BRIEF-Madagascar Oil says Block 3014 Tsimiroro a commercial discovery

Thu May 8, 2014 1:18pm GMT
 

May 8 (Reuters) - Madagascar Oil Ltd :

* Tsimiroro licence declaration of commerciality and operational update

* Has determined that Block 3104 Tsimiroro discovery is a "commercial discovery", under terms of production sharing contract between OMNIS and Madagascar Oil S.A

* Has requested approval from government of Madagascar for a limited period of test sales of between 55,000 - 73,000 barrels of Tsimiroro crude oil into local market

* Planned that test sales will commence in second half of 2014 and last for a period of up to six months

* Working on a financial strategy to secure funds to support next phase of group's planned activities Source text for Eikon: Further company coverage:

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