Madagascar Oil

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Madagascar Oil Limited
Public
Traded as AIM: MOIL.L [1]
Industry Oil and gas [2]
Founded 2004
Headquarters Bermuda [3]
Key people
Andrew Morris (Non-Executive Chairman)
Stewart Ahmed, Chief Operating Officer & General Manager
Website www.madagascaroil.com

Madagascar Oil SA is an oil company operating in Madagascar. Its parent company was originally Madagascar Oil Limited (Mauritius). In March 2006, simultaneous with a US$60m fund raising to North American managed hedge funds, the parent company was reorganised as Madagascar Oil Limited in Bermuda.[4] It is the principal onshore oil company in Madagascar in terms of oil resources and land. Madagascar Oil was founded in 2004 by Canadian engineer Sam Malin and Australian businessman Alan Bond.[5][6][7][8]

Madagascar Oil's operational office is in Antananarivo, Madagascar and its administrative offices are in Hamilton, Bermuda and Port Louis, Mauritius Texas. Its COO and General Manager is Stewart Ahmed.[9][10][11][12] Prior to this, the company was based in Houston, Texas and earlier in London, England.[13] The company's flagship oil field is located in Tsimiroro.[14][15] Madagascar Oil wholly owns its subsidiary, Madagascar Oil S.A.[4]

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[edit]

Madagascar Oil focuses on the development, exploration and production of petroleum. In 2008, Madagascar Oil held the largest licensed onshore acreage in Madagascar.[16] Madagascar Oil holds the large heavy oil fields of Tsimiroro and Bemolanga,[14][17] which are their primary oil fields.[17] The company operates the Tsimiroro field, while Total S.A.,[16] its farm-in partner, operates the Bemolanga field.[18] In 2008, a business agreement granted Total S.A. the operating license for and sixty percent interest in the Bemolanga oil sands.[16][19] 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.[20] 1.7 billion barrels of proven heavy oil reserves exists at Tsimiroro, at a depth of between 100m to 200m.[21] Due to the remoteness of Tsimiroro, the company usually flies employees to the site from Antanarivo, the capital of Madagascar, using small planes.[21]

In addition to the Tsimiroro and Bemolanga, the company holds three exploration blocks: Manambolo, Morondava and Manandaza.[22] 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[edit]

Madagascar Oil was listed on the Alternative Investment Market (AIM) of the London Stock Exchange from 2010 until 2016.[23] 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.[23] The dispute was solved and the trade at the AIM restarted in June 2011.[24] The company delisted in 2016. Major shareholders include BMK Resources Ltd (formerly Benchmark Advantage Fund, Ltd), Outrider Management LLC, SEP African Ventures Limited (formerly Persistency Capital LLC), and the John Paul DeJoria Family Trust.

References[edit]

  1. ^ "Madagascar Oil Limited (MOIL.L)". Yahoo! Finance. Retrieved 15 December 2015. 
  2. ^ Hall, Christine (26 March 2007). "Madagascar Oil opening administrative headquarters in Houston". Houston Business Journal. Retrieved 15 December 2015. 
  3. ^ "About us". Madagascar Oil. Retrieved 15 December 2015. 
  4. ^ a b "Madagascar Oil in Madagascar". Madagascar Oil. Retrieved 15 December 2015. 
  5. ^ Matthews, Dan (2010). The New Rules of Business: Leading Entrepreneurs Reveal Their Secrets for Success. Petersfield, Hampshire: Harriman House. pp. 118–119. ISBN 9781906659165. Retrieved 29 February 2016. 
  6. ^ Cowan, Sean; Ghandour, Rania (24 January 2005). "Bond busy spruiking Madagascar Oil venture". The Age. Melbourne. Retrieved 29 February 2016. 
  7. ^ Barry, Paul (3 June 2007). "Greed won't let Alan Bond rest". Sunday Telegraph. Sydney. Retrieved 29 February 2016. 
  8. ^ Rabe, Norbert. "A review of exploration for non conventional hydrocarbon resources in Madagascar". Oil and Mining in Madagascar. Retrieved 29 February 2016. 
  9. ^ Kan, Charlotte (2 October 2015). "Madagascar Oil CEO: Tsimiroro asset attracting potential partners". Proactive Investors. Retrieved 15 December 2015. 
  10. ^ Neil, Andrew (14 April 2015). "Madagascar Oil making headway at Tsimiroro". Proactive Investors. Retrieved 15 December 2015. 
  11. ^ Hilyard, Joseph (2008). 2008 International Petroleum Encyclopedia. PennWell Books. p. 229. ISBN 9781593701642. 
  12. ^ "Admission Document" (PDF). Strand Hanson Limited, Mirabaud Securities LLP, GMP Securities Europe LLP. pp. 18; 21. Retrieved 16 December 2015. 
  13. ^ Perin, Monica (16 April 2007). "Well-known London oil company ready to drill into Houston". Houston Business Journal. Retrieved 15 December 2015. 
  14. ^ a b "Madagascar Oil sees crude flowing from island soon". Reuters. 30 October 2012. Retrieved 15 December 2015. 
  15. ^ Ashcroft, Jamie (23 June 2015). "Madagascar Oil submits environmental impact assessment for Tsimiroro field". Proactive Investors. Retrieved 15 December 2015. 
  16. ^ a b c Gunter, Ford (15 September 2008). "Madagascar Oil, Total to develop oil reserves on island of Madagascar". Houston Business Journal. Retrieved 15 December 2015. 
  17. ^ a b "Exxon to resume Madagascar work four years after coup". Reuters. November 7, 2013. Retrieved December 15, 2015. 
  18. ^ Sellström, Tor (2015). Africa in the Indian Ocean: Islands in Ebb and Flow. Brill Publishers. p. 123. ISBN 9789004292499. 
  19. ^ Rozeboom, Annelie (19 September 2013). "Tullow Sees Oil Find in Madagascar as Drilling Set to Start". Bloomberg Business. Retrieved 15 December 2015. 
  20. ^ "Madagascar Oil SA décroche le titre minier de mise en valeur du PSC Tsimiroro bloc 3104" [Madagascar Oil SA won the mining license of the Tsimiroro block 3104] (in French). Ecofin. 16 April 2015. Retrieved 15 December 2015. 
  21. ^ a b Pons, Christophe (25 October 2012). "How will oil affect Madagascar's environmental riches?". BBC News. Retrieved 15 December 2015. 
  22. ^ Madison, Doug (17 November 2015). "Madagascar Oil's "Buy" Rating Reaffirmed at Mirabaud Securities (MOIL)". Dakota Financial News. Retrieved 15 December 2015. 
  23. ^ a b Mason, Rowena (17 December 2010). "Madagascar Oil shares suspended over fears licences will be seized". The Daily Telegraph. Retrieved 15 December 2015. 
  24. ^ Mason, Rowena (24 June 2014). "Madagascar Oil to return to AIM market". The Daily Telegraph. Retrieved 15 December 2015. 

Further reading[edit]

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