Madagascar Oil

Madagascar Oil is an independent international oil and gas company focused on exploration, development and production opportunities in five onshore blocks in Madagascar. The Company is Madagascar's leading and longest operating oil and gas company having worked in country for more than a decade. In early 2015, it was awarded the country's first upstream mining title resulting in a 25-year development license on Block 3104 Tsimiroro. The awarding of the development license is the key with regard to moving forward with the development of 1.7 billion barrels of contingent resource already identified in the Tsimiroro field. Through the application of various thermal techniques, we believe that Tsimiroro is capable of being in the league of the world's giant oilfields. Additionally, the Company is seeking to further balance the portfolio through a sustained evaluation of the prospectivity of the exploration properties. This work will specifically target potential high gravity oil or large volume gas opportunities. The Company is fully committed to working closely with the Government of Madagascar to achieve the important strategic objective of developing its first commercial production and placing Madagascar in the league of significant oil suppliers. Madagascar Oil is fully engaged in making a positive contribution to the local communities in its operations area, and to the country, through its commitment to Corporate Social Responsibility through an array of community programs and projects. The Company is also participating in programs to sustain the healthy biodiversity of the Island.