Madagascar Oil : Director’s Dealings

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
29 January 2015

MADAGASCAR OIL LIMITED ("Madagascar Oil" or the "Company") Director's Dealings

Madagascar Oil (AIM:MOIL) announces that it was informed on 28 January 2015, by Steve Hope, a Non- Executive Director of the Company and representative of Outrider Master Fund, L.P. ("Outrider"), that Outrider has made the following purchases of common shares of US$0.001 each in the capital of the
Company ("Common Shares"):

Date of dealing	Number of Common Shares purchased	Price paid per Common Share (£)
9 December 2014	200,000	0.07975
10 December 2014	160,000	0.08500
11 December 2014	100,000	0.08000
28 January 2015	100,000	0.04500

As a result of the abovementioned dealings, Outrider is now interested in 187,390,232 Common Shares, representing approximately 28.7 per cent. of the Company's issued share capital.

-ENDS- Contact Information:

VSA Capital Limited Andrew Monk Andrew Raca Justin McKeegan	[phone]
Bell Pottinger Henry Lerwill	[phone]