Project Profile
Value: US$1,000 million
Location: 100km from the coast, NW Madagascar
Reserves: 965 million barrels (further 780 million bbl in nearby areas)
Depth: 100-300m depth
Area: 6,670km2
Start-up Year: 4Q 2012
Block 3104 Tsimiroro Development Plan with the Tsimiroro giant heavy oil field at 100-300m depth. The block, with an area of 6,670km2, is located in NW Madagascar about 100km from the coast. With the use of SAGD the expected recovery factor is up to 50%. The estimate for contingent oil in place at Tsimiroro is 965 million barrels, although a further 780 million bbl in nearby areas is classed as prospective. Use of vertical injection steam-flood technology employed should result in a recovery rate of 60%-80% for the 13° API oil.
Operators:
Madagascar Oil: Operator with 100% interest
Contractors:
Netherland, Sewell & Associates Inc. (NSAI): Acquiring data
Jefferies International: Strategic advisor to identify and secure a strategic partner who will work with the Company on the development and funding for the Development Phase of its Tsimiroro project, and to allow its funding planning to continue, the Company has entered into a working capital facility with a company connected to the Company\'s substantial shareholder, Outrider Management, a transaction which will constitute a related party transaction under the AIM Rules.