Madagascar Oil Limited Announces Board Changes

Madagascar Oil Limited is an investment company. The Company is engaged in the development of the Tsimiroro heavy oil deposit and the exploration for conventional oil on five contiguous onshore blocks in Madagascar. The Company's two principal fields include Tsimiroro Block 3104 (Tsimiroro Block) and Bemolanga Block 3102 (Bemolanga Block). The Tsimiroro Block license area includes the Amboloando heavy oil reservoir, which holds original oil in place of approximately 1.7 billion barrels. The Bemolanga Block covers an area of approximately 5,463 square kilometers and is operated by Total E&P Madagascar S.A.S (Total), which holds around 60% working interest. The Company's exploration blocks include West Manambolo - Block 3105, Morondava - Block 3106 and Manandaza - Block 3107. The Exploration Blocks cover a total area of approximately 17,400 square kilometers in the Morondava Basin and lie to the south of the Tsimiroro Block. Its subsidiary includes Madagascar Oil S.A.