Following the 2006 Madagascar Offshore Bid Round which closed on December 8, 2006, EnerMad has been in formal negotiations with L'Office des Mines Nationales et des Industries Strategiques ("OMNIS"), the government agency of the Malagasy State charged with oversight and administration of the country's strategic resources of hydrocarbons and uranium. Those negotiations have now resulted in the finalization and execution of a formal Profit Sharing Contract between EnerMad and OMNIS and grant of the aforesaid Exploration License. The foregoing have now been ratified by the signature of the Honorable President of the Republic of Madagascar, Mr. Marc RAVALOMANANA.
The Exploration License includes a prime multi-zone deepwater prospect as well as shallower extensions of the potential field. Prime targets have been preliminarily identified in approximately 1300 m. of water, which would require drilling to a depth anticipated to be approximately 3500 m. A comprehensive independent engineering report is being completed by David J. Birnie, P.Geoph., and James A. Mott, P.Geol., of Calgary-based GEOSEIS INC.
The management of EnerMad is comprised of a number of leading oil men from Calgary, Alberta, with over 100 years' aggregate experience in exploration, development and exploitation of petroleum properties internationally. The team is headed by Jim Dalsin, CEO & Director; Soren Christiansen, Chairman; Paul Sicotte, Director; and Ken Schubert, P.Geoph., V.P. Exploration. Limor Rubin, C.A. serves as Chief Financial Officer & Director. In addition, Irwin Olian, CEO and Chairman of the Company, serves as a Director of EnerMad.
EnerMad has incorporated a 100% owned subsidiary in Madagascar, EnerMad Sarl. Mr. James Dalsin is statutory manager of EnerMad Sarl, Mr. Fanomezana RAMBOASALAMA serves as local manager. EnerMad Sarl serves as EnerMad's operating subsidiary in Madagascar. EnerMad presently has in excess of $2 Million cash on hand and is contemplating going public later this fall.
According to Irwin Olian, CEO of the Company, "We are delighted that Pan African's shareholders will have a stake in EnerMad's offshore oil play. It has all the earmarks of a world-class oil & gas prospect, and companies like Exxon Mobil and Sterling Energy are participating in Madagascar's offshore play with their own licenses in relatively close proximity to EnerMad's. EnerMad, through its senior management team, has excellent access to financing and we do not presently envision any further cash investments by Pan African in EnerMad."
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