Madagascar Oil Limited announced that Teck Soon Kong, a non-executive director of the company and nominated representative of Benchmark Advantage Fund Ltd. and BMK Resources Limited has, at the direction of the Benchmark Parties, resigned from his position as a representative of the Benchmark Parties and non-executive director of the board, with immediate effect. In addition, Al Njoo has resigned from his position as a representative of the Benchmark Parties and non-executive director of the board, with immediate effect. Consequently, David Mahoney, a non-executive director of the company and nominated representative of SEP African Ventures Limited has, at the direction of SEP, resigned from his position as representative of SEP and non-executive director of the board, with immediate effect.

In his place, Andrew Morris, who was previously the non-executive chairman of the company, has been appointed as a non-executive director of the company and as the nominated representative of SEP, both with immediate effect.