Petroleum Africa
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Wednesday, September 9, 2015
Madagascar Oil reported that it has been working closely with Jefferies International, its strategic advisor, to consider its strategic options regarding the sourcing of a strategic partner for the Tsimiroro development.
A technical data-room has been opened with the view to attracting strategic partners to assist the Company to fund and deliver the initial phases of its Tsimiroro development. The farm-out process is expected to run through to the end of 2015, with a deal finalized by the end of Q1 2016.
CEO, Robert Estill, said the company was “making steady progress in our search to secure a potential strategic partner(s), despite the prevailing difficult market conditions, and are very pleased with the level of interest being shown by a number of large international companies.”
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