Madagascar Oil announced the following appointments to the Board of Directors of the company as Non-Executive Directors, effective close of business June 28, 2013: Mr. Al Njoo, Dr. Achmad Madjedi Hasan and Mr. Richard Laing. In addition, the company announces the resignations of Mr. Ian Barby and Mr. Peter Kingston from the Board, also effective close of business June 28, 2013. Madagascar Oil also announced the appointment of Mr. Gordon Stein as Chief Financial Officer, Mr. Richard Laing will join the Board as an Independent Non-Executive Director.

He replaces Mr. Ian Barby who agreed to step down as part of the arrangements agreed with shareholders prior to the financing transaction completed in February 2013. Until recently, Mr. Laing was CEO of CDC Group plc. As previously announced, Stewart Ahmed is now installed in Madagascar as Chief Operating Officer and Country Manager, and the company announced the arrival of Gordon Stein as Chief Financial Officer.

Mr. Stein will take over from Seth Fagelman as CFO and will be supported by Stuart Wesson as Group Controller in Madagascar.