Madagascar Oil announces that Mr Madjedi Hasan, a Non-Executive Director of the Company and nominated representative of Benchmark Advantage Fund Ltd ("Benchmark"), has chosen to resign from the board of directors of the Company (the "Board"), with immediate effect. Mr Hasan feels unable to continue as a member of the Board due to, what he regards as, fundamental differences in opinion with certain other members of the Board.

Benchmark has exercised its right, in accordance with the terms of the Relationship Agreement, to appoint a nominated representative to the Board in order to fill the vacancy created by Mr Hasan's resignation.

Tags: Madagascar Oil S.A.