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Madagascar Oil Ups Tsimiroro Resource Estimates to 1.3B Barrels

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Madagascar Oil has increased its resource estimates for the heavy oil field Tsimiroro to up to 1.3 billion barrels of oil in place, based on the company’s successful 2008 drilling program.

"I am very happy to report that our efforts to explore 10 new structures, identified by an independent evaluation from Weinman Geoscience, had an 80-percent exploration success rate," said Alex Archila, President and Chief Executive Officer of Madagascar Oil.

Eight of ten exploration wells drilled within the Tsimiroro area of interest yielded discoveries, showing oil in place ranges between 700 million and 1.0 billion barrels.

In addition, five appraisal wells, drilled to approximately 300 meters, helped confirm the Company's estimate of approximately 300 million barrels of oil in place within the central part of the Tsimiroro area of interest, the TO-1 pool, where a steam pilot project has been ongoing since March 2008.

Results also show Tsimiroro's oil gravity in the range of 14 degrees API gravity.

In addition, the Company has successfully completed its objectives for the Cyclic Steam Pilot Program, including efficient thermal response, determination of well productivity, absence of sand, and determination of quality and characteristics of crude. Madagascar Oil is currently planning a Phase II Pilot Program using a steam flood approach, which is expected to raise the oil recovery factor from 15 to 60 percent.

Madagascar Oil is continuing its exploration and appraisal drilling in the area, including planning a major seismic program to better understand the structural factors controlling oil accumulations.

The Company also recently announced its closure on the farm out of a 60-percent interest and operatorship in the license for the vast Bemolanga oil sands accumulation to French super major Total. The Bemolanga field is one of the largest undeveloped bitumen reserves in the world, with more than 16 billion barrels of oil in place, according to an independent appraisal by DeGolyer & MacNaughton.
 

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