Madagascar Oil Seeks More Farm- Outs

摘要

Having survived a bid by the government of Madagascar to expropriate four of its licenses, London-listed Madagascar Oil is looking to farm out of three blocks onshore the Indian Ocean island in order to introduce fresh funds and step up exploration on the acreage (IOD Apr.9'12). People familiar with the plans say the Bermuda-incorporated firm, which sold a 60% stake in Madagascar's Bemolanga field to Total in 2008, is interested in big-name companies with heavy-oil development expertise to acquire equity in blocks 3105, 3106 and 3017, in the belief that all five of its license areas on the island have huge upside in terms of hydrocarbon potential (IOD Sep.18'08). "The company is open to options," one source says.