Investor Update
Overview
Bemolanga
The Total and Madagascar Oil Joint Venture (the JV) has
proposed and the government has agreed to:
-
Grant an extension of the current PSC exploration phase
Shift the work program focus to pursuit of deeper basement
plays on the Bemolanga block.
MADAGASCAR OIL
COMOROS
Glorioso Islands
*(FRANCE)
50
Mayotte
(administered by FRANCE
claimed by COMOROS)
Antsirananal
Nosy Be
Maromokotro
Mozambique
-15
Channel
Mahajanga
eld
Bemolanga Field
(Bitumen)
Amparafaravola
psy
Inte
Marie
Toamasina
AN
NANARIVO
NOSY
BARREN
Antanifotsy
Antsirabe
The Bemolanga primary investigation to date has been focused
on the bitumen deposit at 0-40m depth from surface.
The current economics dictate that the mining project be
put on hold.
The revised PSC eliminates the requirement to commit to
construction of a $100 million mining pilot facility.
In 2008 Total E&P farmed in for a 60% share from MOIL for
$140 million and became operator of the Joint Venture (JV).
$100mm was paid upfront and the remainder as a carry on
the next US$100 million of the JV expenditures for the
Madagascar Oil 40% interest.
The JV has agreed to reduce the carry amount to $80
million. $70 million has been spent to date leaving a $10
million carry ($4 million to MOIL) for work in 2011 and
2012.
Bemolanga
Block 3102
-20
17 June 2011
Investor Update
Toliara
Mananjary
Fianarantsoa
Manakara
INDIAN
OCEAN
20-
Ambovombe
25-
Tólañaro
0
0
50 100 km
150
100 mi
50
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