Madagascar Oil Limited announced the appointment of Robert Estill, as Chief Executive Officer, Michael Duginski, as an Independent Non-Executive Director and Andrew Morris (an existing Non-Executive Director) as Non-Executive Chairman all of which took place on 21 January 2015. As envisaged by the board structure set out in the deed of undertaking (as announced on 24 September 2014), upon the appointments of Michael Duginski and Robert Estill, Richard Laing has resigned from the Board with effect from 21 January 2015 to pursue other business interests and Gordon Stein has stepped down from the Board with effect from 21 January 2015, but will remain in his role as Chief Financial Officer of the company. Robert Estill has joined the company as Chief Executive Officer, bringing with him 30 years of leadership experience in exploration, production, development and management, in international oil and gas companies.

He recently spent 11 years at Marathon Oil Corporation, where he held the position of Vice President of Strategic Planning and Portfolio Management and, prior to this, he was President and Managing Director of Marathon Oil U.K. Ltd. Michael Duginski has joined the company as an Independent Non-Executive Director. Mr. Duginski was most recently with Berry Petroleum company since 2002, where he has acted as Executive Vice President and Chief Operating Officer since September 2007. Mr. Morris joined the Board on 22 October 2014, as the nominated representative of SEP, and previously held the position of Non-Executive Chairman from 18 December 2012 to 14 November 2013.