Madagascar Oil

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Madagascar Oil
Public
Traded as AIM: MOIL.L [1]
Industry Oil and gas [2]
Founded 2004
Headquarters Bermuda [3]
Key people
 Andrew Morris (Chairman)
Robert Estill (CEO)[4]
Website www.madagascaroil.com

Madagascar Oil Limited is an oil company operating in Madagascar.[5] It is the principal onshore oil company in Madagascar in terms of oil resources and land. Madagascar Oil was founded in 2004 by Vuna Energy Ltd. Its CEO is Robert Estill.[4][6] Madagascar Oil is registered in Bermuda with its operational offices in Antananarivo, Madagascar and administrative offices in Houston, Texas.[7][8] Prior to this, the company was based in London, England.[9] The company's flagship oil field is located in Tsimiroro.[10][11] Madagascar Oil wholly owns its subsidiary, Madagascar Oil S.A.[5]

Madagascar Oil's projects are governed by production sharing agreements signed with OMNIS, the relevant Malagasy government agency, in 2004. These agreements provide the Government of Madagascar with a significant stake in future production.

Operations

Madagascar Oil focuses on the development, exploration and production of petroleum. In 2008, Madagascar Oil held the largest licensed onshore acreage in Madagascar.[12] Madagascar Oil holds the large heavy oil fields of Tsimiroro and Bemolanga,[10][13] which are their primary oil fields.[13] The company operates the Tsimiroro field, while Total S.A.,[12] its farm-in partner, operates the Bemolanga field.[14] In 2008, an business agreement granted Total S.A. the operating license for and sixty percent interest in the Bemolanga oil sands.[12][15] In 2010, it raised £50 million in its IPO to finance a pilot project in the Tsimiroro Field. On 15 April 2015, the government granted to the company a 25-year license on the oil production at the Tsimiroro block 3104.[16] 1.7 billion barrels of proven heavy oil reserves exists at Tsimiroro, at a depth of between 100m to 200m.[17] Due to the remoteness of Tsimiroro, the company usually flies employees to the site from Antanarivo, the capital of Madagascar, using small planes.[17]

In addition to the Tsimiroro and Bemolanga, the company holds three exploration blocks: Manambolo, Morondava and Manandaza.[18] On Madagascar Oil's blocks, examples include Manambolo West 1, drilled in 1987 and which flowed 15.6 million cubic feet (440,000 m3) per day on a drill stem test as well as the Manadaza well drilled in the early 1990s that flowed 41° API light crude oil.[citation needed] Analysis of the data from the 2009 seismic survey defined potential reservoir structures of over 1.0 billion barrels (160,000,000 m3) in size.[citation needed]

Company stock

Madagascar Oil is listed on the Alternative Investment Market (AIM) of the London Stock Exchange since 2010.[19] In December 2010, the trade of company's share was suspended after the Malagasy government announcement that the most of the company's oil licenses would be annulled.[19] The dispute was solved and the trade at the AIM restarted in June 2011.[20] Major shareholders include Blakeney Group, the John Paul DeJoria Family Trust,[21] MSD Capital, Outrider Management[21] (Master Fund), Persistency Group, Plainfield, RAB Capital and Touradji Capital Management.

References

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  3. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ 4.0 4.1 Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ 5.0 5.1 Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ 10.0 10.1 Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ 12.0 12.1 12.2 Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ 13.0 13.1 Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  15. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  16. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  17. ↑ 17.0 17.1 Lua error in package.lua at line 80: module 'strict' not found.
  18. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  19. ↑ 19.0 19.1 Lua error in package.lua at line 80: module 'strict' not found.
  20. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  21. ↑ 21.0 21.1 Lua error in package.lua at line 80: module 'strict' not found.
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Further reading

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External links

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