark Weller, John van der Welle and Colin Orr-Ewing from the Board.

Madagascar Oil is also pleased to announce the appointment of Iain Patrick as a Non-Executive Director, effective immediately.

Mr. Patrick has 30 years experience in the international oil and gas industry. After graduating with an Ll.M in 1980, Iain worked as an oil industry lawyer before joining Monument Oil and Gas plc in 1988 where he held the position of Commercial Director until the sale of the company in 1999. Iain then co-founded PWX Limited, a consultancy providing business development support to a number of oil and gas companies. In 2006 Iain was appointed as Director of Commercial & Legal Affairs of Gulf Keystone Petroleum (UK) Limited, before joining Edgo Energy limited as Commercial Director in 2008. Iain is currently CEO of the oil and gas consultancy, Trinity Energy Limited.

John (Iain) Alexander Patrick (aged 55)

There is no further information to be disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.

Contact Information: