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1 July 2015

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Directorate Change

Madagascar Oil (AIM: MOIL) announces that Mr Peter Godfrey has been appointed to the board of directors of the Company (the "Board"), as a Non-Executive Director and as a nominated representative of Benchmark Advantage Fund Ltd ("Benchmark"), with immediate effect.

Benchmark has exercised its right, in accordance with the terms of the Relationship Agreement, to appoint a nominated representative to the Board. The Relationship Agreement was entered into by Benchmark, SEP African Ventures Limited ("SEP") (formerly Persistency Private Equity Limited) and the Company on 18 December 2012, and amended on 24 January 2013. Under the Relationship Agreement, Benchmark has the right to appoint one further Non-Executive Director to the Board whilst the Relationship Agreement remains in place.

Mr Godfrey is a highly experienced oil and gas industry executive with a proven track record of implementing both commercial and operational strategies across a wide range of oil and gas projects. Between 1983 and 1999 he held various project management positions at BP plc, culminating in his role as Commercial Vice President, in which he was responsible for BP's upstream activities in Indonesia.

Following this, Mr Godfrey acted as a management consultant in global energy, running his own practice for over 6 years. Between 2007 and 2010, Mr Godfrey was International Vice President for Arrow Energy, where he successfully initiated a number of projects. Following this, Mr Godfrey then spent 4 years as the Head of Oil & Gas within the Private Equity practice of Standard Chartered Bank, where he was responsible for the sourcing and evaluation of opportunities in the sector, with a particular focus on companies operating in Asia, Africa and the Middle East.

Since leaving Standard Chartered Bank in 2014, he has acted as an independent advisor to institutional investors, fund managers and family offices looking to both source investment opportunities and to manage existing ones within the oil and gas industry.

Mr Godfrey has a B.Sc. Hons from the Management Sciences University of the Manchester Institute of Science and Technology at Manchester Business School. He is also a member of The Energy Institute.

Andrew Morris, Non-Executive Chairman, said:

"I am pleased to welcome Peter to our Board. His extensive international commercial experience in the Oil and Gas industry will be of great value to the Company as it moves into the Development phase of its main Tsimiroro project"

The information set out below is required under Schedule Two Part (g) of the AIM Rules for Companies:

Peter Henry Godfrey (aged 61)

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

-ENDS-

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