Timetable for proposed Delisting

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

9 March 2016

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Timetable for proposed Delisting

Madagascar Oil announces that, further to its announcements of 2 March 2016 and 4 March 2016 setting out, inter alia, that the Company would be seeking a Delisting, at the insistence of the Relevant Lenders, pursuant to the Framework Agreement, a circular convening a Special General Meeting (the "Circular") to propose resolutions to approve the cancellation of the admission of the Company's Common Shares to trading on AIM (the "Delisting") and the adoption of new Bye-Laws (together the "Resolutions") will be dispatched to Shareholders shortly.

If the Resolutions, which are inter-conditional, are approved by Shareholders at the Special General Meeting, then the Delisting is currently expected to take effect on 8 April 2016.

Should there be any change to the timetable the Company will inform the market at that point.

As announced on 2 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. However, should the Delisting become effective, Shareholders should note that, 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 detail in the Company's announcement of 2 March 2016) following Delisting, as 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 the 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 Framework Agreement, appended as Appendix I to the Company's announcement of 2 March 2016.

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