Project Profile
Location: Part of the Morondava basin, Madagascar’s central west coast, Madagascar
Area: 4.2 million acres
A unit of OMV AG has signed a definitive farmout agreement to earn a 40% interest from Niko Resources Ltd., Calgary, in the Grand Prix PSC in Madagascar. Niko will retain a 35% working interest. Closing is subject to government approval. The Grand Prix block covers 4.2 million acres off Madagascar’s central west coast. This part of the Morondava basin is underlain by deepwater fan systems and a Mesozoic rift system. Enermad Corp is the holder of the PSC agreement and has retained a 25% Carried WI. EnerMad is carried for exploration phase III the drilling of 1 deep water or 2 shallow water wells up to US$85 million. EnerMad was also carried through exploration phases I and II. EnerMad is carried for the PSC admin/training fees of US$87.5m/yr and retains a seat on the management committee. In addition, EnerMad maintains a current petroleum cost recovery pool. Substantial work has been undertaken to date including the acquisition of aerogravity, a multi-beam sea-seep survey as well as the acquisition and processing of 3,000 sq km of 3D seismic. The prospectivity of the block is excellent; indicating multiple zones, extremely large targets and typical exploration POS. The remaining work commitment is to drill one deep water well or two shallow water exploration wells.
Operators:
Enermad Corp: Operator with 10% interest
OMV AG: 90% interest