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Madagascar's oil fortunes evolving slowly

02/06/2012
Madagascar Oil Ltd., Houston, said it is encouraged by brightening prospects for the blocks that contain its Tsimiroro and Bemolanga giant heavy oil deposits in nonproducing Madagascar. As reviewed at the company's annual meeting in early December 2011, Netherland Sewell & Associates Inc. reevaluated original oil in place in Tsimiroro field on Block 3104 and increased the best estimate OOIP case to 1.688 billion bbl, a 75% increase from the previous estimate, and the best estimate prospective OOIP to an additional 2.189 billion bbl. At Bemolanga on Block 3102, Madagascar Oil's partner Total E&P is centered on the block's conventional hydrocarbon potential deeper than the heavy oil...

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