Madagascar Oil Ltd. provided Tuesday an update on the Group's operations and on its latest development planning activities in Madagascar.
Block 3104 (the Block) Tsimiroro Steam Flood Pilot Performance
As at Feb. 28, cumulative oil production had reached 173,351 barrels from a cumulative steam injection of 910,017 BWE giving a cumulative Steam Oil Ratio of 5.2. 90,780 barrels of crude oil available for sales were accumulated in the storage tanks at the SFP as at the same date.
Average 2014 oil production was 317 barrels of oil per day (bopd), equating to average oil rates of 20 bopd from the 16 SFP production wells. Average steam injection for the SFP in 2014 was 1,582 barrels of water equivalent per day.
Averaged SFP oil production rates, for the latest months, are as follows:
Tsimiroro Crude Oil Sales
As at Feb. 28, there were 90,780 barrels in storage at the SFP available for sale to the domestic Madagascar market. MOSA is working jointly with state utilities supplier, Jirama, to plan a test of Tsimiroro crude as a HFO feedstock into the Antananarivo, Mandroseza power station. This test is planned to follow the refurbishment of the Mandroseza power generation equipment. A truck load of Tsimiroro crude is also planned to be sent to two separate domestic Madagascar industrial end-users in the coming weeks, also for testing purposes. It is hoped that continuous sales contracts will follow successful outcomes of all of these tests. Further announcements will be made upon conclusion of these tests.
First Phase of the Work Program Under the TDP
Subject to the approval of the Tsimiroro Development Plan (TDP) and the award to OMNIS (L'Office des Mines Nationales et des Industries Strategiques) of an Exploitation Mining Title, the Block 3104 PSC will enter into its exploitation period, with a minimum term of 25 years. MOSA continues to have an active and very positive dialogue with OMNIS, the Ministry to the Presidency of Mines and Petroleum and also representatives of the office of the President of Madagascar, with regard to the approval process for the TDP.
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