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As of 8:10 PM 04/15/14 All times are local (Market data is delayed by at least 15 minutes).

madagascar oil ltd (MROIF) Snapshot

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03/17/14 - $0.30
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madagascar oil ltd (MROIF) Details

Madagascar Oil Limited engages in the exploration and production of oil and gas resources in Madagascar. The company focuses on the development of heavy oil and conventional oil and gas deposits from two principal fields, the Bemolanga block that covers an area of 5,463 square kilometers and the Tsimiroro block, which covers an area of 6,670 square kilometers. The company was founded in 2004 and is based in Houston, Texas.

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madagascar oil ltd (MROIF) Key Developments

Gordon Stein to Join Board of Madagascar Oil

Madagascar Oil announced that Gordon Bowman Stein will join the Board of Directors of the company, effective immediately. He will join the Board as an independent Director in his role as Chief Financial Officer (CFO) for the company, in which capacity he has served since June 28, 2013. Following this appointment, the Board will consist of six Directors, Iain Patrick (Senior Independent Director), Richard Laing, Al Njoo, Madjedi Hasan, David Mahoney and Gordon Stein.

Madagascar Oil Appoints David Mahoney to the Board of Directors

Madagascar Oil announced the appointment of Mr. David Mahoney to the Board of Directors of the company, effective immediately. Mr. Mahoney is being appointed as a Non-Executive Director and is the representative of SEP African Ventures Limited.

Madagascar Oil Limited Provides Update on Tsimiroro Field Development

Madagascar Oil Limited provided an update on its operations and latest Tsimiroro Field Development Planning activities. Highlights: Oil production rates have increased month on month averaging 425 Barrels of Oil Per Day (“BOPD”) in February, compared to 330 BOPD in January and 222 BOPD in December 2013. Cumulative oil produced from the SFP, which commenced production on 28 April 2013, was 63,436 barrels on 16 March 2014, with 35,180 barrels being stored in the Tsimiroro Field Storage tanks. Cumulative oil production from the SFP, as at yesterday's date, which commenced on 28 April 2013, was 63,436 barrels on 16 March 2014 and 35,180 barrels of oil were stored in the Tsimiroro Field Storage Tanks. The remainder of the oil has been used for fuel for steam generation during SFP operations and recent experience since mid-January 2014 has demonstrated that the steam generators run effectively on 100% Tsimiroro crude. Previously, Tsimiroro crude was blended with up to 10% diesel for use in the steam generators. Oil production rates are continuing to increase, averaging 425 BOPD in February 2014, as compared to 330 BOPD in January and 222 BOPD in December 2013. Production in December suffered from steam generation downtime as a result of injection well shut-ins during the observation well drilling operations and existing steam generator repairs. This increase is due to some significant cyclic production peak oil rates from wells PSF-13, PSF-14 and PSF-15 during the most recent production period. PSF-13 enjoyed a peak oil rate of 192 BOPD on 8 January 2014 and PSF-15 recorded a rate of 187 BOPD on 2 January 2014. It should be noted that Cyclic Steam Stimulation ("CSS") thermal recovery results in peaks and troughs of oil rate depending upon where individual wells are in the cycle. As is normal for a project of this nature, peak rates are not indicative of the long term average production performance on a well by well basis.


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