Madagascar Oil Appoints Former Chevron Canada President as Joint CEO

Wednesday, 26. July 2006 21:13

LONDON and NEW YORK, July 26, 2006 (PRIMEZONE) -- Madagascar Oil
Limited (MOL), Madagascar's leading onshore oil and gas company, is
pleased to announce the appointment of Alex Archila as joint Chief
Executive Officer, effective July 27, 2006. The roles and
responsibilities of CEO will be held jointly with current CEO and
company founder Sam Malin during an interim period.

MOL's Chairman, Robert Nelson commented: "Alex's 24 years of
international oil and gas operations will add tremendous value to
MOL. His proven leadership, strategic thinking and commercial
expertise will help continue setting the right direction for creating
maximum value from our assets for all stakeholders."

Sam Malin said: "With Alex's appointment we have strengthened the
leadership team at MOL in line with the growing potential and ongoing
development of our licenses. Alex brings with him exploration,
production and commercial expertise. In particular, his experience
with large asset transactions and with heavy oil operations in Canada
and South America will add a new dimension to our team. I am
confident that Alex will continue leveraging the momentum that the
MOL team has already established and will add to the very significant
value already created by the management team. I am looking forward to
helping transition Alex fully into the CEO role over the coming
months and to assuming, in due course, the role of President of
Madagascar Oil Ltd. and President Director General of Madagascar Oil
SA with specific responsibility, amongst others, for government and
parastatal relationships in Madagascar."

"I look forward to working closely with Sam and the team he has built
in meeting the challenges of taking Madagascar Oil to the next stage
as we proceed with development of the company's considerable assets,"
said Alex Archila. "Madagascar is one of the most exciting untapped
energy opportunities in the world, offering both great exploration
potential and significant discovered resources. The combination of
heavy oil, conventional oil, gas for steam generation and even
surface mining potential, make Madagascar especially attractive and
is drawing interest from major oil companies around the world. With
the largest onshore acreage, longstanding relationships and deep
understanding of the country, Madagascar Oil is uniquely positioned
to be at the forefront of exploration and development of Madagascar's
energy resources."

Alex Archila joins MOL from Chevron Limited where he served as
President during the past four years. During that period, he was also
a member of Chevron Corporation's Management Committee. In his
position Mr. Archila was responsible for Chevron Canada's 90,000
gross boed of production, onshore and offshore exploration together
with marketing of crude oil, natural gas and natural gas liquids. In
prior roles, Mr. Archila was President of ChevronTexaco Colombia
where he managed a 500 MMSCFD offshore natural gas production and
marketing operation and was Director of Texaco's Houston based
International Acquisitions and Divestitures group. Mr. Archila has
served on several industry and non-profit boards including the
Canadian Association of Petroleum Producers (CAAP), the Colombian
Petroleum Association (ACP), The Glenbow Museum and the Hispanic
Engineer National Achievement Award Conference (HENAAC).

About Madagascar Oil

Headquartered in London and domiciled in Bermuda, Madagascar Oil Ltd.
is an oil and gas exploration and production company focusing on the
development of onshore heavy oil fields and exploration of onshore
conventional oil and gas prospects in Madagascar. Through its
subsidiaries, Madagascar Oil SA and Majunga Oil SARL, Madagascar Oil
holds production sharing contracts (PSC) for oil and gas exploration
and development on six onshore blocks covering nearly 53,000 square
kilometers (20,500 sq mi) in Madagascar, including a heavy oil field
at Tsimiroro and an ultra heavy oil field at Bemolanga. Madagascar
Oil and its management team are committed to supporting the country
of Madagascar's efforts to develop its oil and gas resources in an
efficient and environmentally sensitive manner and to contributing
actively to the social and economic advancement of the island nation.

CONTACT: Madagascar Oil (London)
Tim Nelson
44 207 812 60 53

Hill & Knowlton (New York)
Athanasia Sfikas
(212) 885-0415

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