Madagascar Oil

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Latest Madagascar Oil News

Madagascar Oil Limited announces Directorate changes
Madagascar Oil (AIM: MOIL) announce the appointments of Mr. David Mahoney and Gordon Stein to the Board of Directors of the Company (the "Board"), effective immediately. Mr. Mahoney is bein
Monday, March 31, 2014

Madagascar Oil provides an update on its operations and latest Tsimiroro Field Development Planning activities
  • Oil production rates have increased month on month averaging 425 Barrels of Oil Per Day ('BOPD') in February, compared to 330 BOPD in January and 222 BOPD in December 2013.
  • Cumulative oil produced from the SFP, which commenced production on 28 April 2013, was 63,436 barrels on 16 March 2014, with 35,180 barrels being stored in the Tsimiroro Field Storage tanks.
  • Recent trials have demonstrated that the steam generators will run effectively on 100% Tsimiroro crude.
  • Independent confirmation has been received over the capability of Tsimiroro crude to meet feed-stock specifications for Madagascar power generation plants, following successful third party blending trials with gasoil (diesel).
Tuesday, March 18, 2014

Madagascar Oil announces company presentation and operational update
  • Steam generation was shut down at the end of November for 10 days to allow the safe drilling of two new temperature observation wells, designed to provide an accelerated steam flood insight in the PSF-11 pattern.
  • Work proceeds on preparation of the Full Field Development Plan by the Tsimiroro Development Planning Team with the pre-requisite Declaration of Commerciality on track for a February 2014 submission.
  • Data consolidation and re-interpretation is now complete across Licence Blocks 3105, 3106 and 3107.
Monday, December 16, 2013

Madagascar Oil announces resignation of director
  • Andrew Morris, Non-Executive Chairman of the Company, has, at the direction of Persistency Private Equity Limited, resigned from the board of directors of the Company and as Non-Executive Chairman, both with immediate effect.
Thursday, November 14, 2013

Madagascar Oil Limited announces taxation settlement with Madagascan authorities
  • The Settlement addresses all tax demands arising from audits undertaken by the Tax Authorities for those fiscal years with the immediate payment to the Tax Authorities of 10.026 billion Ariary (equivalent to nearly $4.5 million).
  • The Company has previously reported that, in July 2010, assessments were received for additional taxes of approximately US$9 million relating to the years 2007 and 2008, mainly related to VAT on foreign services.
Thursday, November 7, 2013

Madagascar Oil Limited announces updated Company Presentation
  • Steam injection on the SFP has now been continuous since May, having commenced on 8 April 2013. Four wells have been placed on continuous steam injection (ISF-1, 2, 5A and 9).
  • A Tsimiroro Development Planning Team ("DPT") has been formed, which includes responsibilities for defining subsurface, facilities, drilling, crude marketing, HSE and stakeholder inputs to the Development Plan.
  • Extensive sub-surface data gathering, Quality Control and consolidation is nearing completion including incorporation of newly discovered legacy seismic data.
Thursday, October 3, 2013

Madagascar Oil announces half year results
  • The Tsimiroro Steam Flood Pilot ("SFP") commenced steam injection on 8 April 2013 and continuous steam generation has been achieved throughout May, June, July and August.
  • Continuous steam injection will now begin to be applied into the designated injection wells whilst continuing to cycle the designated production wells with a clear focus on quality data gathering.
  • Cash in hand at 30 June 2013 was US$45.2 million plus further restricted cash balances of US$1.1 million.
Tuesday, September 3, 2013

Madagascar Oil Limited announces management changes
  • Resignation of Paul Ellis as Chief Executive Officer (CEO) of the Company.
  • The Board will immediately begin its search for a new CEO and will update the market as and when appropriate.
Friday, July 19, 2013

Madagascar Oil announces grant of options and issue of equity
Madagascar Oil (AIM: MOIL) announces that on 10 July 2013 the Company granted options over common shares of par value US$0.001 each ("Options") to a Director and to an Officer of the Compan
Thursday, July 11, 2013

Madagascar Oil Limited announces Board and management changes
  • Mr. Al Njoo, Dr. Achmad Madjedi Hasan and Mr. Richard Laing join Board of Directors.
  • Resignations of Mr. Ian Barby and Mr. Peter Kingston from the Board.
Monday, July 1, 2013

Madagascar Oil Who's Who

Seth Fagelman
Chief Financial Officer
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Gil Melman
General Counsel
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Alvaro Kempowsky
General Manager - Madagascar
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Emma Ralijohn
Deputy General Manager - Madagascar
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Jim Lederhos
Chief Engineer
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Madagascar Oil Offices

Head Office
Country Headquarters
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United States
Administrative Corporate Office
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Mauritius Office
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United States
Administrative Corporate Office
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