Result of Annual General Meeting

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

5 October 2012

 MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Result of Annual General Meeting

Madagascar Oil announces that the ordinary resolutions proposed at the Annual General Meeting held earlier today, as set out in the notice dated 6 September 2012, were all duly approved by shareholders.

Special resolution number four regarding the approval of renewed share capital authorities was withdrawn by the Chairman during the meeting. As previously announced on 10 September 2012, the Company is currently reviewing its funding requirements and as such considers it inappropriate to seek a general authority from its shareholders to allot shares at this time. The Company intends to seek such shareholder approval, as appropriate, in due course.

Contact Information:

Madagascar Oil Limited +1 713 357 4820

Laurie Hunter, Chairman and CEO

Mark Weller, Chief Operating Officer

Seth Fagelman, Chief Financial Officer

Strand Hanson Limited +44 (0)20 7409 3494

Simon Raggett

Angela Hallett

David Altberg

Pelham Bell Pottinger +44 (0)20 7861 3232

Mark Antelme

Henry Lerwill