Madagascar has served up plenty of disappointments in the past. But a new company thinks that tide is about to change. To the jaundiced industry observer, exploring for oil and gas in Madagascar might seem foolishly optimistic. After all, the country has never produced a drop of oil despite the fact that almost 70 wells have been drilled there over the years. That doesn't stop Madagascar Oil from being bullish on its future prospects. Founded in 2003, the company has obtained licenses to several fields and is evaluating how best to develop them. Why? In a word, reserves.
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