Result of AGM

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

9 December, 2011

 MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Result of Annual General Meeting

Madagascar Oil announces that the resolutions proposed at the Annual General Meeting held yesterday, as set out in the notice dated 14 November 2011, were all duly approved by shareholders.

Contact Information:

Madagascar Oil Limited +1 713 357 4820

Laurie Hunter, Chairman and CEO

Mark Weller, Chief Operating Officer

Pelham Bell Pottinger +44 (0)20 7861 3232

Mark Antelme

Henry Lerwill

Strand Hanson Limited +44 (0)20 7409 3494

Simon Raggett

Angela Peace

David Altberg