Petroleum Africa
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Wednesday, July 24, 2013
The Hoifu Energy Group acquired the entire issued share capital of Madagascar Northern Petroleum Co. The acquisition has given Hoifu 100% rights for exploration and production as well as the profit sharing right in Madagascar’s Block 2101.
Hoifu’s board reported that all the conditions precedent under the acquisition agreement have been fulfilled and the completion of the acquisition took place on July 22.
No exploration work has been carried out on the block to date, although five wells have been drilled on acreage surrounding Block 2101. Since those wells were drilled in early years with legacy technology and equipment, signs of oil and gas were found on drilling testings, but none in commercial quantities.
After completion of the acquisition, the group will appoint professional institution(s) to commence the relevant works for the exploration, exploitation, and operations on the block.
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