| Key Highlights |
- Madagascar Oil drilled over 40 wells in 2007 and 2008 and conducted geologic and reserves studies on the 100% interest Tsimiroro Block 3104. This work resulted in an assessment that the area referred to as the Tsimiroro Field may contain over 5.5 billion barrels of total oil-in-place, and that 1.78 billion barrels can currently be classified as Contingent (1C+2C+3C) oil-in-place.
- In 2008 Madagascar Oil successfully produced 2000 barrels of 13 degree API crude from the Tsimiroro Field during a cyclic steam stimulation pilot test. The pilot project represented the first sustained production in Madagascar and proved convincingly that conventional steam production techniques hold great promise for developing the field.
- Work accomplished at Bemolanga (Block 3102) successfully defined the potential for mining the shallow 10 degree API bitumen that has been estimated to have over 2.5 billion barrels of recoverable reserves and was sufficient to attract a French major, Total, to purchase an interest in the field in 2008.
- Total joined the Bemolanga project as a 60% partner and operator, with a significant financial contribution to the joint work program. Total carried out an aggressive work program in 2009 and is preparing to further define the mining potential in 2010 for the portion of the block referred to as the Bemolanga Field.
- Madagascar Oil geophysical consultants identified at least one significant prospect in each of the 100% interest Blocks 3105, 3106 and 3107. The company shot 200 kilometers of 2D seismic in 2009 to further define the highest level prospect on each block. Analysis of the new data identified nine potential leads for additional follow-up. Work in 2010 is underway to assess the potential hydrocarbon capture in the structural and stratigraphic traps by measuring the surface micro-emissions over the lead areas.
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