|Industry||Oil and gas |
|Andrew Morris (Non-Executive Chairman)|
Stewart Ahmed, Chief Operating Officer & General Manager
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. 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.
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. Prior to this, the company was based in Houston, Texas and earlier in London, England. The company's flagship oil field is located in Tsimiroro. Madagascar Oil wholly owns its subsidiary, Madagascar Oil S.A.
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.
Madagascar Oil focuses on the development, exploration and production of petroleum. In 2008, Madagascar Oil held the largest licensed onshore acreage in Madagascar. Madagascar Oil holds the large heavy oil fields of Tsimiroro and Bemolanga, which are their primary oil fields. The company operates the Tsimiroro field, while Total S.A., its farm-in partner, operates the Bemolanga field. In 2008, a business agreement granted Total S.A. the operating license for and sixty percent interest in the Bemolanga oil sands. 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. 1.7 billion barrels of proven heavy oil reserves exists at Tsimiroro, at a depth of between 100m to 200m. Due to the remoteness of Tsimiroro, the company usually flies employees to the site from Antanarivo, the capital of Madagascar, using small planes.
In addition to the Tsimiroro and Bemolanga, the company holds three exploration blocks: Manambolo, Morondava and Manandaza. 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. 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.
Madagascar Oil was listed on the Alternative Investment Market (AIM) of the London Stock Exchange from 2010 until 2016. 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. The dispute was solved and the trade at the AIM restarted in June 2011. 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.
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