Madagascar Oil

Last updated

Madagascar Oil Limited
TypePrivate
Industry Oil and gas [1]
Founded2004
FounderSam Malin, Alan Bond
Headquarters
Singapore
Key people
Al Njoo (Chairman & CEO)
Products Heavy crude oil
Website www.madagascaroil.com

Madagascar Oil SA is an oil company operating in Madagascar. It is the principal onshore oil company in Madagascar in terms of oil resources and land.

Contents

Madagascar Oil's operational office is in Antananarivo, Madagascar and its administrative offices are in Singapore. Its Chairman is Indonesian national Al Njoo. [2] [3] [4] Prior to this, the company was based in Houston, Texas and earlier in London, England. [5] The company's flagship oil field is Tsimiroro in the Morondava Basin of western Madagascar. [6] Madagascar Oil wholly owns its subsidiary, Madagascar Oil S.A.

History

Madagascar Oil was founded in 2004 by Canadian engineer Sam Malin and Australian businessman Alan Bond. [7] [8] [9] [10] 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. In 2006, Madagascar Oil launched its first licensing round involving 44 offshore blocks in the Morondava Basin. [11]

In 2008, a joint venture agreement was executed with Total S.A. granting it operatorship and a 60% interest in the Bemolanga tar sands. [12] [13] In 2010, it raised £50 million in its IPO to finance a pilot project in the Tsimiroro Field.

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. [14] The dispute was solved and the trade at the AIM restarted in June 2011. [15] The company delisted in 2016, as a condition of its lenders recapitalising the company. [16]

On 15 April 2015, the Madagascar government granted to the company a 25-year license on the oil production at the Tsimiroro block 3104. [17] In February 2019, the new Madagascar president Andry Rajoelina cancelled an ongoing licensing round involving 44 blocks in the Morondava basin until further notice. [11]

Description

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, which are the island's major onshore oil fields. [6] [18]

The company operates the 100%-owned Tsimiroro heavy oil field, while Total S.A., [12] its farm-in partner, operates the 40%-owned Bemolanga bitumen field. [19] Tsimiroro has 2P reserves of 614 million barrels and 3C resources of 1.6 billion barrels, in tar sands at depths between 100m and 200m. [20] [21] In addition to the Tsimiroro and Bemolanga, the company holds three exploration blocks: Manambolo, Morondava and Manandaza. [22] On Madagascar Oil's blocks, previous exploration examples include the Manambolo West #1 well, drilled in 1987 that flowed gas at 15.6 million cubic feet (440,000 m3) per day on a drill stem test and abandoned as non-commercial partially due to a lack of infrastructure; [23] and the Manandaza well drilled in 1991 that flowed 41° API light crude oil. [24]

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.

The company's controlling shareholder is the Singapore-based Benchmark Group. Other shareholders are Outrider Management LLC, SEP African Ventures Limited (formerly Persistency Capital LLC), and the John Paul DeJoria Family Trust. [20]

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References

  1. ↑ Hall, Christine (26 March 2007). "Madagascar Oil opening administrative headquarters in Houston". Houston Business Journal . Retrieved 15 December 2015.
  2. ↑ O’Dell, Alastair (4 February 2020). "Heavy hitter searches for global reach". Petroleum Economist. Houston, Texas. Retrieved 16 April 2020.
  3. ↑ Hilyard, Joseph (2008). 2008 International Petroleum Encyclopedia. PennWell Books. p. 229. ISBN   9781593701642.
  4. ↑ "Admission Document" (PDF). Strand Hanson Limited, Mirabaud Securities LLP, GMP Securities Europe LLP. pp. 18, 21. Retrieved 16 December 2015.
  5. ↑ Perin, Monica (16 April 2007). "Well-known London oil company ready to drill into Houston". Houston Business Journal. Retrieved 15 December 2015.
  6. 1 2 "Madagascar Oil sees crude flowing from island soon". Reuters . 30 October 2012. Retrieved 15 December 2015.
  7. ↑ Matthews, Dan (2010). The New Rules of Business: Leading Entrepreneurs Reveal Their Secrets for Success. Petersfield, Hampshire: Harriman House. pp. 118–119. ISBN   9781906659165.
  8. ↑ Cowan, Sean; Ghandour, Rania (24 January 2005). "Bond busy spruiking Madagascar Oil venture". The Age. Melbourne. Retrieved 29 February 2016.
  9. ↑ Barry, Paul (3 June 2007). "Greed won't let Alan Bond rest". Sunday Telegraph. Sydney. Retrieved 29 February 2016.
  10. ↑ Rabe, Norbert. "A review of exploration for non-conventional hydrocarbon resources in Madagascar". Oil and Mining in Madagascar. Retrieved 29 February 2016.
  11. 1 2 Ian Lewis, Left waiting at the altar in Madagascar, Petroleum-economist.com, 27 February 2019
  12. 1 2 3 Gunter, Ford (15 September 2008). "Madagascar Oil, Total to develop oil reserves on island of Madagascar". Houston Business Journal. Retrieved 15 December 2015.
  13. ↑ Rozeboom, Annelie (19 September 2013). "Tullow Sees Oil Find in Madagascar as Drilling Set to Start". Bloomberg Business . Retrieved 15 December 2015.
  14. ↑ Mason, Rowena (17 December 2010). "Madagascar Oil shares suspended over fears licences will be seized". The Daily Telegraph . Retrieved 15 December 2015.
  15. ↑ Mason, Rowena (24 June 2014). "Madagascar Oil to return to AIM market". The Daily Telegraph. Retrieved 15 December 2015.
  16. ↑ "Madagascar Oil: Set to delist". African Energy Newsletter. Hastings, UK. 10 March 2016. Retrieved 16 April 2020.
  17. ↑ "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.
  18. ↑ "Exxon to resume Madagascar work four years after coup". Reuters. 7 November 2013. Retrieved 15 December 2015.
  19. ↑ Sellström, Tor (2015). Africa in the Indian Ocean: Islands in Ebb and Flow. Brill Publishers. p. 123. ISBN   9789004292499.
  20. 1 2 "Madagascar Oil: Appointment to the Board". Oil & Gas 360. EnerCom, Inc. 20 March 2020. Retrieved 16 April 2020.
  21. ↑ 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. ↑ "Madagascar Oil" (PDF). London: GMP Securities. 23 August 2011. Retrieved 16 April 2020.
  24. ↑ Jeans, Pete (1995). "Geological evolution and hydrocarbon plays of Madagascar" (PDF). Bourton on the Water, United Kingdom: PJ Exploration Ltd. Retrieved 16 April 2020.
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