Test Sales Approved in Madagascar

Madagascar Oil is pleased to announce that the Company’s wholly-owned subsidiary, Madagascar Oil
S.A. (”Madagascar Oil SA”), has been advised, via a “Communique de Presse: Conseil des Ministres” (the
“Communique”), that the decree approving test sales of Tsimiroro crude oil in the local market was
approved at a meeting of the Council of Ministers on 21 May 2014.

The decree was presented by the Minister at the Presidency in charge of Strategic Resources and a copy
of the decree, issued by the Secretary General of the Government, confirming the Communique is
expected to be received by the Company within the next few weeks. It is intended that test sales of, in
aggregate, between 55,000 and 73,000 barrels of Tsimiroro crude oil will commence in the second half
of 2014 and will last for a period of up to six months under the terms of the current exploration licence.

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