Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
there was a RNS on the 18th,,,
sounds like a good replacement, 31 years with shell and 5 yrs was an adviser to others in a CEO/COO role...sounds like Mr Hasan was trying to get more of the 1.6Bn barrell pie, exactly why the relationship agreement was set up.. lets hope MOIL 'teck soon' with some more good news...
certainly should be 40-50p range (66% of broker price target) pretty quickly once OIP numbers are out
Declaration of Commerciality and Field Development Planning The Tsimiroro Oil Field, the Group's flagship asset, is a giant heavy oil field in western Madagascar with independently audited contingent oil in place of 1.7 billion barrels (P50) Stock Tank Oil Originally In Place ("STOOIP"). Madagascar Oil S.A. has been operating the SFP since April 2013 and the data from the SFP, together with field development, technical and marketing studies have been used to support today's declaration of a Commercial Discovery under the terms of the PSC. The Group plans to continue to operate the SFP throughout 2014 and into 2015 to provide additional data on how the Tsimiroro Amboloando reservoir responds to both Cyclic Steam Stimulation ("CSS") and steam-flood thermal recovery methods to inform the future development plans for the Licence. The Group proposes to commence development of the well-defined high quality reservoir areas close to the existing SFP area, while also addressing the geological uncertainties in other areas of the Tsimiroro Main Field. Appraisal programmes including drilling, seismic acquisition and the newly tested land magnetometer techniques are being prepared for implementation in 2014 and 2015. In accordance with the Licence terms, following the submission of the declaration of a Commercial Discovery, OMNIS will apply for a Titre Minier d'Exploitation ("Mining Title"), which would be effected by a decree (the "Decree"). The Group will work with OMNIS and other Madagascar Government bodies over the coming months on the structure and content of the FFDP, the approval of which would lead to the Decree converting the PSC from the current exploration phase to an initial 25 year exploitation period. The Appraisal Report submitted with the Declaration of Commerciality is written in compliance with the PSC terms and is primarily a geological description of the Tsimiroro Main Field Amboloando reservoir and other discovered resources and structures such as the Tsimiroro South Accumulation in the Licence. The geological description includes the incorporation of the 2012 acquired Airborne Gravity Gradiometry survey which has allowed a new compartment model of the Tsimiroro Main Field to be developed. Field compartments have been evaluated according to existing well information and graded according to their suitability for thermal recovery applications. An initial risked probabilistic assessment of oil in place is being applied on a compartmental basis to allow identification of resources that thermal recovery techniques can be applied to. This will help to highlight the priority reservoir compartments for appraisal drilling in 2015 to confirm their potential for development. It is envisaged that a new Competent Person's Report will be commissioned when the results of this appraisal work have been evaluated.
Madagascar Oil is pleased to announce that, pursuant to a board resolution passed by a majority vote, the Company's wholly-owned subsidiary, Madagascar Oil S.A. ("Madagascar Oil S.A.", together with the Company and its other subsidiaries, the "Group"), has today declared to its partner, OMNIS (L'Office des Mines Nationales et des Industries Strategiques), that the Company has determined that the Block 3104 Tsimiroro discovery is a "Commercial Discovery", under the terms of the Production Sharing Contract between OMNIS and Madagascar Oil S.A. ("PSC"). Highlights: · Madagascar Oil S.A. has declared to its partner, OMNIS, that the Company has determined that the Tsimiroro Licence 3104 ("the Licence") is a Commercial Discovery under the terms of the PSC. · Madagascar Oil S.A. has also simultaneously submitted an Appraisal Report to OMNIS, as required under the PSC. These submissions trigger a period of up to 180 days for submission by Madagascar Oil S.A. of a Full Field Development Plan ("FFDP") to OMNIS, for its subsequent approval. · In accordance with the Licence terms, following this submission, the Management Committee under the PSC (comprising members from Madagascar Oil S.A. and OMNIS) will opine on whether the discovery may be commercially exploitable and OMNIS will apply for a presidential decree for a Mining Title to cover the initial 25 year exploitation period allowable under the PSC. · Madagascar Oil S.A. has requested approval from the Government of Madagascar for a limited period of test sales of between 55,000 and 73,000 barrels of Tsimiroro crude oil into the local market. It is planned that test sales will commence in the second half of 2014 and last for a period of up to six months. · As at 1 May 2014, cumulative oil production from the Steam Flood Pilot ("SFP"), which commenced on 28 April 2013, was 83,635 barrels of oil of which 45,932 barrels of oil are stored in the Tsimiroro SFP Storage Tanks. The remainder of the oil has been used for fuel for steam generation since the start-up of SFP operations. · Oil production rates averaged 468 barrels of oil per day ("BOPD") in April 2014 and 361 BOPD in March 2014, as compared to 425 BOPD in February 2014 and 330 BOPD in January 2014. In 2014 oil production from the SFP has averaged 395 BOPD to the end of April. · The board of the Company (the "Board") is working on a financial strategy to secure the funds to support the next phase of the Group's planned activities, which will include the commencement of the Tsimiroro development, further appraisal drilling and seismic activity on the Tsimiroro field, ongoing exploration licence activities and for corporate working capital requirements.
52wk broken !
Cancelled from 7am this morning
so we would have shareds directly in them instead? sorry for being dim...
our currently holdings from aIm will be de-listed and turn up on the main market with the same holding as before?
No news so far, taking the michael now. .
That jumps every time that conygar investments (CIC) posts a RNS. . Duh. . Come on stuey
am relieved and excited at todays RNS. I can't help but wonder what 24/36hrs is needed for to announce the new NOMAD, I mean surely it has to be sorted by now...or perhaps the new nomad was waiting to see the information in todays RNS in writing before commitment...and the 2 x 150k in their corporate a/c?...cant see this turning into lemon now though..
15.0p maybe, but not 10p. Re-rating due on the cards pretty soon once DOC announced.
Madagascar Oil Limited announces a Directorate Change Madagascar Oil (AIM: MOIL) is pleased to announce the appointment of Mr. David Mahoney to the Board of Directors of the Company (the "Board"), effective immediately. Mr. Mahoney is being appointed as a Non-Executive Director and is the representative of SEP African Ventures Limited (formerly Persistency Private Equity Limited ("Persistency")). As described in the circular of 28 December 2012, and in accordance with the terms of the Relationship Agreement, SEP African Ventures Limited has the right to appoint a representative to the Board. The Relationship Agreement was entered into by Benchmark Advantage Fund, Ltd. ("Benchmark"), Persistency and the Company on 18 December 2012, and amended on 24 January 2013, to afford certain protections to shareholders of the Company, given the significant influence the substantial shareholders, being Benchmark and Persistency, could potentially exert on the Company. Following this appointment the Board will consist of five Directors, Iain Patrick (Senior Independent Director), Richard Laing, Al Njoo, Madjedi Hasan and David Mahoney. The information included below is required under Schedule Two Part (g) of the AIM Rules for Companies: David John Mahoney (aged 48) Mr. Mahoney, was born and educated in the UK and began his career there, handling probate matters and wills/estates administration. He then moved offshore to Guernsey, and in an offshore finance industry career spanning 28 years has worked for an accountancy firm and major banking groups in Guernsey, Jersey, Grand Cayman, and the Bahamas, handling complex multi-jurisdictional offshore structures, for ultra-high net worth clients worldwide, whilst most recently providing consultancy services on risk management, operational procedures, and regulatory compliance matters to offshore banks. He holds numerous senior board positions in diverse trading operations in the UK, Europe, and the United States.
Anyone one of u holders gonna contribute to this bb?!?
(excuse the pun) being made with trucking routes for early transportation of crude to the local market being assessed with road upgrade options for all year round volume traffic currently being studied.
The 3105/3106/3107 License Farm-out campaign continues with interested parties active in the data-room during the first quarter of 2014. Further updates will be provided in due course on the progress achieved from the farm-out campaign.
Plans for six months continuous test sales of the Tsimiroro crude in 2014, to meet local Madagascar power generation specifications and other local industrial energy needs, are progressing. Discussions are in progress over allowing test sales to commence during the dry season, subject to partner, Government and regulatory approvals. This would be the first ever market test of crude oil produced within Madagascar.
1\ The new Tsimiroro Full Field interpretation is nearing completion that will provide updated STOOIP figures for the field. 2\ 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. 3\ Indepentent confirmation has been received over the capability of Tsimiroro crude to meet feed-stock specifications for Madagascar power generation plants, following successful third party blending trials with gasoil (diesel). 4\ 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. 5\ The new Tsimiroro Full Field interpretation is nearing completion that will provide updated STOOIP figures for the field.
the RNS...."The Company will consider, at the end of this quarter or during the course of the second quarter of 2014, whether there is sufficient information from the SFP results and the development planning work carried out to date to enable it to make a decision on proceeding with a commerciality declaration or whether further information is required." End of this quarter...this month ! the decicision and announcement could be made..thats 10 working days before possible DOC RNS....even if it does carry over into the 2nd quarter they have the majority of the information they need now to make that decision...