Madagascar Oil confirms the award of the Development Mining Title for the Block 3104 Tsimiroro Production Sharing Contract by the President of Madagascar, H.E. Hery Rajaonarimampianina, following a joint proposal by the Minister at the Presidency in charge of Mines and Petroleum and the General Manager of OMNIS (Office des Mines Nationales et des Industries Strategiques), which took place at the Council Of Ministers on 15 April 2015. This follows approval of the Block 3104 Tsimiroro Development Plan by the Block 3104 Management Committee.
•Demonstrates the Company's excellent and collaborative working relationship with the Government of Madagascar
•Represents the first Production Sharing Contract to enter into the development phase in Madagascar
•Awards a 25 year development mining title with possible additional extensions to enable a potential development period of up to 50 years provided production remains commercial
•Covers the entire 6,670km2 of Block 3104 including the Tsimiroro Main Field with its 1.7 billion barrels of oil contingent resource base, as well as appraisal activities of conventional light oil potential in the Tsimiroro South and Tsimiroro Deep South areas
•Represents a significant and major step forward for the Group following 11 years of exploration activity in Madagascar and the drilling of 138 wells on Block 3104