Madagascar Oil raises £50.5 mln as it lists on AIM - Proactiveinvestors (UK)

Madagascar Oil (AIM: MOIL) this morning confirmed it has raised £50.5 million as it shares were listed on AIM.

The company placed a total of 53.2 million shares at 95p each, or 27.65 per cent of its equity, as part of the stock market listing, which values the company at £182.7 million.

Founded in 2004, Madagascar owns five contiguous heavy oil blocks covering 29,500 square kilometres in western Madagascar.

The two main fields are Tsimiroro and Bemolanga, and contain substantial heavy oil and bitumen accumulations.

An independent ‘best estimate’ puts the oil in place at Tsimiroro at 965 million barrels

Production, if commercial recovery is proven, is estimated to average 87,500 barrels of oil a day for between 30 and 40 years.

Bemolanga has gross discovered bitumen in place of 1.179 billion barrels, with over 1 billion barrels potential upside, subject to further delineation drilling.

In 2008, the company successfully completed a farm-out of a 60 per cent stake to Total of France, which is also the field operator.

The proceeds from the placing will be used to expand and upgrade the resource base across the Tsimiroro and Bemolanga blocks.

In particular there will be heavy expenditure proving commerciality of the Tsimiroro field via a steam flood pilot plant, and further developing drillable prospects across its three other exploration blocks.

Chief executive Laurie Hunter said: “We are delighted that the AIM flotation of the company has been completed successfully and we now look forward to working with our new institutional shareholders and existing shareholders, whom we would like to thank for their ongoing support of the company as we continue to grow.

“The placing and admission will help support our goals of proving commerciality of the Tsimiroro field area, expanding and upgrading the resource base and to further develop drillable prospects on our exploration blocks.”

Monday, November 29, 2010 by Ian Lyall

Madagascar Oil raises £50.5 mln as it lists on AIM - Proactiveinvestors (UK): "Madagascar Oil raises £50.5 mln as it lists on AIM"

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