Several wells have been drilled in the past on Manja, some of which found significant shows of oil and gas without benefit of modern seismic and other exploration tools available today. The geology is analogous to the East Coast of Tanzania where Aminex is already a well-established explorer. A number of international oil and gas companies have become active in Madagascar recently, including Exxon-Mobil, Norsk-Hydro, Vanco, Sterling Energy, Vuna Resources and Sun-Pec.
The Manja PSA calls for seismic in an initial two-year period followed by exploration drilling in subsequent periods. The effective date of the PSA will commence upon signing of a Presidential decree, estimated to take place in 30 to 45 days time.
Commenting on the award, Aminex Chief Executive Brian Hall said: "We are very pleased to have secured the exploration rights to this interesting block and to be participating in Madagascarís fast growing exploration effort. This is our first joint project with Mocoh since a recent agreement for co-operation in African exploration ventures."
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