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Malagasy oil woes

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Dodgy deals
By Petroleum Economist | Madagascar, Mar 6 2011

Madagascar Oil shares suspended on London's Aim; development of 1bn-barrel Tsimiroro field under threat

Madagascar has also been attracting attention both for its prospects as an onshore heavy-oil play, as well as for its offshore potential (PE 10/10 p34). But recent uncertainty surrounding UK-listed Madagascar Oil's heavy-oil assets will hardly have bolstered confidence among potential investors.

In mid-December, having only just raised £50.5m ($81m) from an initial public offering on London's Alternative Investment Market (Aim), the company was forced to suspend its shares after the Malagasy government said it was interested in compulsorily buying all the blocks controlled by Madagascar Oil, with no guarantee that it would pay the market price for the assets.

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Madagascar tar sands
Madagascar
Located in the western Melaky region of Mahajanga pronvince are the two most developed tar sands projects of Madagascar, named Bemolanga and Tsimiroro. The size of both fields…
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