Antananarivo, Madagascar – 23 June, 2017

We refer to the Notice to Shareholders sent to all shareholders of Madagascar Oil Limited (the “Company”) on Thursday 15th June 2017 in connection with the amalgamation of the Company with BMK New Co Ltd (“Newco”) (the “Amalgamation”).

To be effective the Amalgamation required the approval of a simple majority of the Company’s shareholders.

The Company has now received written approval of the Amalgamation from shareholders representing in excess of 90% of the issued shares of the Company.

The Company has therefore registered the Amalgamation with the Bermuda Registrar of Companies and has now received the a Certificate of Amalgamation confirming the Company and Newco are now amalgamated and will continue as one Bermuda company in accordance with the Bermuda Companies Act 1981 (the “Act”).

As a result of the Amalgamation the issued share capital of the Company has been canceled. Shareholders have the right to receive payment from the Amalgamated Company of US$0.0075 per common share previously owned (“Amalgamation Consideration”).

In order to receive payment of the Amalgamation Consideration shareholders must complete and sign the Shareholder Payment Instruction Form and deliver it to the Company in accordance with the instructions set out in that Form. A copy of the Shareholder Payment Instruction Form can be downloaded from the Company’s website.

Note that to receive payment directly a shareholder must hold its shares in its own name. If a shareholder holds shares through a Nominee, then all correspondence and payments must be routed through that Nominee, being the shareholder of record. Shareholders should contact their nominee if they have any questions regarding the process for doing so.

Dissent Right

Under the Act, any shareholder of the Company who did not vote in favour of the Amalgamation and who is not satisfied that he has been offered fair value for his shares may within one month of 15 June 2017, being the date of the giving of the notice of written resolution of shareholders to approve the Amalgamation, apply to the Supreme Court of Bermuda (the “Court“) to appraise the fair value of his shares (a shareholder who makes such application, a “Dissenting Shareholder”).

Notwithstanding the filing by a Dissenting Shareholder of an appraisal application to the Court, all of the common shares of the Company, including those of a Dissenting Shareholder were canceled upon the effectiveness of the Amalgamation on 22 June 2017 and were converted into the right to receive the fair value of a common share of the Company as notified in the Notice, or in the case of a Dissenting Shareholder who makes an appraisal application to the Court, as appraised by the Court.

Payment of any such appraised amount shall be made within 30 days after such fair value is finally determined pursuant to the appraisal procedures of the Act.

In the event that a Dissenting Shareholder fails to perfect, effectively withdraws or otherwise waives any right to appraisal of the fair value of their common shares, such Dissenting Shareholder’s shall be entitled only to the right to receive the Amalgamation Consideration for each such common share.