Notice of AGM

7 September 2012

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Notice of AGM

Madagascar Oil announces that it has today posted to shareholders of the Company notice of an annual general meeting (the "AGM") to be held on 5 October 2012 at the office of the Company located at 2180 North Loop West, Houston, Texas 77018 at 10:00am (Central time).

Further details of the resolutions are set out in the notice of AGM sent to shareholders, an electronic copy of which is available on the Company's website www.madagascaroil.com.

Contact Information:

Madagascar Oil Limited +1 (713) 357-4820

Rene O'Neil

Strand Hanson Limited +44 (0)20 7409 3494

Angela Hallett

David Altberg

Pelham Bell Pottinger +44 (0)20 7861 3232

Mark Antelme

Henry Lerwill

-ENDS-