MADAGASCAR OIL LIMITED Madagascar Oil Limited announced the granting of the Environmental Permit for the Tsimiroro Block 3104 Phase 1a Exploitation by the Office Nationale de l'Environnement (O.N.E.) of Madagascar and the signing of the Environmental Management Programme (PGE). This is the first Environmental Permit issued for an oil exploitation project in Madagascar. The Group continues to operate the Steam Flood Pilot Facility in Madagascar and currently has over 150,000 barrels of Tsimiroro Crude in its storage tanks at the Tsimiroro Block 3104.
Under the Tsimiroro Development Plan, the Group is permitted to undertake domestic sales of its Tsimiroro Crude and the Group is in the process of negotiating offtake agreements with local power suppliers. Whilst it is in advanced negotiations with Symbion Power regarding a Fuel Supply Agreement for the Mandroseza power station, no sales agreement has been concluded and there have been no sales to date.
