Madagascar Oil announces the resignation of Paul Ellis as Chief Executive Officer (CEO) of the Company.

Mr. Ellis stepped up from the position of Non-executive Director in December 2012 to help guide the Company though a transitional period. During that period the Company completed a significant financing and made a number of key management appointments including COO and Country Manager, Stewart Ahmed and CFO, Gordon Stein.

Mr. Ellis and the Company have decided that now is an appropriate time for the Company to seek new leadership, to take the Company to the next stage of development, where the focus will be on operating the Steam Flood Pilot and preparation of a Feasibility Study in order to demonstrate commercialisation of the project. Mr. Ellis has therefore formally tendered his resignation as CEO, will step down from that role immediately, and will now begin serving the six month notice period of his Service Agreement. Mr. Ellis remains a Director of the Company.

Tags: Madagascar Oil S.A.