Madagascar Oil Limited announced that Mr. Andrew Morris and Mr. Paul Ellis, both existing Non-Executive Directors of the company, have been appointed as Non Executive Chairman and Chief Executive Officer respectively, with immediate effect. Mr. Laurie Hunter and Mr. Mark Weller will step down immediately as Chairman and Chief Executive Officer and Chief Operating Officer respectively and will resign from the Board on 31 December 2012. They will be retained as consultants to the company for up to six months.