Result of SGM and Delisting

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

31 March 2016

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Result of SGM and Delisting

Madagascar Oil announces that the Resolutions proposed at the Special General Meeting today at 11.00 a.m. were both duly passed by Shareholders.

Accordingly, the Delisting will take effect, and cancellation of the admission to trading on AIM of the Common Shares is expected to occur, at 7.00 a.m. on 8 April 2016.

As announced on 9 March 2016, the Company will endeavour, with effect from a Delisting, to make a trading service available to facilitate the trading of Common Shares by Shareholders, and the Relevant Lenders have given undertakings in the Framework Agreement to assist with this process. A further announcement will be made as and when appropriate.

However, Shareholders should note that, following the Delisting becoming effective, even if such a trading service is put in place, there will be no public market or trading facility on any recognised investment exchange for the Common Shares and, accordingly, the opportunity for Shareholders to realise their investment in the Company will be much more limited and there will be no public valuation of Common Shares held.

In addition, whilst certain protections and information rights for minority Shareholders have been agreed (as set out in further detail in the Circular, dated 11 March 2016) following Delisting, as shareholders in a private company, Shareholders will no longer be afforded the protections given by the AIM Rules, the Company will no longer be required to retain independent advisers and it will be subject to fewer operational restrictions and less stringent accounting and reporting requirements.

All capitalised terms used herein shall have the same meaning, unless stated or the context requires otherwise, as given to them in the Circular dispatched to Shareholders on 11 March 2016 which is available on the Company's website at www.madagascaroil.com.

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