Madagascar Oil in Madagascar

Madagascar Oil Limited is a Bermuda registered company founded in 2004 and headquartered in Antananarivo, Madagascar. The Company is engaged in the exploration and development of heavy oil and conventional oil deposits on five contiguous onshore blocks in Madagascar.

The Company has exploration and development rights for oil and gas in Madagascar, and the Company’s two principal fields include Tsimiroro and Bemolanga. Block 3104 Tsimiroro is approximately 125km from the west coast of Madagascar. Block 3102 Bemolanga is located approximately 170 km from the west coast of Madagascar.

The Company has 100% interest in Tsimiroro Block 3104. Madagascar Oil also has 100% interest in exploration projects in Manambolo Block 3105, Morondava Block 3106 and Manandaza Block 3107. The Company has a wholly owned subsidiary, Madagascar Oil S.A.

The Company is developing a promising portfolio of onshore blocks in a region of growing prospectivity. Madagascar Oil is Madagascar’s leading and longest operating oil and gas company. It operates five onshore blocks. The Company is the first in the country to advance to the upstream oil and gas development phase.

In 2015, the company was awarded a 25-year development mining title approval for block 3104 – Tsimiroro. The Tsimiroro block controls greater than 1.7 billion barrels of contingent resource base and covers the entire 6,670km2 of Block 3104 including the Tsimiroro Main Field. This development mining title also covers appraisal activities of conventional light oil potential in the Tsimiroro South and Tsimiroro Deep South areas and it demonstrates the Company’s excellent and collaborative working relationship with the Government of Madagascar. This award represents the first Production Sharing Contract to enter into the development phase in Madagascar. It not only awards a 25-year development mining title, but the additional extensions to enable a potential development period of up to 50 years provided production remains commercial.

Madagascar Oil has spent over $300 million in the past ten years through drilling 138 appraisal and pilot production wells in Block 3104 – Tsimiroro; and additionally, designed, constructed and is operating the Tsimiroro steam flood production facility while maintaining its excellent safety record and an environmentally-friendly approach in the vast biodiversity Region. The workforce is currently comprised predominately of Malagasy national employees representing more than 90% of all staff positions.