Madagascar Oil

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Madagascar Oil
Traded as AIM: MOIL.L [1]
Industry Oil and gas [2]
Founded 2004
Headquarters Bermuda [3]
Key people
Andrew Morris (Chairman)
Robert Estill (CEO)[4]

Madagascar Oil Limited is an oil company operating in Madagascar.[5] It is the principal onshore oil company in Madagascar in terms of oil resources and land. Madagascar Oil was founded in 2004 by Vuna Energy Ltd. Its CEO is Robert Estill.[4][6] Madagascar Oil is registered in Bermuda with its operational offices in Antananarivo, Madagascar and administrative offices in Houston, Texas.[7][8] Prior to this, the company was based in London, England.[9] The company's flagship oil field is located in Tsimiroro.[10][11] Madagascar Oil wholly owns its subsidiary, Madagascar Oil S.A.[5]

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.[12] Madagascar Oil holds the large heavy oil fields of Tsimiroro and Bemolanga,[10][13] which are their primary oil fields.[13] The company operates the Tsimiroro field, while Total S.A.,[12] its farm-in partner, operates the Bemolanga field.[14] In 2008, an business agreement granted Total S.A. the operating license for and sixty percent interest in the Bemolanga oil sands.[12][15] 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.[16] 1.7 billion barrels of proven heavy oil reserves exists at Tsimiroro, at a depth of between 100m to 200m.[17] Due to the remoteness of Tsimiroro, the company usually flies employees to the site from Antanarivo, the capital of Madagascar, using small planes.[17]

In addition to the Tsimiroro and Bemolanga, the company holds three exploration blocks: Manambolo, Morondava and Manandaza.[18] 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 is listed on the Alternative Investment Market (AIM) of the London Stock Exchange since 2010.[19] 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.[19] The dispute was solved and the trade at the AIM restarted in June 2011.[20] Major shareholders include Blakeney Group, the John Paul DeJoria Family Trust,[21] MSD Capital, Outrider Management[21] (Master Fund), Persistency Group, Plainfield, RAB Capital and Touradji Capital Management.


  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 Kan, Charlotte (2 October 2015). "Madagascar Oil CEO: Tsimiroro asset attracting potential partners". Proactive Investors. Retrieved 15 December 2015. 
  5. ^ a b "Madagascar Oil in Madagascar". Madagascar Oil. Retrieved 15 December 2015. 
  6. ^ Neil, Andrew (14 April 2015). "Madagascar Oil making headway at Tsimiroro". Proactive Investors. Retrieved 15 December 2015. 
  7. ^ Hilyard, Joseph (2008). 2008 International Petroleum Encyclopedia. PennWell Books. p. 229. ISBN 9781593701642. 
  8. ^ "Admission Document" (PDF). Strand Hanson Limited, Mirabaud Securities LLP, GMP Securities Europe LLP. pp. 18; 21. Retrieved 16 December 2015. 
  9. ^ Perin, Monica (16 April 2007). "Well-known London oil company ready to drill into Houston". Houston Business Journal. Retrieved 15 December 2015. 
  10. ^ a b "Madagascar Oil sees crude flowing from island soon". Reuters. 30 October 2012. Retrieved 15 December 2015. 
  11. ^ Ashcroft, Jamie (23 June 2015). "Madagascar Oil submits environmental impact assessment for Tsimiroro field". Proactive Investors. Retrieved 15 December 2015. 
  12. ^ 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. 
  13. ^ a b "Exxon to resume Madagascar work four years after coup". Reuters. November 7, 2013. Retrieved December 15, 2015. 
  14. ^ Sellström, Tor (2015). Africa in the Indian Ocean: Islands in Ebb and Flow. Brill Publishers. p. 123. ISBN 9789004292499. 
  15. ^ Rozeboom, Annelie (19 September 2013). "Tullow Sees Oil Find in Madagascar as Drilling Set to Start". Bloomberg Business. Retrieved 15 December 2015. 
  16. ^ "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. 
  17. ^ a b Pons, Christophe (25 October 2012). "How will oil affect Madagascar's environmental riches?". BBC News. Retrieved 15 December 2015. 
  18. ^ Madison, Doug (17 November 2015). "Madagascar Oil's "Buy" Rating Reaffirmed at Mirabaud Securities (MOIL)". Dakota Financial News. Retrieved 15 December 2015. 
  19. ^ a b Mason, Rowena (17 December 2010). "Madagascar Oil shares suspended over fears licences will be seized". The Daily Telegraph. Retrieved 15 December 2015. 
  20. ^ Mason, Rowena (24 June 2014). "Madagascar Oil to return to AIM market". The Daily Telegraph. Retrieved 15 December 2015. 
  21. ^ a b Ashcroft, Jamie (25 September 2014). "Madagascar Oil endorsed by new investment from major shareholders". Proactive Investors. Retrieved 15 December 2015. 

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