Investor Update

Disclaimer MADAGASCAR OIL This presentation (the "Presentation") is being made available publicly by Madagascar Oil Limited (the "Company") for information purposes only and does not constitute an offer or invitation to subscribe for or purchase any securities. Neither the Presentation nor anything contained in it nor the fact of its distribution shall form the basis of, be relied on in connection with, be considered to be or act as any invitation or inducement to enter into any contract or commitment whatsoever or otherwise engage in any investment activity (including within the meaning specified in section 21 of the Financial Services and Markets Act 2000). The information contained in the Presentation is for background purposes only and is subject to completion, revision, amendment and verification. The Company is under no obligation to update the Presentation. No reliance should be placed on the information and no representation or warranty (express or implied) is made by the Company, any of its directors or employees or any other person, and, save in respect to fraud, no liability whatsoever is accepted by any such person, in relation thereto. Some statements contained in the Presentation may be forward-looking statements. Actual results may differ from those expressed in such statements, depending on a variety of factors. Any forward-looking information contained in the Presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. Past performance of the Company or its shares is not a guide to future performance. The Presentation has been prepared in accordance with English law and the English courts will have exclusive jurisdiction over any disputes arising from or connected with the Presentation. By receiving any of the Presentation you agree to be bound by the foregoing provisions. 14 May 2012 Investor Update 2

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