Results of the Special General Meeting

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. 

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

21 March 2012

Results of the Special General Meeting and Issue of Equity

Madagascar Oil is pleased to announce that further to the announcement of 24 February 2012, the special resolution put to its shareholders at the Special General Meeting held earlier today has been duly passed. Accordingly, the 2,200,000 common shares of par value US$0.001("Common Shares") have now been issued.

The new Common Shares will rank pari passu in all respects with the Company's existing Common Shares and application has been made to the London Stock Exchange for these 2,200,000 new Common Shares to be admitted to trading on AIM ("Admission").

It is expected that Admission will become effective and that dealings in the new Common Shares will commence at 8.00 a.m. on 27 March 2012. Following Admission, the Company's issued common share capital will consist of 256,035,137 Common Shares with voting rights. Madagascar Oil does not hold any Common Shares in treasury.

The above figure of 256,035,137 Common Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Madagascar Oil under the Financial Services Authority's Disclosure and Transparency Rules (the relevant provisions of which have been incorporated into the Company's bye-laws).

Contact Information: