aldwickk
- 29 Nov 2010 08:13
Madagascar Oil in 50.5m AIM float
http://www.madagascaroil.com/
StockMarketWire.com
Madagascar Oil Limited, an oil and gas exploration and development company with resources onshore Madagascar, began trading on the AIM market today (November 29).
The company raised 50.5m before expenses through a placing at 95p a share, representing 27.65% of the share capital.
Its market capitalisation following admission was about 182.7m.
Chairman and CEO Laurie Hunter said the placing and admission would help support the company's goals of proving commerciality of the Tsimiroro field area, expanding and upgrading its resource base and further developing drillable prospects on its exploration blocks.
Madagascar shares were trading at 94.5p.
mitzy
- 27 Jun 2011 10:05
- 32 of 44
Down 60% but recovering now.
aldwickk
- 27 Jun 2011 19:17
- 33 of 44
Madagascar Oil shares suffer on return to market
2:01 pm
http://bit.ly/j4Tac8
Shares in Madagascar Oil Ltd (LON:MOIL) plummeted this morning, after the suspension was lifted following the resolution last Friday of a protracted dispute with the government of Madagascar over the Tsimiroro production sharing contract (PSC).
The stock was down by 50 percent to 37 pence midday in its first trading session since the shares were suspended on December 17 last year, when the company revealed that the Ministry of Oil on the island said was interested in buying the company's licences - the Tsimiroro PSC and three exploration licences.
The company had joined AIM the month before with a 50 million placing.
Since the suspension the two parties became entangled in a dispute which led to the declaration of force majeure in March, and the start of international arbitration last month.
On Friday MOIL said that the uncertainty over the status of the Tsimiroro PSC had ended and the government has acknowledged the validity of the PSC.
The government has also acknowledged MOILs right to extend the PSC by two years, therefore the current contract can be extended until August 2014.
Talks were still underway to resolve the outstanding issues relating to the three exploration licences.
As of last week, the company had US$59 million cash on hand to deliver the approved work plan, which is designed to increase resources and prove commerciality of the Tsimiroro asset.
Furthermore MOIL confirmed that the 2011-2012 work programme and budget have been approved.
MOIL now expects to start the Tsimiroro steam flood pilot project in the third quarter of 2012. It also highlighted that its consultant - Netherland, Sewell & Associates Inc is revising the current 965 million barrel Tsimiroro oil-in-place resource.
The update will take into account the successful 2010 work programme which included 18 successful wells (out of the 24 drilled) and the completion of 430 kilometres of Electrical Resitivity Tomography.
Additionally MOIL highlighted that it the current PSC for the Bemolanga joint ventures exploration phase has been extended for one year, and it has the option for a further two year extension.
The group today announced results for the full -year to end-December 2010, which saw the net loss widen to US11.6 million from US$3.9 million a year earlier.
Responding to todays statement broker Westhouse said that despite resolution of the dispute relating to the Tsimiroro licence, it believes there are still fundamental difficulties with this key project.
Westhouse analysts believe that as a heavy oil project in which Madagascar Oil hold 100% equity, any success of the steam flood pilot project in 2011 should be expected to be farmed out to a major oil company with deep pockets.
The cost of steam injection is going to be a major issue for Tsimiroro, as Madagascar has no gas production for the steam production and will therefore have to either import energy for steam generation; or burn some of the heavy oil production for steam generation, with environmental consequences, according to the analysts.
The current steam flood project is a pilot operation and would require huge scale-up to achieve the production rates of 87,500 barrels of oil per day suggested by the company from the contingent oil-in-place resources.
The analysts add that steam flooding is an enhanced oil recovery technique whose application is the forte of just a specialist few oil companies, notably those in Canada such as Husky Oil, Encana, Nexen and Imperial Energy, and Chevron of the US.
They reckon the company would be better placed to deliver the project to bankable status and then seek an exit.
Furthermore, with the companys other main asset, the Bemolanga bitumen project, being put on hold due to economic viability, Madagascar Oil is becoming a single asset risk with respect to the Tsimiroro field. At the time of it
mitzy
- 04 Jul 2011 08:35
- 34 of 44
Time to buy I think.
aldwickk
- 04 Jul 2011 08:41
- 35 of 44
You could be right , i bought to soon at 41p
cynic
- 04 Jul 2011 09:24
- 36 of 44
volume is pathetic and why would you want to buy this anyway? .... i'ld expect the market to be totally unforgiving after their disgraceful con when floated
aldwickk
- 04 Jul 2011 12:04
- 37 of 44
cynic, this is TFC 's last post to you.
,,,lol ...you really have a keen and sharp sense of humour for an englishman Cynners,,,,,,Tis appreciated . Makes me laugh anyway //............The govt of madagascar dont know what they are taking on in French giant Total who have the full weight of international law behind them and are,in effect financing the MOIL prog.which incidentally is NOT a exploration play -lts an appraisal situ with billions of bbls.- both very heavy and sweet light known to be sloshing around in them thar hills ....../ .....Methinks Chinks have made a better offer..
cynic
- 04 Jul 2011 13:37
- 38 of 44
TFC has disappeared for some reason, but my comment remains .... i can't imagine i'ld want to touch this one
Evermore
- 11 Jul 2011 10:52
- 39 of 44
Where is TFC, he made some useful comments and I quite liked his "humour grincant".
aldwickk
- 11 Jul 2011 11:51
- 40 of 44
I think his now a tax exile
aldwickk
- 22 Jul 2011 11:40
- 41 of 44
Afren Increase's it's stake in Madagascar - to 90%
aldwickk
- 10 Aug 2011 09:39
- 42 of 44
9 August, 2011
MADAGASCAR OIL LIMITED
("Madagascar Oil" or the "Company")
Notification of Major Interest in Shares
Madagascar Oil has today received notification from MSD Capital L.P. that following the acquisition of 3,675,000 ordinary shares in the Company, it now has a holding of 18,789,000 shares in the Company, representing 9.77% of the Company's share capital.
Contact Information:
Madagascar Oil Limited +1 (713) 357-4820
Rene O'Neil
Strand Hanson Limited +44 (0)20 7409 3494
Angela Peace
David Altberg
Pelham Bell Pottinger +44 (0)20 7861 3232
Mark Antelme
Proselenes
- 19 Dec 2012 11:48
- 43 of 44
http://www.investegate.co.uk/madagascar-oil-ltd-(moil)/rns/proposed-financing-transaction/201212181817508551T/
Not a good deal in my view.
11% per annum interest and these are not placing shares as such, they are CPS (Convertible Preference Shares). Which means they do not have to be converted, they are like a bond if the share price falls you just get your interest and then demand your money back (from admin if necessary).
If the share price goes up you convert and sell.
So its pretty much "risk free" for the financiers given they are CPS.
If this project was so good then really someone would have farmed in I think, or finances would be easy to get and not expensive like this.
The project looks very high risk to me, given nobody knows yet if it can be commercial. Not surprised to see the share price fall.
Bullshare
- 02 Apr 2015 16:36
- 44 of 44
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Africa New Energies
 | | Africa New Energies Limited (ANE) was founded by two South Africans Stephen Larkin and Brendon Raw in 2008. ANE was incorporated in 2012, where its sole asset is its wholly owned subsidiary, Alumni Exploration East Namibia, which in turn owns 90% of Blocks 2219 and 2319 in Namibia with the Namibian State Owned Oil Company, Namcor owning the remaining 10%. |
Madagascar Oil (MOIL)
 | | Madagascar Oil is an AIM listed company focused on the development of heavy oil and conventional oil & gas deposits in five onshore blocks in Madagascar. The Company has significant exploration and development rights for oil and gas in Madagascar, and in the last five years the Group's two principal fields, Tsimiroro and Bemolanga, have been shown to have multi-billion barrel resource volumes in place. Recent field tests and studies suggest that a large portion of the Company's Tsimiroro heavy oil assets have excellent potential for economic development. |
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