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Wednesday, March 19, 2014
Madagascar Oil issued an update on its operations and latest Tsimiroro field in Madagascar. The field, the company’s flagship asset, is a giant heavy oil field with independently audited contingent resources of 1.7 billion barrels (P50) Stock Tank Oil Originally In Place (STOOIP). The objective of the ongoing Steam Flood Pilot (SFP) is to deliver the required data to support a decision on field commerciality. The company is working towards the submission of a Field Declaration of Commerciality (DOC) and a Full Field Development Plan (FFDP), under the terms of the PSC, the latter will be subject to Madagascar government and our partner OMNIS’ approvals.
The company reported that oil production rates have increased month on month averaging 425 bpd of oil in February, compared to 330 bpd in January and 222 bpd in December 2013. Cumulative oil produced
from the SFP, which commenced production at the end of April 2013, was 63,436 barrels on March 14, with 35,180 barrels being stored in the Tsimiroro Field Storage tanks.
Recent trials have demonstrated that the steam generators will run effectively on 100% Tsimiroro crude and independent confirmation has been received over the capability of Tsimiroro crude to meet feed-stock specifications for Madagascar’s power generation plants, following successful third party blending trials with gasoil (diesel).
Plans are progressing for six months continuous test sales of the Tsimiroro crude in 2014, to meet local Madagascar power generation specifications and other local industrial energy needs. Trucking routes for early transportation of crude to the local market have been assessed with road upgrade options for volume traffic being studied.
The new Tsimiroro Full Field interpretation is nearing completion that will provide updated STOOIP figures for the field. Madagascar Oil will consider, at the end Q1 or during the course of Q2, whether there is sufficient information from the SFP results and the development planning work carried out to date to enable it to make a decision on proceeding with a commerciality declaration or whether further information is required.
Stewart Ahmed, COO & Madagascar General Manager, commented “We are encouraged by the recent results from the Steam Flood Pilot, which point to the positive response of the reservoir to thermal recovery techniques and the prospect of commercial viability of a Tsimiroro Full Field Development. We have already passed some significant milestones in 2014, including the commissioning of the third steam generator, completion of trials demonstrating the ability for the steam generators to run on 100% Tsimiroro crude, passing 60,000 Barrels total oil production and continuing our zero Lost Time Incident record from 2013. Legacy well completion issues have resulted in three wells being shut-in due to shallow casing leaks, however this has not detracted from the positive thermal responses of the SFP wells and from the reservoir. We are working towards the goal of a commercial Tsimiroro development and will continue to work closely with the Madagascar authorities and OMNIS as we prepare to move towards the Full Field Development Plan submission later in 2014.”
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