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18 October 2012

 MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Board Appointment

Madagascar Oil is pleased to announce the appointment of Paul Ellis as a Non-Executive Director of the Company, effective immediately.

Mr. Ellis has over 40 years' experience in the areas of exploration, production, development and management of international oil and gas ventures and most recently was CEO of Serica Energy Plc from 2005 to 2011. Prior to this role, he served as Chief Operating Officer of Emerald Energy plc, which operated heavy oil fields in Colombia. He commenced his oil industry career as a petroleum reservoir engineer with British Petroleum. He also served as Technical Director of Charterhouse Petroleum, Director International E&P of British Gas and Senior Vice President International of PanCanadian Petroleum (now Encana) in Canada. In these senior roles he has held technical and financial responsibility for new ventures and projects in over 20 countries. Mr. Ellis is a member of the Society of Petroleum Engineers.

Mr Ellis's background and experience further strengthen the Board's ability to provide guidance and leadership to the Company on a corporate and technical level.

Paul William Ellis (aged 66)

Current Directorships Past Directorships (last 5 years)

Jordan Energy and Mining Ltd Serica Energy plc

(Non-Executive) Telerian Systems Ltd

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

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