Madagascar Oil

Latest Madagascar Oil News

• Construction phase of the Tsimiroro Steam Flood Pilot is reaching completion and steam injection into the first wells has commenced.
• Net loss for the year ended 31 December 2012 of $13.6 million. ($13.2 million in 2011).

• The Open Offer closed at 12.00 p.m. on 8 February 2013.
• Following the issue of the abovementioned New Shares, the Company's issued share capital will consist of 531,372,909 Common Shares, with voting rights.

• The new financing package is expected to raise gross proceeds of approximately £49.5 million.
• The Company has received Irrevocable Undertakings totaling US$76.0 million (approximately £48.0 million) (gross).
• It is intended that the Bridge Loan will be repaid from the proceeds of the Placing and Open Offer.
• The Placing and Open Offer is expected to complete, on Admission, on 12 February 2013.

• The Company is seeking to raise gross proceeds of up to US$65 million under the Pre-Emptive Share Issue.
• The Company has received binding commitment letters from certain existing Shareholders, to subscribe for approximately 115 million new Common Shares to raise gross proceeds of US$33.4 million.

• Significant activity on all five Madagascar Oil blocks, including development of conventional oil and gas prospects as well the pilot production project in the multi-billion barrel Tsimiroro heavy oil field.
• Loss for the six month period was US$5.4 million, compared to US$5.7 million during the comparable period in 2011.

• Not aware of any reason for this share price movement.
• First oil has been recovered from the multi-billion barrel Tsimiroro heavy oil field in line with expectations.

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