Investor Presentaiton
Future Plans and Adjusted Timeline
Tsimiroro Field
ā
-
-
-
MADAGASCAR OIL
Conduct FTG and drilling, based on 2010 ERT and drilling results, to add to Contingent Resources
Design FTG program for 2011 following analysis of 2010 results. Drill 20 new wells in 2011 and 2012.
Budget US$6 million for 2011 and 2012 FTG and drilling delineation work program.
Initiate the steam flood pilot to de-risk the reservoir performance and demonstrate commerciality
Projected start now delayed from Q4 2011 to Q3 2012.
Production response estimated in 12 to 18 months
Remaining pilot capital cost estimated at US$30 million and 18 months' cost of operations at US$12 million
Full field production, if pilot is successful, is anticipated to commence in 2016 to 2017 with rates dependent on
the ultimate resource volumes and pilot performance
Current Contingent Resource most likely case sees 87,500 bbls/day gross
-
Current Contingent and Prospective most likely case forecasts >150,000 bbls/day
P50 level for US$70 and $80/bbl Brent scenario
-
Generates NPV10 of US$1.1 to $1.5 billion based on the Contingent Resources
Generates NPV10 of US$2.1 to $3.5 billion based on the Contingent and Prospective Resources
Engineering
(Source: NSAI CPR: First figure based $70/bbl Brent in CPR. Second figure adjusted to $80/bbl Brent price per MOIL)
Engineering and
Construction
Government
Delay
Jan 10
Jan 11
17 June 2011
Drilling and
Construction
Jan 12
Current end of 3rd exploration
phase extended to 16 Aug 2013
Investor Update
Steam
Flood
Start
Pilot Operation
Jan 13
Analysis
Jan 14
Extension to
16 Aug 2014
(extension to February 2015 possible)
13View entire presentation