Madagascar Oil provides an update on the restructuring of its Board and management team as envisaged following the financing transaction completed on 12 February 2013.

The Company announces the following appointments to the Board of Directors of the Company (the "Board") as Non-Executive Directors, effective close of business 28 June 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 28 June 2013. Madagascar Oil also announces 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.

Tags: Madagascar Oil S.A.